Out of Home continued its growth trajectory despite market challenges in 2023
In a year that saw many media channels experience a decline in revenue, Out of Home maintained its growth trajectory, with the Out of Home Media Association Aotearoa (OOHMAA) announcing today that their member's 2023 revenue was up 9.4% year-on-year (YOY); total revenue rose to $179m.
Digital Out of Home (DOOH) share of revenue continued to grow, up from 72% in 2022 to 76.3% in 2023. DOOH's total revenue in 2023 reached $137m, equating to a 15.5% increase YOY. Programmatic Digital Out of Home (pDOOH) also steadily increased its share in 2023. OOHMAA began recording pDOOH revenue in Q2 2022, when it accounted for 2.6% of DOOH revenue. By the end of 2023, that share had significantly increased, to an annual share of 9.3%, demonstrating the potential advertisers see in this channel.
Natasha O'Connor, OOHMAA CEO, says, "There are many contributing factors to the successful performance of Out of Home in 2023. The evolving media landscape plays a role; however, the driving force behind Out of Home’s performance results should be attributed to the ongoing work by OOHMAA members. Their collective efforts to unite and build a strong industry that is focused on delivering a world-class portfolio, deeper audience insights and data, developing standards, investing in education, research and the continued investment in the development of technology and innovation within the channel is why Out of Home is performing so well.’
"With marketers realising that an overemphasis on performance marketing can be short-sighted, we’re starting to see a more balanced approach being adopted that includes more brand marketing, which plays nicely to one of Out of Home’s strengths - building brands. Being the last true mass marketing medium with the ability to connect with any audience, anywhere and at any time, with an impactful real-world presence, teamed with the channel's ability to measure campaigns' effectiveness and compare them with other channels to align channels' performance you've got a compounding reason for the continuing growth of Out of Home," concludes O'Connor.