OUT OF HOME ADVERTISING REVENUES IN Q2 2022 HIT $2.62 BILLION, ON PAR WITH PRE-PANDEMIC RECORD-HIGHS OF 2019
WASHINGTON, Aug. 18, 2022 /PRNewswire/ — Out of home (OOH) advertising revenue increased 28.9 percent in the second quarter of 2022 compared to the previous year, accounting for $2.62 billion, based on figures released by the Out of Home Advertising Association of America (OAAA). These Q2 revenues are roughly equivalent to pre-pandemic highs, when Q2 2019 OOH revenues totaled a record-breaking $2.69 billion. Year-to-date through June, OOH revenue is now at $4.43 billion, and up 33.4 percent compared to the same period in 2021 – in line with the first half of 2019, at $4.47 billion.
The digital OOH format led total OOH growth with a 37 percent increase over second quarter 2021. The Billboard and Street Furniture categories increased double digits, while the Transit and Place-Based categories rose triple digits reflecting a strong pandemic recovery.
“This is a watershed moment – with OOH revenues nearly matching historic, pre-pandemic highs,” said Anna Bager, President and CEO, OAAA. “I am confident that these gains will continue. Recent Comscore research found that OOH delivers tremendous value in comparison to other channels, so we are in a good position to continue this momentum, despite any economic headwinds.”
Eight of the top ten product industry categories increased double digits led by Public Transportation, Hotels and Resorts industry category at a 56.5 percent jump, which reflects recent reporting of increased consumer spending on services. The next four best performing industry categories all increased more than 30 percent, and included Financial, Media & Advertising, Government Politics and Organizations, and Schools Camps and Seminars.
Specific segments which were top revenue performers within the product industry categories, ranked by total OOH ad spend, included):
- Hospitals, Clinics & Medical Centers +13%
- Legal Services +18%
- Quick Serve Restaurants +20%
- Consumer Banking +36%
- Domestic Hotels & Resorts +35%
- Local Government +20%
- Colleges & Universities +29%
- Real Estate Agents, Agencies & Brokers +39%
- Computer Software (excluding games & education) +321%
- Food Stores & Supermarkets (chain) +13%
Ranked in order of OOH spending, the top 10 advertisers in the second quarter were McDonald’s, Apple, Geico, Universal Pictures, Anheuser-Busch, American Express, Amazon, HBO, Dunkin, and T-Mobile.
Almost four in five (78%) of the top 100 OOH advertisers increased their OOH spend from Q2 2021, and over a quarter (27%) more than doubled their spend. Advertisers on this list who did not spend in Q2 2021 included: Capital One, Expedia, IHG, Canada, and Thirty Madison.
Over 20 percent (22) of the top 100 OOH spenders were technology or direct-to-consumer brands, eight were quick service restaurants brands, and seven were healthcare related (providers or insurers).
OAAA issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and Kantar Media (which is not adjusted to reflect changes in data sources), and member company affidavits. Revenue estimates include digital and static billboard, street furniture, transit, place-based, and cinema advertising.
About the OAAA
The Out of Home Advertising Association of America (OAAA) is the national trade association for the $8.6 billion U.S. out of home advertising (OOH) industry, which includes digital out of home (DOOH), and is comprised of billboards, street furniture, transit advertising, and place-based media (including cinema).
OAAA is comprised of 800+ member media companies, advertisers, agencies, ad-tech providers, and suppliers that represent over 90 percent of the industry. OAAA is a unified voice, an authoritative thought leader, and a passionate advocate that protects, unites, and advances OOH advertising in the United States.
OAAA-member media companies donate over $500 million in public service advertising annually. Every year, the industry celebrates and rewards OOH creativity via its renowned OBIE Awards (obieawards.org). For more information, please visit oaaa.org.
SOURCE Out of Home Advertising Association of America