Out of Home ads surge and break 5% barrier in 2023

HONG KONG, Today: Global spending on Out of Home (OOH) advertising hit $ 41.9bn in 2023, up 16% from 2022’s $ 36.2bn. OOH now makes up 5.2% of global ad spend, breaking the 5% barrier even as online dominates.

World Out of Home Organization President Tom Goddard celebrated this milestone in his opening address at the WOO Annual Congress in Hong Kong this week (June 6). Last year in Lisbon, Goddard set the goal of exceeding 5% and aiming for a 10% share.

WOO’s global expenditure survey showed strong growth in all major regions in 2023. APAC surged by 25%, boosted by Mainland China’s post-COVID recovery and nearly 10% growth in Australia. Europe overtook North America, breaking the $ 10bn mark, while Latin America and Africa also posted strong growth with plenty of room to accelerate.

Digital Out of Home (DOOH) is booming, with Europe leading at 40%, followed by APAC and North America in the mid-thirties. Australia tops the country-level chart with 75%, followed by the UK at 65%, and China, South Korea, and Malaysia in the top ten.

“We can now see an exciting new horizon for Out of Home as more and more advertisers and agencies acknowledge that we’re now a progressive medium.”

2024 is expected to see further double-digit growth thanks to the Olympics, the Euros, and significant global elections boosting political advertising.

Goddard highlighted key growth drivers: better measurement, media owner consolidation, and increased AdTech investment. OOH is the only traditional medium growing alongside online.

Goddard concluded: “We can now see an exciting new horizon for Out of Home as more and more advertisers and agencies acknowledge that we’re now a progressive medium, popular with consumers and the cities where the much-needed infrastructure we pay for adds to the quality of urban life.

Importantly we’re the only major advertising medium that comes together to speak with one voice – at this Annual Congress for example – and believes in the benefits of collaboration even as we compete with each other. There has never been a better or more exciting time to be in Out of Home,” Goddard adds.