Why is OOH advertising expected to grow 8% in 2023?

Mar 16, 2023 7:00:00 AM / by Bob Swinehart

Bob - March Blog

Out-of-Home (OOH) advertising has come a long way since its inception. Years ago, static, paper-backed, or permed-painted billboards were the norm. Billboards were not sexy or fancy, but they were an effective medium to communicate branding, action, or direction to generate consumer response. Today, the industry is experiencing a period of rapid change and innovation. With the rise of digital technologies, advertisers are able to reach customers in new and innovative ways, while at the same time maintaining the effectiveness of traditional OOH advertising.

One of the significant trends in the OOH industry is the growth of digital billboards. These billboards allow for dynamic, real-time content updates and allow advertisers to target specific demographics and locations. This has led to increased demand for digital billboards, which now comprise a significant portion of total OOH advertising spend.

Another trend in the OOH industry is the rise of programmatic OOH advertising. This refers to the use of technology to automate the buying and selling of OOH advertising space. This has made it easier for advertisers to reach their target audiences and has also increased the efficiency of the overall OOH advertising process.

Another area of growth in the OOH industry is the use of data and analytics. Advertisers are now able to gather data on consumer behavior and use this information to inform their OOH advertising campaigns. This has led to more targeted and effective advertising campaigns, which are able to deliver better results for advertisers.

The OOH industry has also seen significant investment in new technologies, such as augmented reality (AR) and virtual reality (VR). These technologies are being used to create immersive experiences for customers, which can enhance the impact of OOH advertising.

The OOH industry is undergoing a period of significant change and innovation. Advertisers are leveraging new technologies to reach customers in new and innovative ways, while at the same time maintaining the effectiveness of traditional OOH advertising. This is leading to increased demand for OOH advertising and is driving the growth of the industry as a whole.

With this growth comes the need to better manage inventory and maximize revenue opportunities. This kind of demand can best be managed with a data-driven approach to pricing. Instead of making gut decisions or holding to rates because “that’s always been the rate,” OOH operators should consider pricing and forecasting tools to help them increase sellouts and generate more revenue for high-demand properties.

Tags: ShareBuilders, Industry News, OOH

Bob Swinehart

Written by Bob Swinehart

ShareBuilders Pricing Consultant