OMA: Out of Home industry revenue up 12.2% for 2023

The OMA has reported that the Out of Home industry has reported an increase of 12.2 per cent on net media revenue for 2023, reporting $1,193.7 million.

This number is up from an adjusted figure of $1,063.6 million for 2022.

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 Q4 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.

OMA CEO Elizabeth McIntyre said, “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.

“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.”

Earlier this week, Mediaweek spoke with oOh! Media CEO Cathy O’Connor who said out-of-home is “equally a great companion to television.”

O’Connor says OOH is already growing at television’s expense. “We’re [oOh! Media] the largest player in out of home. So obviously, we stand to benefit the most when out of home grows … I think we’ll have to see how radio goes over the next couple of years to see if the same applies to them,” she said.

In 2023, Guideline SMI’s figures showed that television was down 13.9%, radio down 5.9%, and outdoor up 15.1%.

See Also: OOH and radio “will both grow at television’s expense”: Cathy O’Connor