Saturday, July 20, 2024

Advertisement
Home » OOH News » Perion’s next frontier: Redefining the contours of OOH with technology

Perion’s next frontier: Redefining the contours of OOH with technology

By Vasant Jante - June 06, 2024

In a Fireside Chat with Jeremy Male, Chairman & CEO of OUTFRONT Media, Tal Jacobson, CEO, Perion says that OOH has not reached its true potential

Tal Jacobson, CEO, Perion

In a Fireside Chat at the WOO Global Congress in Hong Kong with Jeremy Male, Chairman & CEO of OUTFRONT Media, Tal Jacobson, CEO, Perion recalls the company's innovative journey in integrating cutting-edge technologies into traditional advertising platforms and their ambitious expansion into the OOH advertising sector.

Since its inception in 1999, Perion has been a leader in integrating new technologies into traditional advertising platforms. Recently, the company has ventured into the OOH advertising arena having acquired ad tech major Hivestack, thus aiming to revolutionise this space with innovative tech solutions. Over the past two to three years, Perion has transitioned from linear TV to connected TV (CTV), developing unique technologies to stay ahead in the dynamic advertising landscape.

Innovation in OOH

Six months ago, Perion launched Wave, a ground-breaking generative AI product that creates numerous audio ads for platforms like Spotify and iHeart. While this sector is growing rapidly, Tal finds the OOH advertising sector equally compelling. Despite OOH's long-standing recognition as a premier advertising channel, he believes it hasn't reached its full potential. Inspired by their success in audio and CTV, Perion aims to apply their innovative approach to OOH, particularly through Hivestack.

The push into retail media

Perion has also been expanding into retail media to drive foot traffic to physical stores, achieving a 134% year-over-year growth. By leveraging advanced OOH technologies, such as personalised audio ads on Spotify and digital screens in public spaces, they aim to shift advertising budgets from social media to OOH, viewing it as the future of advertising.

Expectations for continued expansion in DOOH

In the US, DOOH advertising is experiencing significant growth, now accounting for about 33% of the OOH sector. Tal notes that 4% of their locations generate over 30% of revenues, with 16% of digital revenues in Q4 of last year coming from automated sources. This marks substantial growth from almost nothing in 2019, turning DOOH into a $100 million annual business with expectations for continued expansion.

Driving automation

Perion sees a clear need for automation in traditional media. One notable initiative involved acquisition of a that collaborates with major media agencies to generate substantial direct demand. By leveraging their resources, Perion is successfully increasing direct demand, driving significant growth across the company.

Harnessing data and industry collaboration

Currently Perion focuses on using data from social media interactions to enhance OOH advertising. By aligning creative strategies across social media and OOH platforms, Perion aim sto create a seamless advertising experience. Their expansion into ad tech, highlighted by their acquisition of Hivestack, underscores their commitment to innovation. With substantial investments in emerging technologies and strategic partnerships, Perion aims to elevate OOH advertising's impact and relevance in the evolving landscape.

Advertisement

Related News

You May Also Like

Advertisement
Advertisement
Have You Say
Advertisement