It is the first time since records began that billboards are set to overtake newspaper adspend, demonstrating the growth and resilience of this marketing medium today.
Today, out-of-home (OOH) advertising spend sits at around 6.5% of the $600bn (£461bn) global advertising market. According to the FT, print advertising has been in “precipitous decline” since it captured $4 (£3) in every $10 (£8) spent on marketing globally, 20 years ago.
Looking forward, data acquired by GroupM shows that the $40.6bn (£31bn) advertisers are predicted to spend on OOH outruns the amount expected to go to newspaper adverts by $4bn (£3bn).
Outdoor advertising has been resilient because it retains unique characteristics for advertisers. It helps that the medium has continued to evolve”
By 2024, the agency expects OOH ad spending to have overtaken newspaper spending altogether.
Speaking to the FT, Brian Wieser comments: “Outdoor advertising has been resilient because it retains unique characteristics for advertisers. It helps that the medium has continued to evolve.”
As OOH spend grows, so does the use of digital screens. For Clear Channel, digital networks account for 60% of its revenues, and at JCDecaux, just 5% of its sites are digital, however this still accounts for 25% of its revenue.
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