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OUT-OF-HOME ADVERTISING
Six factors are set to drive further OOH growth in 2024 and beyond
By our African Marketing Confederation News Team | 2024
‘Enormous opportunity’ for a trusted medium like out-of-home as online ‘is bedevilled by fears over brand safety, fraud, and fake news’.
The out–of-home advertising industry is back on track, says World Out of Home Organization (WOO) President, Tom Goddard, speaking at the inaugural Africa Regional Forum held in Cape Town this week.
Global OOH revenue looks set to exceed 2022’s US$36.8-billion, a full recovery from the pandemic, with six factors set to drive further growth in 2024 and beyond, he believes. These are:
Tom Goddard addresses delegates at the WOO Africa Regional Forum. Photo: WOO
Digital Transformation
Improving presentation standards, delivering 100% illumination, and reducing industry lead times to hours instead of weeks.
Media Ownership Consolidation
Statistics show consolidated markets win a larger share of ad expenditure.
Better Measurement
This builds trust, improves buyer confidence, compares well to other media, and enables a common trading currency.
Automation
It improves efficiency and enables programmatic trading.
Value for Money
OOH compares favourably with all other media in its reach and impact. Better funded and more unified trade bodies are key to getting this message across.
Winning the contest with online
Online, now 60% of the global ad market, is bedevilled by fears over brand safety, fraud, and fake news. The latter is magnified in an election year across the world. This creates an enormous opportunity for a trusted medium like OOH.
Speaking on Africa specifically, Goddard said OOH’s share is ahead of most other continental markets, although digital penetration is still far below the 30-40% norm in other regions. This indicates a good future for the medium.
Globally, said Goddard, a big challenge for OOH, aside from the seemingly remorseless rise of digital, remains sustainability.
Major brands and media agencies have set fixed goals to reach carbon net zero by 2030. Not only do they expect media suppliers to follow suit, but many have also stated they will only buy media from Ad Net Zero-rated suppliers. Consequently, WOO has set up a special task force and a dedicated website to help members achieve this goal.
The WOO held its Africa Regional Forum in Cape Town, South Africa, from 11-13 March.
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