We don’t want to blow our own trumpet, but like the once in a decade storms we have experienced in New South Wales, our industry is also witnessing a great surge.
We were chuffed when the Commercial Economic Advisory Service of Australia (CEASA), the bench mark for the advertising industry, released the industry figures for 2014. Outdoor was the only traditional media channel to grow, going up from 4.8% to 5.2%. This is great news for the industry, coming off our 10% revenue growth last year. It’s especially great news because we believe our share is under-represented in the Australian market.
And we started this year with a bang with Quarter 1 2015 being the most successful quarter on record with revenue growing by 22.4%, $149.9 million, up from $122.0 million* when compared to the first quarter last year.
And while digital is a contributing factor to this growth, with revenue growing from 18.8% in 2014 to 21.0% in Q1 2015, it’s encouraging to see that these increases are also being reflected across all formats: billboards, street furniture, retail and transit. As audiences continue to fragment for other advertising channels, we are seeing advertisers campaigning on both static and digital OOH inventory. Our static boards are providing opportunities for messages to work with smart mobile technology – the internet of ‘smart’ things making ‘dumb’ technology smarter, giving people the opportunity to connect the moment they see the advertisement capturing them where they live, work and play.
As they say, winners are grinners and according to the 2014 Media i survey results, when looking at the health and happiness of our workforce, we find that Outdoor has the happiest workers because they feel rewarded (81%), they feel well remunerated (63%) and they are the least likely to consider changing jobs (14%). And when OOH clients in media agency land were surveyed by Media i, they rated OOH in the top three media channels that are changing with the times (60%), offering consumer engagement (33%) and delivering results (37%).
But while we trumpet our glory, it’s important to remember that in this changing media environment we can’t rest on our laurels. In order to remain at the top of our game we need to keep innovating and harnessing the benefits this tech revolution affords us. Making buying and selling OOH easier is our next big challenge
*Figures have been adjusted from previously reported 2014 revenue to reflect changes in OMA membership, allowing direct comparisons in revenue year-on-year.