Africa’s economic reset requires moving from ambition to execution
The Africa Commerce Convergence Summit keynote address identified four elements that must converge if the continent is to achieve a meaningful economic reset.
OOH MEDIA
Asia-Pacific region is leading the way as OOH recovery gathers speed
By our News Team | 2023
OOH’s share in the APAC region is now 7% compared to a global average of 5%, forum being staged in Bali hears.
World Out of Home Organization president Tom Goddard greeted 350 delegates at WOO’s second Asia Forum in Bali. In his speech, Goddard said that Asia Pacific has the world’s largest young population, a bigger GDP than either the United States or Europe, and the most flourishing Out-of-Home (OOH) business.
According to Goddard, OOH’s share in the region is now 7% compared to a global average of 5%, driven by technical and creative innovation.
OOH globally has recovered strongly from the pandemic with revenues hitting USD$36-billion, exceeding pre-lockdown levels.
Photo by Kassandre Pedro from Pexels
But the medium has much to do, Goddard said, to reach its merited market share of 10%. Goddard outlined a course of action to grow the medium by 1% a year to reach this goal. What the industry still needs, said Goddard, is more:
- Consolidation: research shows that consolidated markets achieved a bigger market share.
- Coordinated adtech strategies: the adtech industry is booming but too fragmented.
- Measurement and data across all markets: perhaps the key factor and a constant theme at all WOO’s regional and global events.
- Collaboration on standards and language: the medium must become easier to plan and buy.
- Empowerment and resource for national associations: active and energetic national associations drive best practice, innovation and sector growth, but too many are under-resourced.
Goddard concluded, “In many ways, we can see the future of Out-of-Home happening now in Asia Pacific, and the medium as a whole has much to learn from the innovation and creative excellence we see here.
“In that respect, our second Asia Forum truly has been an eye-opener. Our challenge now is to harness this energy and desire to improve in a way that drives the whole industry towards that highly achievable 10% global market share.”
Momentum Group appoints chief marketing and communications officer
Vongani Mageza brings more than 20 years’ experience across financial services and FMCG) companies such as FNB and Diageo.
AI and algorithm-led engagement among the challenges facing marketers
AI agents will influence shopping, algorithms will supersede social connections, and the clip economy will change how brands connect.
Absa bank launches pan-African campaign with athlete Eliud Kipchoge
The brand partnership includes a new TV commercial featuring Kipchoge, digital storytelling, wellness initiatives and community programmes.
How traditional trade is being reimagined, but remains ‘traditional’
Modern retail in Africa is still dwarfed by the traditional trade. Marketers who dismiss this relationship-heavy retail model do so at their peril.
How luxury brands become a source of meaningfulness for employees
Research finds brands don’t just sell products. They can also provide employees with stories through which they feel their work is meaningful
Redefining honesty in a crisis: Why truth alone is not enough
Honesty must be demonstrated through transparency, accountability and action – shaping both reputation and future trust following a crisis.
Lesotho bank’s culturally intelligent campaign beats bigger rivals
In the funeral plan category, where most advertisements look like an obituary, Standard Lesotho Bank opted to ‘sell the cow’, not the policy.
AMC magazine brings latest news and insights for Africa’s marketers
Strategic Marketing for Africa, the publication for deep-thinking African marketing professionals, is not to be missed.
Global study of marketers and agencies is coming to Kenya for first time
CEO of Scopen says the expansion into East Africa is a natural progression following the success of the research in South Africa.
Huge African and Caribbean trade potential can be unlocked, study finds
Report says around 80% of Africa’s annual goods export potential to the Caribbean remains untapped.