It’s official! According to the latest report from Outsmart, the Out of Home (OOH) trade body, OOH advertising has seen robust growth in the first quarter of 2023, a resounding testament to the trust and flexibility this channel continues to offer advertisers, as aptly put by Justin Cochrane, Chair of Outsmart.
Specifically, we’re thrilled to highlight that the classic OOH sector saw a respectable year on year growth of +2.5%. This demonstrates the enduring appeal of classic OOH advertising, even as the advertising landscape evolves.
Overall, OOH advertising revenue grew by +5.1% year on year, an increase from £238m in Q1 2022 to £251m in Q1 2023. This growth is especially encouraging given the macroeconomic uncertainties that marked the start of this year.
On the horizon, forecasts predict even more growth for OOH. AA/WARC predicts a 4.9% increase in OOH spend for 2023, significantly outpacing total advertising spend growth predicted at just 0.5%. As summer rolls in and public spaces fill up with activity, we can expect to see a further boost to our industry.
To delve deeper into the figures and trends, you can download the detailed OOH revenue report from the Outsmart website.