The out of home (OOH) industry has experienced a slight decrease in revenue in the third quarter of 2019.
The decrease of 0.9 per cent on net media revenue year on year in the third quarter of 2019 and a posting $218.2 million is down from $220.2 million for the third quarter in 2018.
Quarter three 2018 was one of OOH’s healthiest quarters to date, with an increase of 10.7 per cent from the previous year, 2017.
Year to date industry revenue has increased 3.1 per cent posting $665.5 million, up from $645.3 million in 2018.
Digital revenue continues to grow and is sitting at 55.3 per cent of total net media revenue year-to-date, an increase over the recorded 50.2 per cent for the same period last year.
OMA CEO Charmaine Moldrich said the plateau is not unexpected given the current national financial outlook.
She said: “The last time the industry experienced negative growth was quarter four of 2012, which was also in comparison to a very healthy quarter the previous year.
“The industry has enjoyed seven years of consecutive growth at a time when other traditional media channels have experienced declines in revenue, as well as audience. Out of home is both resilient and buoyant.
“While the current economic outlook is affecting advertiser confidence, we know that it is also the time that advertisers need to keep their brands top of mind and out of home delivers; broadcasting its messages to growing audiences in the public space.”
Moldrich continued: “The Standard Media Index AU/NZ announced last week that the first eight months of 2019 have reflected lower advertising demands with the Australian market declining 4.9 per cent. OOH has continued to grow in this challenging environment, increasing revenue year to date by three per cent.
“We will continue to see growth in Out of Home over the medium and longer-term, as we innovate and make it easier to plan, buy and measure our channel.”