New Zealand’s Out of Home industry has enjoyed its strongest quarter of growth since early 2021 according to the Out of Home Media Association Aotearoa (OOHMAA).
The industry has had growth of 26 percent in Q3 YOY; $ 32.2 million in media revenue, up from $ 25.5 million for the same period last year.
Aotearoa’s Digital Out of Home (DOOH) share of media revenue has consistently averaged 66 percent +/- 2 percent since Q4 2020, a trend that remains in Q3 with media revenue of $ 21.6 million. And, while still in its infancy, Programmatic Digital Out of Home pDOOH has experienced steady growth since OOHMAA started reporting its numbers early this year; in Q3, pDOOH has almost doubled from Q2, from 2.6 percent share of Digital media revenue Q2 up to 4.3 percent in Q3.
Natasha O’Connor, OOHMAA General Manager, says this growth has been “gratifying to see in a challenging market”.
“[T]he most significant challenge being our largest city experiencing heavy covid restrictions for much of Q1 and Q2. Despite this, and the wider national concerns of an increase in living costs, falling house prices and ongoing talk of a recession, we’ve seen strong growth of 10 percent for the channel YTD”.
“Our revenue results to date reflect the continued faith agencies and advertisers have in our channel to deliver results. OOHMAA and its members are focused on continuing to drive and deliver initiatives to support the industry’s ongoing stability; in Q4, members JCDecaux, oOh! and MediaWorks, with OOHMAA, are working together to enhance Out of Home measurement knowledge with a user education program on the Calibre platform towards the end of Oct/early November.
“Alongside this, OOHMAA’s Standardisation Committee, in consultation with key Advertising Agencies, will deliver an Out of Home Standard, a common set of business processes, metrics and practices providing greater transparency and ease of transacting Out of Home in late 2022/early 2023.
“Out of Home looks to finish the year on a high as brands turn to the channel to drive fame, attention, and cut through with audiences in the lead-up to Christmas,” says O’Connor.
The post Strongest growth quarter for Out of Home since early 2021 appeared first on stoppress.co.nz.
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