The Outdoor Media Association (OMA) has revealed That out of Home (OOH!) revenues has jumped 12 per cent to nearly $1,200 million.
Q4 2023 saw an increase of 10.9 per cent on net media revenue year-on-year, posting $366.6 million up from $330.7 million for quarter four 2022.
Digital OOH (DOOH) revenue accounts for 73.9 per cent of total net media revenue year-to-date, an increase over the recorded 64.5 per cent for the same period last year.
“In 2023, we have seen our members invest into the future of the Out of Home channel, with the launch of OASIS, the boom of Programmatic buying and the development of MOVE2. This is a testament to our industry’s commitment to offering transparency and accountability for every dollar spent on OOH,” said OMA CEO Elizabeth McIntyre.
“The launch of MOVE2 will bring change to our industry with the new capacity for seasonal variance, and regional and place-based audiences to be captured in the Audience Measurement System. Our industry will be able to dive into the data and provide accurate insights to OOH buyers. Our efforts are focused on establishing robust systems that ensure exceptional user experience”.
Advertising in Australia continues to strengthen and make significant contributions to the economy. The Deloitte 2023 Advertising Pays Report found that in 2022, $17.7 billion was spent on advertising in Australia. This contributed to 2.1 per cent of GDP for the same year.
“As we embark on the journey into 2024, the Outdoor Media Association finds itself actively shaping the future of the Outdoor industry. Together, with nearly 100 per cent of the industry, we move into a year of challenges, possibilities, and change. The journey has just begun,” added McIntyre.
