Worldwide revenue of OOH media is forecast to exceed $40bn in 2023 for the first time with a market share against other media of 5.1%, up from 4.7% in 2022. Pre-pandemic market share was 5.8% with revenue of $36bn in 2019.
The World Out of Home Organization (WOO) has expanded its Global Out of Home Media Spend Index to include first party data from 81 territories, accounting for 95% of the world’s GDP. Global Market Index sources data from WOO’s 200 members and others to give the most accurate view of OOH revenue and market share.
By macro region, North America’s market share was lowest at 3.05 (although it remains the second biggest territory by revenue behind Asia), Europe 5.9%, Asia 7.2%, Australia/New Zealand 5.0%, Africa 12.5% and LATAM 5.5%. Digital continues to increase its share of the global market with $15bn, 37% of the total, forecast for 2023.
WOO President Tom Goddard, says, “Through the WOO Global Out of Home Media Spend Index, Out of Home for the first time has truly reliable and up-to-date data on worldwide and regional revenue and global market share. This can only be a further boost to the medium, which has been hampered in the past by conflicting data sources.”
“From the figures we can see that revenue is rising at a healthy rate, in traditional classic OOH as well as digital, and we expect further growth of above five per cent as we move from 2023 to 2024. Increasing our global share substantially, even amid the digital tidal wave, has to be the industry’s objective. The WOO Global Out of Home Media Spend Index.”
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