Flexibility, in particular the ability to act short term, is the key to unlocking ad budgets according to the latest global WOO call among media owners and national associations. 55 executives attended this week’s Zoom call, which are now set to be monthly events through the remainder of 2020 and 2021.
The worldwide Out of Home industry is still struggling for traction amid the pandemic, down between 30 per cent and 80 per cent in some extreme instances including certain South American countries. In other regions including Europe and Asia it is tracking other media with a slow recovery under way.
But advertisers generally are releasing money late to navigate the possibility of more Covid-19 lockdowns and the OOH industry needs to respond to this by creating short term deals and packages.
WOO members heard presentations from China, Germany and Sweden (where the recovery in all three countries seems underway with revenue expected to achieve 2019 levels by 2021) and ALOOH in South America where the pandemic is raging more strongly. Global specialist agency Posterscope reported that advertisers were still highly cautious although “the money is available.”
WOO President Tom Goddard says:”Covid-19 is proving to be more enduring and harder to shift than any of us expected earlier in the year and this is obviously still impacting Out of Home, as it is other advertising media.
“But advertisers are increasingly willing to spend when circumstances allow. Our members recognise that we all need to adapt to those new circumstances to ensure that OOH continues its long-terms trend as the best performing traditional advertising medium.”