According to a report recently issued by the OAAA (Out of Home Advertising Association of America), outdoor advertising revenue increased by an impressive 11% in the third quarter of 2022, with Digital OOH leading the industry’s advance, surging by 14% compared to the third quarter of 2021.
Anna Bager, the President of the OAAA had this to say about the increase:
“This strong growth is a direct reflection of the value marketers place on the medium and its benefits. Key sectors are increasingly investing more dollars – in particular, political spending in out of home hit record highs. It confirms OOH’s ability to effectively reach audiences at national and local levels and is surely a harbinger of more momentum to come.”
The OAAA breaks out of home advertising into ten different categories, nine of which saw an overall increase in the third quarter. More interesting than that though, the top for growth categories reveals some intriguing socioeconomic trends:
- The government and political organizations category broke a new quarterly record, fueled in no small part by political spending in the recent midterm elections.
- The schools, camps and seminars category jumped an impressive 17.3%, mostly driven by additional advertising for online educational opportunities
- The public transportation, hotels and resorts category grew an even more impressive 26%, fueled by pent up, post-pandemic demand.
- The big winner though, was the media and advertising category, which grew by an astonishing 32%, fueled primarily by streaming and internet services.
In the United States, the top ten advertisers in the third quarter, as ranked in order of their spending were:
- Apple
- McDonald’s
- Samsung
- Amazon
- Paramount+
- American Express
- T-Mobile
- Panera
- And Dunkin
Other trends identified in the report include:
- 79% of the top 100 OOH advertisers increased their OOH spending as compared to the 3rd quarter of 2021
- 32% of the top 100 OOH advertisers more than doubled their spending
- 27% of the top 100 OOH advertisers are technology or direct-to-consumer brands
MAGNA, which is a division of IPG, predicts that OOH will be the fastest growing advertising channel in 2022, with a projected overall annual increase of 21.8%. The bottom line is simply this: Now is a great time to invest in OOH advertising.