The out-of-home (OOH) industry posted its most successful quarter to-date recording an increase of 22.4% on net revenue year on year with $149.4 million, up from $122.0 million for the first quarter 2014.
This follows on from unprecedented growth at the end of 2014 when revenue increased by 10.0% over 2013.
Monthly results have been positive with the industry posting an increase of 18.6% for January and 23.8% for February year on year. March figures show an increase of 24.2% year on year, with net revenue of $58.4 million. Increases are across all formats: billboards, street furniture, retail and transit; and, digital revenue is sitting at 21.0% of total net revenue, which is an increase over 18.8% recorded for 2014.
“As audiences continue to fragment for other advertising channels, the outdoor audience grows when population increases. We attribute our revenue growth to the effectiveness of the medium: nine out of ten people leave home each day, which means that outdoor reaches more people on a daily basis than any other media,” said Charmaine Moldrich, CEO of the Outdoor Media Association (OMA). “We also have benefitted greatly from new technology: not only with sampling, customer engagement and mobile innovations but also with new digital billboards which shorten campaign lead-times and allow for more targeted messages,” Moldrich continued.
“We have just completed a software update for MOVE (Measurement and Outdoor Visibility and Exposure), which introduced geo-targeting as well as improvements to reporting. Simplifying the buying and reporting of outdoor will help our industry continue its growth trajectory,” added Moldrich.
Category figures first quarter 2015
Category figures first quarter 2014
Figures have been adjusted from previously reported 2014 revenue to reflect changes in OMA membership, allowing direct comparisons in revenue year-on-year.