After out of home revenue plunge over $100m, sector sees improvement
• Data shows that as restrictions lift and the weather warms that audiences are returning to Outdoor spaces and places
The Out of Home (OOH) industry has revealed a decrease of 56 per cent on net media revenue for the third quarter of 2020, posting $95.8 million, down from $218.2 million for the third quarter in 2019.
Digital revenue is sitting at 55.6 per cent of total net media revenue year-to-date, an increase from the recorded 55.3 per cent for the same period last year.
"Although our industry has been hit hard by the global pandemic and the additional lockdown in Victoria, we are seeing the market gradually improve," said Charmaine Moldrich, OMA CEO.
"In Q2 the OMA reported a drop in revenue of 65 per cent on the year prior, so it is heartening to see advertising spend increase from what was our lowest point. It is especially hopeful as we see lockdown measures lifted across the country in the lead up to what is the industry's strongest quarter, with Spring, Summer and the Christmas period ahead," continued Moldrich.
Data shows that as restrictions lift and the weather warms that audiences are returning to Outdoor spaces and places. Traffic is back 75 to 90 per cent of pre-COVID level across Australia^, and there are positive signs of audiences returning to public transport.
"These trends, in addition to lifting of restrictions in Victoria, are hopeful signs that signal the start to industry recovery," concluded Moldrich.
