OOH worldwide revenue is forecast to exceed $40bn for the first time according to the World Out of Home Organization (WOO) which has just completed its 2023 Global Out of Home Media Spend Index survey.
The index has been expanded to include first party data from 81 territories, accounting for 95% of the world’s GDP. This year’s survey shows OOH has 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.
By macro region, North America’s market share was lowest at 3.05 (although it remains the second biggest territory by revenue behind Asia), with 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 said: “Through the WOO Global Out of Home Media Spend Index 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 5% 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.”  Â
