Magna Global, the strategic and analytics media unit of the marketing conglomerate Interpublic Group, recently released a “Media Economy Report” focused specifically on the out-of-home industry: its current market share, its predominant trends, and its future.
The biggest and best takeaway from Magna Global reinforces other studies and reports we’ve highlighted in this space–unlike most other forms of advertising, OOH’s market share is growing and so is its influence.
Magna Global details ten key reasons OOH continues to overdeliver. Even while still holding only 6% of the worldwide total ad spend of $500 billion, that percentage has held stable for five years while most other forms of advertising are losing out to digital (which in itself is now starting to waver).
The reasons are varied and diverse, but they all make sense and you can see them playing out in our daily business life. Not all ten points are immediately relevant for Wrapify, but we’ve highlighted the ones that are:
> OOH is Unfragmented and Offers a Growing and Attentive Audience
- Time spent outside the home is increasing.
- OOH has been mostly unaffected by audience erosion due to the continuing proliferation of media channels.
- OOH remains a mass reach advertising strategy; half of all consumers in the majority of markets and up to 90% in some.
> OOH Audience Measurement is Progressive and Accurate
- OOH audience measurement is increasingly sophisticated, driving innovation in the industry as a whole.
- Measurement integrates the latest technologies, like GPS, location data, WiFi and eye tracking, ensuring the accuracy of audience data.
- The best OOH audience measurement delivers actually viewed impressions, unlike most other media which provide only viewable impressions,
> OOH Helps you “Feel the Real”: It’s part of the urban landscape & immune to ad blockers
- OOH is already part of consumers’ lives, a natural and accepted role in the urban landscape
- Its material and physical presence in the real world means it cannot be blocked like online ads can or skipped past like recorded television programming.
> Digital is driving OOH revenue growth
- DOOH is the second fastest growing medium and it is predicted to account for over 30% of OOH revenue in some mature markets eg UK and Australia.
- Digital OOH (DOOH) allows more advertisers to benefit from premium sites, which increases the revenue that each screen generates.
- DOOH global share of OOH revenue is projected to grow to 24% by 2021
> Data-Driven OOH: The ability to deliver real-time data is now part of outdoor advertising
- Online platforms and CMS for OOH allow more targeted campaign planning and instant delivery to appropriate environments and audiences.
> Buzzworthy creative creates memorable visual cues for brands
- The broadening of what OOH means has opened up a whole new range of creative potential, which includes Wrapify’s colorful car wraps.
In short: OOH advertising gets increasingly noticed as people spend more time outside the home, while advances in technology are creating many new opportunities for brands to get their messaging in front of consumers.
Wrapify is one of those ways. If you’re not already on our platform, we urge you to contact us for more information about how Wrapify’s success is emblematic of OOH’s overall increased status in any marketer’s quiver. And if you are on the Wrapify platform….well, you already know!