Friday, December 6, 2024

WOO President Tom Goddard: Europe’s OOH ad revenue has overtaken the US

Guest post by David O'Reily, WOO

Wednesday, November 6, 2024

Europe has overtaken the US for the first time, according to WOO figures, with China still the market leader and APAC as a whole accounting for about half of global adspend.

Digitisation is driving Out of Home growth, especially in Europe, World Out of Home Organization President Tom Goddard said at the WOO Europe forum, held in Milan this week. Digital now accounts for 40% of revenues from less than 10% of locations.

But that means an opportunity is being missed by Classic (static) posters, with far lower revenue achievement despite the vast majority of Out of Home locations. In the UK, for example, Classic delivers 90% reach of all adults in a week at about 20% of the cost of Digital but only accounts for 60% of revenue.

Accordingly, said Goddard, Classic is not only a fantastic branding opportunity and an important way to drive OOH revenue. “Try buying a Classic poster near a McDonald’s or KFC and you’ll find they’ve bought it long term because it works.”

Overall Goddard painted a rosy picture for global OOH growth, building on its current $40bn value, now over 5% of global adspend.

Summing up, Goddard unveiled his Ten Commandments for OOH growth:

Reposition Classic Channel

Digitise More Inventory 

More Ownership consolidation

Measure all formats in all markets

Automate the entire trading process

Collaborate more and get behind National Trade Associations

Control carbon footprints

Harness the potential benefits of AI

Take advantage of Retail Media.

 

For further information: contact Richard Saturley at richard@worldooh.org

 

About WOO

The World Out of Home Organization is the only global Out of Home Association, working to promote and improve the OOH industry on behalf of its members. Board members include the major international companies – JCDecaux and Clear Channel – as well as blowUP media from Europe, OUTFRONT Media and Lamar from the US,, Provantage from South Africa, oOh!media from Australia and Asiaray from Hong Kong. In addition, the following OOH associations are represented on the Board, the OAAA in the US, Alooh from Latin America, the IOAA from India, FAW from Germany and the OMA in Australia.

Membership is open to all companies who operate in the OOH sector and, as a non-profit Organization, funds are reinvested in industry issues such as research and the annual international congress. WOO is a member of EASA in Europe, as well as a founding member of ICAS, and actively works to help the membership with legislation issues within their own countries as well. It also aims to lobby for Out of Home advertising with authorities, international organizations, opinion formers and other elements of the communication media. More information is available at www.worldooh.org

Published on Wednesday, November 6, 2024 at 2:49 PM

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