While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
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.”
US industry body warns marketers to be vigilant as programmatic media is ‘complex’ and ‘can be non-transparent’.
Dentsu says big events like the Euro 2024 soccer finals and US presidential election will help to push up spending.
Look for transparency, check results of previous projects, and request an air-tight scope of partnership, advises industry expert.
AMC’s range of Short Courses is designed to complement the study and career-growth initiatives offered by our member countries.
More people also took advantage of deals to buy everyday items, rather than spending on big-ticket luxury goods.
Bath and body well-being brand creates a 3m-high candle and lights it in a busy Christmas shopping precinct to encourage people to ‘reset’.
Data from 2008 recession indicates that, in another recession, the amount spent on higher-priced Fair Trade goods may actually increase.
Interbrand study says lack of growth mindset, weaker brand leadership and poor forecasting are among the key reasons.
Tlali Taoana has experience in strategy, marketing and executive roles, and will expand the capabilities of the business.
AMC President flies the flag at the World Marketing Forum in Thailand, then welcomes Tunisia as the confederation’s 11th member.