The Global Out of Home market has recovering strongly from the pandemic, WOO President Tom Goddard told delegates at the ALOOH LATAM Congress in São Paulo, but is still growing less fast than other media as the global economy recovers from the pandemic.
Levels in Latin America are recovering but still lag pre-pandemic heights achieved in 2019. OOH currently takes 4.5% of the media market in LATAM, lower than the global average of 6% but higher than the US, the world's biggest OOH market.
The most profitable growth route, said Goddard, was sector level growth as a whole, through collaboration and consolidation, with sector growth of 1% adding five times more value than individual company growth at the same level. Strong and collaborative Trade Associations, have an increasingly important role to play.
As ever, the industry demonstrates a double track between digital - set to reach 50% of the global OOH market within 5 years but traditional Classic, still comfortably the biggest sector in many markets including the US, France, Spain and Latam. Factors driving digital include automation, programmatic buying (now making significant inroads in some markets and globally), improved audience measurement, data analytics and anamorphic technology, which allows high resolution widescreen images.
We're now seeing ever larger OOH installations and even drone light shows in some markets.
But we shouldn’t overlook the impact of classic OOH either, Goddard said, featuring several stunning classic poster images, including, among others, from technology companies.
Goddard concluded with a rousing call to action, encouraging ALOOH members to:
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Digitise more inventory
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Keep up to speed with AdTech investment
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Accelerate audience measurement development
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Invest in data analytics
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Support their local trade associations more
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Work better together - collaborate in an increasingly collaborative media and marketing world
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