The Out of Home (OOH) industry today announced an increase of 125 per cent on net media revenue for the second quarter of 2021, reporting $203.3 million, up from $90.3 million* for the same period in 2020. Digital OOH (DOOH) revenue accounts for 61 per cent of total net media revenue year-to-date, an increase over the recorded 57.9 per cent* for the same period last year.
Year-to-date revenue has increased 22 per cent and is sitting at $374.6 million, an increase from $307 million* on 2020 revenue.
"Out of Home advertising felt the full brunt of the pandemic at the height of lockdowns in Q2 2020, which explains the explosive increase of 125 per cent year-on-year. A better indication of our recovery is that we are only down by 17 per cent on pre-pandemic revenue from Q2 2019. Each month this year has been better than the previous month," said Charmain Moldrich, OMA CEO.
"We are determined to see Out of Home revenue recover to pre-pandemic levels by December 2021. We are also determined to innovate the way we sell Out of Home, making it easier for advertisers to measure its value. We are not only making it easier to buy by updating our audience measurement system, but we are also introducing a new value-based currency in Q3 following an extensive neuroscience research study we have conducted over the past two years. These innovations have attracted 10 new members who have joined the membership in the last six months," continued Moldrich.
Figures released by the Australian Bureau of Statistics (ABS) this month showed the Australian economy grew 1.8 per cent in Q1 to pre-pandemic levels; one of only five other global economies to do so. ^ Advertising spend is also on track to report growth this financial year according to SMI (Standard Media Index), with OOH bookings year-on-year up +198 per cent in May. ^^
"Leading the charge in Out of Home are advertisers looking to break into new markets, such as tech companies, who are buying OOH campaigns for the first time. If you want to attract new customers and be front of mind, you need to anchor your brand in the real world-Outdoor achieves that," concluded Moldrich.