In Australia, Outdoor media currently accounts for five per cent of total media spend.
According to the Outdoor Media Association (OMA), the Australian Outdoor industry posted net revenue year-to-date of $544 million in 2013, a healthy 8% increase on $503 million in 2012.
This is an impressive result given that many other traditional media are seeing a decrease in audience and market share.
Growth drivers for Outdoor media
During the past ten years, the Outdoor industry in Australia has almost doubled in total revenue, with growth expected to continue in the future.
5 key factors driving growth in the Outdoor sector include:
Media fragmentation: Increased media fragmentation across almost all elements of the media mix, which leaves outdoor as the last true broadcast medium.
Consumer habits: Consumers are spending less time at home and are increasingly time poor and spending more time out and about.
MOVE: Audience measurement launched Feb 2010. 2013 release data outlined 9% growth YonY in daily contacts; a result of growth in roads and public transport networks and a 3.5% growth in population.
Connectivity: Australian internet and smartphone penetration is high, with consumers increasingly responding to advertising messages while out providing a broad range of opportunities for advertisers to engage.
Investment in Assets: Industry-wide investment and improvements in assets, in particular Digital Billboards.