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Global outdoor advertising spending is expected to reach $41.9 billion in 2023, up 16% from $36.2 billion in 2022, breaking the 5% mark, although online advertising still dominates the media growth charts. Outdoor advertising currently accounts for 5.2% of global advertising spending, up from 4.7% in 2022.
breakthrough
World Outdoor Organisation President Tom Goddard highlighted the breakthrough in his opening speech at the World Outdoor Organisation’s annual conference in Hong Kong this week (June 6).
Last year in Lisbon, Goddard set a target of more than 5% for the industry, moving towards the more than 10% share it deserves.
According to WOO’s own global spending survey, all major regions see strong growth in 2023, led by Asia Pacific at 25%, driven by mainland China’s post-COVID-19 rebound and Australia continuing to grow strongly by nearly 10%.
Europe surpassed North America for the first time, breaking the $10 billion mark, and Latin America and Africa also achieved strong growth figures with ample room for growth.
In the fast-growing digital out-of-home (DOOH) space, Europe currently leads with a 40% share, with Asia Pacific and North America in between at 35%. At a country level, Australia leads with a 75% share, followed by the UK at 65%, with China, South Korea and Malaysia rounding out the top ten.
Double the growth
In 2024, political advertising will further double as the Olympics, the European Football Championship and around 50% of the world’s population go to the polls.
Goddard said key growth drivers include better and more efficient measurement, consolidation among media owners and increased ad tech investment entering the market as people realise that outdoor advertising is the only traditional media globally growing share alongside online advertising.
Goddard concluded: “We can now see exciting new prospects for outdoor advertising as more advertisers and agencies recognise that we are now a progressive medium, embraced by consumers and cities, paying for much-needed infrastructure that improves the quality of urban life.
“It’s important that we are the only major advertising media that works together, speaks with one voice – such as at this annual conference – and believes in the benefits of collaboration, even when we compete with each other. There has never been a better and more exciting time to be in outdoor advertising.”
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