Outsmart, the trade body for the Out of Home (OOH) advertising industry has announced that OOH revenue for 2023 saw growth of +9.8% year-on-year with total revenues of £1.3bn, equivalent to 99.6% of the pre-covid market.
The figures, collated by PwC, show that Q4 contributed £396 million towards the annual total, up +14.9% from Q4 2022 and +5.4% more than pre-covid Q4 of 2019.
Digital Out of Home had another year of significant growth with an increase of +12.4% and accounted for 65% of OOH revenue in 2023. Classic OOH revenues also increased, at a rate of +5.3% compared to the previous year.
Justin Cochrane, chair of Outsmart, said: “2023 has been a strong year for OOH. As audience fragmentation continues, OOH highlights the stability and importance of broadcast reach, creative dynamism and real-time targeting in high-footfall areas.”
Andy Lobo, senior manager at PwC, added: “The OOH industry has recovered from the pandemic, and in doing so is now structurally more digital, providing a platform for greater innovation as the sector moves into its next phase of growth.”
A detailed breakdown of OOH revenue figures is available on the Outsmart website.
