The World Out of Home Organisation has forecast worldwide revenue for the out of home (OOH) market to exceed 36 billion Euros for the first time, with a market share against other media of 5.1%.
The organisation’s Global Out of Home Media Spend Index was expanded to include first party data from 81 territories, accounting for 95% of the world’s GDP. The Global Market Index sourced data from the organisation’s 200 members and others to build a picture of OOH revenue and market share.
The 2023 survey highlighted a market share against other media of 5.1%, an increase from 4.7% in 2022. The pre-pandemic market revenue share sat at 5.8%.
Europe saw a market share of 5.9%, with Africa seeing a market share of 12.5%. Digital Out of Home (DOOH) increased its share of the global market with 13.6 billion Euros, 37% of the total forecast for 2023.
Tom Goddard, president, WOO, commented: "Through the WOO Global Out of Home Media Spend Index, Out of Home for the first time has truly reliable and up-to-date data on worldwide and regional revenue and global market share. This can only be a further boost to the medium, which has been hampered in the past by conflicting data sources.
"From the 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 five per cent 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. The WOO Global Out of Home Media Spend Index provides an invaluable road map for the industry's future."