The out-of-home (OOH) industry reported a 125% rise to $203.3 million in net media revenue for the June quarter of 2021.
A large rise was expected because the same quarter last year was dragged down by the economic impact of COVID-19.
Year-to-date revenue was up 22% to $374.6 million,.
Digital OOH (DOOH) revenue accounts for 61% total net media revenue year-to-date.
Charmaine Moldrich, CEO of the Outdoor Media Association, says a better indication of recovery is that OOH is only down by 17% on pre-pandemic revenue from the same quarter in 2019.
"Each month this year has been better than the previous month,” she says.
“We are determined to see OOH revenue recover to pre-pandemic levels by December 2021. We are also determined to innovate the way we sell OOH, making it easier for advertisers to measure its value.
"We are not only making it easier to buy by updating our audience measurement system, but we are also introducing a new value-based currency in Q3 following an extensive neuroscience research study we have conducted over past two years. These innovations have attracted 10 new members who have joined the membership in the last six months,.
Advertising spend is also on track to report growth this financial year, according to SMI (Standard Media Index), with OOH bookings year-on-year up 198% in May.
“Leading the charge in out-of-home are advertisers looking to break into new markets, such as tech companies, who are buying OOH campaigns for the first time," says Moldrich.
"If you want to attract new customers and be front of mind, you need to anchor your brand in the real world -- outdoor achieves that."
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