As far as traditional advertising mediums go, the out-of-home (OOH) media sector looks to be flourishing across the APAC region, courtesy of a spike in sales last year where it has been $13 billion in revenue, equivalent to a global market share of 5.6%.
According to figures from Magna and Rapport’s joint report, which illustrates how the OOH media sector is performing globally, some interesting findings are revealed. APAC has by far outshined other regions, including Europe and the Middle East and Africa region, which fell behind on $9 billion in 2018 followed by the US at $8 billion.
Digging further into the results, only three countries accounted for 52% of the total global OHH ad sales in terms of individual markets, led by the US whose share reached around $7.4 billion in 2019 – close to a quarter of the total.
“There has never been a more exciting time in the OOH industry,” said Michael Cooper, global chief executive of Rapport; “The industry has exploited all the benefits of evolving digital technologies but retains a unique geographical footprint in a way that no other medium can. Spotify, Amazon, Apple, Netflix, Hulu and all the tech companies you are excited about have dramatically increased their spending in OOH advertising, across almost every world market in 2018, with very good reason.”
“Growth in OOH spends is being largely driven by growth in digital OOH in most markets, and this will continue to be the big growth driver in coming years,” added Gurpreet Singh, managing director of Magna APAC.
“As data and technology play an increasing role in OOH media, trading will move from buying ‘space and time’ to ‘impressions’ and ultimately we can expect it to move from buying ‘opportunity to see’ to ‘actual views and engagements’, bringing more accountability to this media. Interesting times ahead for OOH.”