OOH Takes the Lead as Fastest Growing Medium of 2023
Published: April 6, 2023
OOH market trends
OOH advertising has reached an incredible revenue milestone, surpassing the previous record established in 2019!
- The OOH market increased over 20% in 2022, hitting $8.6 billion in revenue!
- Despite recession fears, OOH produced greater growth than any other ad medium in the past year.
DOOH continues to be a key driver in OOH’s success
- DOOH has experienced a remarkable surge of over 24% in comparison to the previous year, marking the second consecutive year that DOOH has grown by over 20%.
- At the end of 2021, DOOH jumped 30.5%!
OOH Advertiser Behavior
There continues to be persistent growth, particularly from loyal OOH advertisers, with 88% of the top 100 OOH advertisers increasing their OOH spend from 2021!
- OOH achieved a double-digit growth rate across all four venue categories, including Billboards, Street Furniture, Transit, and Place-Based.
- Top OOH spenders were Apple, McDonald’s, Amazon, Panera, Google, American Express, T-Mobile, Disney, Coca-Cola, and Universal Pictures.
- 24% of the top 100 OOH advertisers doubled their spending, such as Pinterest, Univision, Bank of America, Sony, and many more!
- 26% of the top 100 OOH spenders were technology or DTC brands, including Airbnb, Amazon, Apple, BetMGM, Expensify, and more.
“Out-of-home has hit a new revenue high – one we weren’t projected to reach until 2025 due to the impact of the pandemic,” said Anna Bager, President and CEO of OAAA. “I credit this milestone to brands and media buyers recognizing OOH’s power as a creative platform on national, regional, and hyperlocal levels. Built on a strong foundation, the medium has advanced exponentially, letting marketers tap into digital, data-led opportunities that get messages out faster than ever at scale.”
The out-of-home industry made a remarkable recovery in the last two years, surpassing its pre-COVID levels. Now, this advertising format has become the fastest-growing media channel, outperforming other digital media formats. With its scalability, addressability, and brand safety, OOH, with the help of digital, is expected to remain an appealing channel in 2023 and beyond!