The Out of Home Industry Reports Its Strongest Q1 Revenue Results To Date
The Out of Home Media Association Aotearoa (OOHMAA) has unveiled its revenue results for the first quarter 2024. These results showcase a strong year-on-year revenue growth of over 9%, totalling $41.1m. This achievement is not just a milestone; it's a record breaker, marking the strongest Q1 performance to date.
Key highlights from Q1 include:
Digital Out of Home (DOOH) revenue continued its upward trajectory, accounting for a significant share of Q1 revenue at 78%, amounting to $32.2m. This represents a notable increase of 14% YOY.
Programmatic Digital Out of Home (pDOOH) increased by an impressive 47% from the same quarter in 2023, reaching a record high of $3.2m. This is the highest quarterly revenue result reported since OOHMAA began tracking it in April 2022, underscoring advertisers continued.
pDOOH's contribution accounted for 10% of all DOOH revenue in Q1, underscoring its growing value and adoption within the advertising landscape.
"The media market in Aotearoa is not without its challenges, with economic adversities influencing consumer and business behaviours," acknowledges Natasha O'Connor, CEO of OOHMAA. 'Despite these hurdles, the Out of Home (OOH) industry has shown resilience, with market share and revenue growth. Recent data from the Advertising Standards Authority (ASA) highlight this trend, with the Out of Home sector climbing to a 5.9% market share in 2023, up from 5.4% the previous year. Notably, alongside Online, Out of Home is the only media channel to experience such growth.'
O'Connor continues, 'The sustained growth of Out of Home is a testament to the ongoing dedication of OOHMAA members who are committed to building a robust industry that prioritises developing a world-class portfolio, establishing a universal Audience Measurement System, and investing in education, research and technological innovation. Furthermore, the Industry's growth is significantly fueled by the increasing support of advertisers who recognise Out of Home as one of the few channels witnessing audience growth and possessing the ability to achieve mass reach fast. When combined with the channel's ability to connect with audiences anywhere, at any time, and at every stage of the marketing funnel, more advertisers are acknowledging the value Out of Home adds when included into the media mix, "concludes O'Connor.