OOH advertising up 38% in Q3 2021
According to the Out of Home Advertising Association of America (OAAA) out-of-home (OOH) advertising revenue report, OOH advertising revenue grew 38% in the third quarter of 2021 to $ 1.75 billion per year. compared to the previous year. Up 56% compared to the third quarter of 2020, digital OHO is leading the global OHO recovery. Since the start of 2021, OOH advertising revenue has increased 10% from 2020, reaching $ 5.1 billion.
All of the industry’s top ten product categories grew double-digit in the third quarter of 2021, including local services and entertainment, retail, media and advertising, insurance and real estate, restaurants , politics and government organizations, financial services, public transport, hotels and resorts, automotive Dealers and Services and Schools Camps and Seminars.
Local services and entertainment, a category that accounts for more than 25% of total spending on OOH, increased by more than 33%, while media and advertising increased by 85%.
The top 10 advertisers in the third quarter were McDonald’s, Geico, Apple, Amazon, American Express, Walt Disney Pictures, Allstate, Dunkin ‘, Chevron and Barclays, in that order.
The OAAA report also found that among the Top 100 OOH advertisers, 88% increased their OOH spend from Q3 2020. Additionally, among those advertisers, 51% more than doubled their spending. Companies like Credit Karma, Webull, DuckDuckGo, and ADT, along with 36% of the top 100 OOH advertisers, have increased their spend 10-fold or more. Almost a third of those advertisers were tech or direct-to-consumer brands such as Amazon, Apple, AT&T and BetMGM, among others.
MAGNA predicts that OOH will be the second fastest growing advertising channel in 2021 with an expected annual increase of 16.4%.
âOOH is back in force after a year full of uncertainties around the world. Our industry is both a marker of public opinion and, in its own right, a vehicle for raising morale to engage, inspire and empower consumers. These third quarter numbers should be welcomed as a sign that we are back and have an exciting next chapter ahead, âsaid Anna Bager, President and CEO of OAAA.