Outsmart, the trade body for the Out of Home (OOH) advertising industry, reports OOH advertising revenue for the third quarter of 2023 totalling £346m, an increase of +12.9% compared to the same period last year.
The figures, collated by PwC, reveal that Digital OOH revenue grew +15.6% and Classic OOH grew +8.1%. Digital’s share of revenue increased slightly to 65%.
Q3 2023 traded +4.9% above Q3 2019 (pre-pandemic) and represents the first quarter where revenues were higher than the corresponding quarter in 2019.
Justin Cochrane, chair of Outsmart, said: “A strong third quarter for Out of Home demonstrates advertisers’ continued demand for the flexibility and scale it offers.”
Separately, a recent report from PwC, commissioned by Outsmart, finds the UK Out of Home (OOH) sector contributed £411m to support public services, infrastructure, communities and employees in 2021 – representing 46% of its advertising revenue.
In addition, PwC estimates around a further £29m helped support charities and communities through donations, heavily discounted or donated media space and staff hours given to charity by media owners.
The report, based on a survey of OOH media owners representing 92% of industry revenue, also highlights how the sector has increased the share of renewables to over 90% of electricity consumption whilst innovating to increase the use of recyclable materials.
The full detailed breakdown of Q3’s OOH revenue figures is available on Outsmart’s website.
