Political OOH ad spend at all-time high, driven by mass reach, location-based targeting and resonance with younger and multicultural audiences
WASHINGTON, DC, August 20, 2024 (EZ Newswire) -- Out of home (OOH) advertising revenue increased 3.4% in the second quarter of 2024 compared to the previous year, accounting for $2.78 billion, based on figures released by the Out of Home Advertising Association of America (OAAA). This marks the highest quarterly volume ever for OOH, propelling first-half growth to a 4.8% increase."Out of home’s record ad spend generation is a testimony to its effectiveness. Our position as a highly relevant consumer medium is reflected across the board, but particularly in the political arena," said Anna Bager, President and CEO, OAAA. "Political ad spend in OOH is at the highest levels ever because of our ability to deliver location-based targeting, and OOH’s resonance with younger and multicultural audiences. U.S. House and Senate OOH campaign spending in the first half of 2024 has quadrupled from 2020 and is up 70% from 2022."
The report offers a deep dive into trends and growth areas for the channel, including the below findings.
Digital OOH Key Growth Driver
Digital OOH, which accounted for 34% of quarterly sales, increased 7.5% from a year ago.
OOH Growth Across Industries Positive Economic Indicator
The Transit category generated the greatest growth against the second quarter of 2023, increasing by 13.7%.
Seven of the top 10 product industries increased in quarterly volume led by Automotive Dealers and Services (+17.8%), Retail (+14.8%), Local Services & Amusements (+10.1%), Insurance and Real Estate (+8.1%), Public Transportation, Hotels & Resorts (+4.4%); Schools, Camps, & Seminars (+2.1%), and Restaurants (+1.3%), reflecting the overall broad strength of the economy.
The top 10 OOH product categories in volume for the second quarter were:
- Legal Services
- Hospitals, Clinics & Medical Centers
- Domestic Hotels & Resorts
- Quick Serve Restaurants
- Colleges & Universities
- Consumer Banking
- Local Government
- Online & Mobile Travel Services
- Chain Food Stores & Supermarkets
- Television & Cable TV Programming
Online and Mobile Travel Services spending increased by 78%, while spending in the Computer Software category, which placed twelfth in OOH volume, jumped 46%.
Top Brands Increasing Spend
Ranked in order of OOH spending, the top 10 advertisers in the first quarter were Hotels.com, Apple, McDonald’s, Verizon, Coca-Cola, Morgan & Morgan Attorneys, Amazon, Disney, Expedia and Universal Pictures.
Among the top 100 OOH advertisers, two-thirds increased their OOH spend from Q2 2023, and 14 more than doubled their spend including (listed by spend % increase): Ramp, Molson Coors, Ford, QuikTrip, Honda, StackAdapt, FanDuel, Sixt Rent the Car, Skechers, 7-Eleven, Hotels.com, Pepsi, Progressive, Total Wine & More.
Technology and DTC Brand Adoption
One-quarter of the top 100 OOH spenders were technology or direct-to-consumer brands, including these twelve brands which finished among the top 25 (according to spend): Hotels.com, Apple, Verizon, Amazon, Expedia, Google, VRBO, T-Mobile, Netflix, Uber, Samsung, and StackAdapt.
OAAA issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and MediaRadar/Vivvix (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.
For more information about specific category spend, please contact Steve Nicklin at snicklin@oaaa.org or (202) 833-5566.
For more information about specific category spend, please contact Steve Nicklin at snicklin@oaaa.org or (202) 833-5566.
About the Out of Home Advertising Association of America (OAAA)
The Out of Home Advertising Association of America (OAAA) is the national trade association for the entire out of home (OOH) advertising industry. OAAA represents over 850 members, including leading media companies, advertisers, agencies, ad-tech providers, and suppliers. OOH media includes billboards, street furniture, transit, place-based media, and digital formats (DOOH) across every sector of the channel. OAAA is the unifying voice for the industry, the authoritative thought leader, and the passionate advocate for advancing OOH advertising in the United States. The legislative unit of OAAA advocates for the responsible growth of OOH with federal, state, and local governments. OAAA-member media companies donate over $500 million annually in public service advertising. Founded in 1891, OAAA is headquartered in Washington, DC, with offices in New York City. For more information, visit https://oaaa.org.
Media Contact
Cassady Nordeen
+1 718-644-0273
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SOURCE: Out of Home Advertising Association of America (OAAA)
Copyright 2024 EZ Newswire
See release on EZ Newswire
Copyright 2024 EZ Newswire
See release on EZ Newswire
