There’s nothing but good news coming out of the most recent report published by the Out of Home Advertising Association of America (OAAA). In fact, according to the latest figures, OOH ad revenue increased by an impressive 3.4% during the second quarter of 2024 as compared to the previous year, and the increase has pushed first half growth to a stellar 4.8% increase.
The President of the OAAA, Anna Bager, had this to say about the surge. “Out of home’s record ad spend generation is a testimony to its effectiveness. Our position as a highly relevant consumer medium is reflected across the board, but particularly in the political arena. Political ad spend in OOH is at the highest levels ever because of our ability to deliver location-based targeting, and OOH’s resonance with younger and multicultural audiences. US House and Senate OOH campaign spending in the first half of 2024 has quadrupled from 2020 and is up 70% from 2022.”
Naturally, you don’t have to be connected to a political campaign in any way in order to reap the benefits of the strong year that OOH advertising is enjoying.
A leading component of this year’s growth is the digital market. Digital OOH has been gaining ground for years against conventional billboard advertising and last year, made up slightly less than a third of the total market. With growth up 7.5% this year, the total market share of Digital OOH will be slightly more than a third, or about 34%.
Per the report, the top ten OOH product categories, by volume for the second quarter were:
· Hospitals, Clinics & Medical Centers
· Domestic Hotels & Resorts
· Quick Serve Restaurants
· Colleges & Universities
· Consumer Banking
· Local Government
· Online & Mobile Travel Services
· Chain Food Stores & Supermarkets
· Television & Cable TV Programming
The bottom line here is that OOH advertising is growing because it’s working. In fact, of the top 100 OOH advertisers this quarter, fully two-thirds increased their ad budgets as compared to the second quarter of 2023 and 14 more than doubled their spend. Companies in that category include Ramp, Molson Coors, Ford, QuikTrip, Honda, StackAdapt, FanDuel, Sixt Rent the Car, Skechers, 7-Eleven, Hotels.com, Pepsi, Progressive, and Total Wine &More.
One-quarter of the top 100 OOH spenders were technology or direct-to-consumer brands, including these twelve brands which finished among the top 25 (according to spend): Hotels.com, Apple, Verizon, Amazon, Expedia, Google, VRBO, T-Mobile, Netflix, Uber, Samsung, and StackAdapt. All of this to say that if you’re not placing OOH advertising at or near the top of your priorities list, you’re missing opportunities. OOH Advertising is where the eyes are. It’s where the growth is, and it is the key to taking your business to the next level. Let’s take your campaign to the next level. Give our office a call at 770-391-8528.