Out-of-home Ad Market Seen Growing
Out of home advertising seems to be continuing the strong recovery it started shortly after the economy pulled out of recession. In reporting the year-end figures for 2011, industry officials noted that the format has been growing for the past 7 quarters. In addition, officials at the Outdoor Advertising Association of America (OAAA) say 2012 should be a positive year.
Last year, the out of home ad industry overall recorded a solid 4% revenue gain and reached a total of $6.4 billion. This growth rate was stronger than the general ad market experienced, notes Stephen Freitas, OAAA Chief Marketing Officer.
The top industries fueling growth in out of home ad spending include the following. The annual spending is displayed in parens:
- Miscellaneous Services and Amusements: ($1.13 billion)
- Media and Advertising: ($626 million)
- Retail: ($536 million)
- Financial: ($504 million)
- Restaurants ($491 million)
- Public trans, hotels, and resorts ($485 million)
Overall, the top 10 categories in out-of-home advertising account for nearly 80% of industry spending. Other strong categories for this format include communications, and insurance and real estate. Industry experts point out that the strongest growth sector has been schools, camps and seminars. Ad reps may be actively pursuing this category to fill this media space in the coming year.[Sources: Out of Home Advertising Grows. Oaaa.org. 22 Feb. 2012. Web. 12 Mar. 2012]