Out-of-home (OOH) advertising is one of the most significant forms of marketing today. In a world where digital marketing has gained such prominence, other types of offline marketing are key to capturing audiences in different ways. OOH advertising puts messaging in front of people when they are out in public, gaining their attention as they go about their day. It includes a range of advertising formats that are used outside of the home, including billboards, posters, bus stop shelters, advertising on public transport and vehicles, and more.
The OOH advertising market is continuing to evolve and it plays a significant role in today’s marketing landscape. This article will look at important insights and considerations relating to OOH advertising for 2024 and beyond.
The OOH Advertising Landscape Today
In 2022, the global market for outdoor advertising was valued at almost $47 billion. It is expected to grow to more than $61 billion by 2028. Drilling down into digital out-of-home advertising, this specific category was valued at over $21 billion in 2022, predicted to rise to more than $44 billion by 2028. This fast growth shows that OOH advertising is definitely worth any business’s attention if they want to make use of the best advertising channels for their brand.
The growth of digital OOH is one of the key developments that has driven the sector. Digital screens are now an important part of OOH advertising, helping with everything from optimizing to personalizing campaigns. Other changes, such as real-time purchasing of ad inventory and greater insights into ad location, have also pushed the growth of OOH advertising. OOH has been reported to be the fastest-growing medium in 2023, with digital OOH being a key driver.
What’s Driving OOH Advertising Growth?
There are numerous factors driving growth in OOH advertising. These include the following important drivers.
New technologies have changed OOH advertising in several ways, driving growth. Digital OOH advertising and the ability to collect valuable data of various kinds are changing what the landscape looks like.
New technology has allowed for the collection of data that provides useful insights into OOH advertising campaigns. Improved measurement and analytics allow marketers to track how effective their campaigns are and make evidence-based decisions.
Creativity and innovation
OOH advertisers are continually looking for creative and innovative ways to engage audiences. Using new technologies, they can explore different ways to advertise outdoors and in public spaces to really connect with people.
Impact of the pandemic
Current events can make a difference to the impact and growth of advertising markets too. As people have begun to return to public life after the COVID-19 pandemic, they have begun to observe and interact with OOH adverts, contributing to growth that was already picking up before the pandemic.
Getting the right location for OOH advertising and targeting the right audience can be one of the biggest challenges. With the ability to target specific locations, especially with digital OOH, marketers can ensure they are reaching the required audience at the right time.
Integration with digital media
OOH advertising doesn’t have to work in opposition to digital advertising. In fact, it can go perfectly hand-in-hand with it. Combining these two forms of advertising is another important factor driving the growth of the market.
These factors have already helped to expand the OOH market over the last few years. As we enter 2024, they will continue to have an impact as technology keeps developing and more marketers and their clients recognize the benefits that OOH advertising can offer.
Emerging Trends in OOH Advertising
There are several trends to watch out for as we go into 2024. Some of these trends can already be observed, as can the impact they have had on OOH growth. DOOH advertising is steadily growing and is also being used to create multichannel campaigns. It allows for more personalized targeting too, which is another trend that continues to grow in importance. The use of story-led advertising is making a comeback and advertisers are making full use of digital displays to do so.
The way that OOH advertising is being bought is changing too. Programmatic purchasing is allowing OOH ad space to be bought in real-time, something else that is helping to make multichannel campaigns easier to build.
Market Analysis for OOH Advertising
The OOH advertising market is currently experiencing some impressive growth, in part thanks to digital OOH. Global expenditure is predicted to continue to increase, with billboards accounting for the majority of spending in the US. Experts still recommend investing in OOH advertising, and particularly digital OOH. Combining programmatic and DOOH advertising in 2024 will allow businesses to be more strategic and efficient when purchasing media so that they can integrate OOH seamlessly into multichannel campaigns.
Considerations for OOH Advertising in 2024
When preparing OOH advertising campaigns for 2024, there are some key considerations to keep in mind. If you want to make your campaigns successful, consider the following tips.
- Make smart use of data — there is now a wealth of data that can be collected and used in OOH advertising. Use data when making decisions, from buying to choosing locations and designing ad content.
- Focus on shareability — shareable campaigns are more likely to get attention and spread through word of mouth. They can be a great choice for cross-channel advertising and combining with digital marketing such as social media.
- Choose busy locations for focused targeting — it can often be worth focusing on advertising in fewer, busier areas than selecting more locations that could be a lot quieter.
- Keep messaging simple — you only have a few seconds to get anyone’s attention. Keep your message simple if you want to engage your audience quickly.
Out-of-home advertising will remain important in 2024. As the market continues to grow, keeping up with trends in the industry will ensure you understand what’s currently working and the latest ways to optimize these types of campaigns. Pay particular attention to digital OOH advertising, how data can help you make better decisions, and the best ways to target the right audience.