Value of OOH sector grows further as it's set to overtake newspaper advertising in 2020
According to GroupM data seen by the Financial Times, out-of-home advertising is expected to overtake spend on newspaper ads by the end of the year.
Brian Wieser, Global President of Business Intelligence, said: “Outdoor advertising has been resilient because it retains unique characteristics for advertisers. It helps that the medium has continued to evolve.”
Ad spend on newspapers and magazines is in rapid decline, and figures show that the $40.6 billion advertisers are expected to spend on OOH outstrips the amount set to go to newspaper ads by $4 billion. By 2024, outdoor ad spend will outpace total spending on newspapers and magazines combined.
The OOH sector accounts for around 6.5% of the total advertising market, whose value sits at around $600 billion.