Outdoor media is seeing a strong recovery after a huge fall during the 2020 pandemic year, according to PwC.
The 20th edition of PwC Australia’s annual Australian Entertainment and Media Outlook shows revenue continuing to improve since the second quarter of 2020 (April - June).
Ad revenue for out-of-home (OOH) fell 39 % to $772 million 2020.
All formats and almost all advertiser categories fell, led by automobile, travel, media and retail.
“The market has seen a gradually improving rate of decline since the second quarter of 2020, the hardest hit due to the severe and sudden restriction to movement,” says PwC.
“Early in 2021, large format roadside billboards have primarily driven demand. The share of investment of digital assets as a percentage of the total market slightly increased year-on-year in 2020, indicating advertisers’ preference and requirement for flexibility in a volatile market, and this trend is continuing in 2021.”
Early data suggests green shoots with automobile, media and retail driving the recovery.
PwC says growth in digital revenues will continue to be a strong revenue driver for the industry, as the major players continue to convert their suite of assets to digital, and advertisers embrace the functionality.
PwC is forecasting a compound annual growth rate of 2% of OOH to 2025.
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