By: M4G Bureau
Last updated : June 24, 2020 9:44 am
The report expects that beyond 2021, although larger brands will increase their allocations of budgets to the medium but outdoor advertising will grow slowly
The report further explains that OOH advertising and related out-of-home media, such as cinema, accounted for $40 billion in activity during 2019, or 7% of total advertising. Of this figure, $12 billion was in digital format.
With restrictions on social activity, this medium was always set to be disproportionately impacted by the crisis, as the value proposition to marketers looking to reach consumers away from home partially evaporated for a period of time. Overall, GroupM estimates declines of 25% including digital out-of-home media. Next year should see a partial rebound with 14.9% growth.
The report expects that beyond 2021, outdoor advertising to grow by low or mid-single digits and generally lose share of total advertising, although we do expect larger brands to generally increase their allocations of budgets to the medium.
Also, the report maintains 6% media share of the OOH advertising including cinema in the overall advertising pie in the year 2021.
Also read: GroupM’s UK mid-year forecast delays OOH industry rebound