OUT OF HOME ADVERTISING CONTINUES ON GROWTH TRAJECTORY, UP 2.1% IN 2023
WASHINGTON, March 18, 2024 /PRNewswire/ — Out of home (OOH) advertising revenue increased 2.1% in 2023 compared to the previous year, accounting for $8.7 billion in total spend, based on figures released today by the Out of Home Advertising Association of America (OAAA), the leading trade group representing the entire OOH advertising industry.
Digital OOH (DOOH) represented 33% of total OOH spend and grew almost 10% in 2023. While DOOH was a key driver for the year, OOH experienced growth across the Billboard, Transit and Place-Based categories, with OOH Transit making the most significant gains for the year at a 7.3% increase.
In 2023, three of the top ten product industries that grew by double digits included, in order of percentage growth: Public Transportation Hotels & Resorts, Local Services & Amusements, and Schools Camps & Seminars. In fact, Local Services & Amusements represented 27% of total OOH spend and grew by almost 12%.
“There is no doubt the OOH space is seeing collective growth and progress,” said Anna Bager, President and CEO, OAAA. “Increased focus on innovation and unbridled creativity continues to drive impressive growth across our industry and we don’t see that slowing in 2024 and beyond. These numbers also speak to the power of OOH to engage communities with local services being the top product spend. But as OOH knows no bounds, that reach extends beyond hyper local to regional, national and even global.”
OOH’s top ten product categories in 2023 were, ranked by spend: Legal Services, Hospitals Clinics & Medical Centers, Domestic Hotels & Resorts, Consumer Banking, Quick Service Restaurants, Colleges & Universities, Local Government, Food Stores & Supermarkets, Television & Cable TV, and Religious, Charitable & Humanitarian Organizations. Legal Services OOH spend increased by an impressive 36%, while Domestic Hotels & Resorts spend grew 23%.
Ranked in order of OOH spending, the top 10 advertisers in 2023 were: Apple, McDonald’s, Disney, Coca-Cola, Amazon, Uber, T-Mobile, American Express, Coors, and Dunkin’.
Other notable findings include:
- 65% of the top 100 OOH advertisers increased their OOH spend from 2022.
- 20% of the top 100 OOH advertisers more than doubled their spend including, ranked in order of percentage increase: Asia Forging Supply, Avis, Johnson & Johnson, Coors, Coca-Cola Southwest, Target, Nintendo, Walmart, Louis Vuitton, Richemont Jewelers, Diageo, Aetna, Expedia, Hilton, Warner Bros, Verizon, Nordstrom, Ashley, Sweet James Attorneys, and Yaamava Resort & Casino At San Manuel.
- One in five of the top 100 OOH spenders were technology or direct-to-consumer brands including, ranked in order of spend: Airbnb, Amazon, Apple, AT&T, Comcast, DoorDash, Expedia, FanDuel, Google, Hulu, Live Nation, Max, Netflix, Nintendo, Peacock TV, Samsung, T-Mobile, Uber, Verizon, and Vrbo.
OAAA issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and Vivvix (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, Senior Vice President of Marketing and Analytics, at snicklin@oaaa.org or 202-833-5566.
About 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 800 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. To learn more, visit oaaa.org.
SOURCE OAAA
