Out of Home Ad Spend Sees Highest Ever First Quarter Volume, Up 6.8% in Q1 2024
Digital Out Of Home (DOOH) and Transit Continue To Account For Fastest Growing OOH Segments, Q1 Revenue Hits Nearly $2B
WASHINGTON, May 16, 2024 /PRNewswire/ — Out of home (OOH) advertising revenue increased 6.8% in the first quarter of 2024 compared to the previous year, accounting for $1.94 billion, based on figures released today by the Out of Home Advertising Association of America (OAAA), building on the medium’s growth trajectory and increased revenue seen in 2023.
The almost $2 billion in revenue was the highest first quarter volume in the history of OOH. Digital out of home (DOOH), which accounted for over 32% of sales, increased 10.3% from a year ago. Transit was the fastest growing of the four OOH categories, growing 18.8%, followed by Place-Based at 12.7% growth.
“From higher recall and engagement to being considered more favorable and driving more action than any other medium, it’s no surprise that we continue to see impressive growth across our industry as marketers look for more effective ways to connect with consumers,” said Anna Bager, President and CEO, OAAA. “Coming off of our recent OOH Media Conference, the excitement around what’s possible with out of home today is palpable, and these numbers speak to that.”
Seven of the top 10 product industries rose in volume, with six of them increasing by double digits, led by Media & Advertising (+15.4%), Local Services & Amusements (+14.2%), Public Transportation, Hotels & Resorts (+11.9%), Automotive Dealers & Services (+11.2%), Retail (+10.5%), and Government, Politics, and Organizations (+10.4%), reflecting continued consumer demand for entertainment, products and services.
Among the top 10 product categories in OOH spend, those with the greatest growth were:
- Online & Mobile Travel Services +137%
- Legal Services +19%
- Television & Cable TV +18%
Ranked in order of OOH spending, the top 10 advertisers in the first quarter were Apple, McDonald’s, Disney, Samsung, Morgan & Morgan Attorneys, Hotels.com, Universal Pictures, Amazon, Expedia, and Carnival.
Over 70% of the top 100 OOH advertisers increased their OOH spend from Q1 2023, and almost one-quarter (23%) more than doubled their spend.
Thirteen advertisers increased their spend by more than 1000% compared to Q1 2023 including, in descending order: Hotels.com, QuikTrip, Grammarly, Asana, StackAdapt, Victoria’s Secret, Epoch Times, Jersey Mike’s Subs, Honda, City of Los Angeles CA, Snapchat, VRBO and Coca-Cola Southwest Beverages.
Sixteen advertisers increased their quarterly OOH spend by over $2 million including, in rank order: Hotels.com, VRBO, Samsung, Carnival, Jersey Mike’s Subs, Coca-Cola Southwest Beverages, Honda, Morgan & Morgan Attorneys, Disney, Epoch Times, Chanel, Warner Bros, StackAdapt, Aetna, QuikTrip, and Grammarly.
Over one-quarter (28%) of the top 100 OOH spenders were technology or direct-to-consumer brands, including these eleven brands which finished among the top 25 (according to spend): Apple, Samsung, Hotels.com, Amazon, Expedia, VRBO, T-Mobile, Netflix, Verizon, Uber, and Comcast.
OAAA issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and Vivvix, a MediaRadar company (which is not adjusted to reflect changes in data sources), and member company affidavits. Revenue estimates include digital and static billboard, street furniture, transit, place-based, and cinema advertising.
For more information about specific category spend, please contact Steve Nicklin at snicklin@oaaa.org or (202) 833-5566.
About the OAAA
The Out of Home Advertising Association of America (OAAA) is the national trade association for the entire out of home (OOH) advertising industry. OAAA represents over 850 members, including leading media companies, advertisers, agencies, ad-tech providers, and suppliers. OOH media includes billboards, street furniture, transit, place-based media, and digital formats (DOOH) across every sector of the channel. OAAA is the unifying voice for the industry, the authoritative thought leader, and the passionate advocate for advancing OOH advertising in the United States. The legislative unit of OAAA advocates for the responsible growth of OOH with federal, state, and local governments. OAAA-member media companies donate over $500 million annually in public service advertising. Founded in 1891, OAAA is headquartered in Washington, DC, with offices in New York City.
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SOURCE OAAA
