WOO estimates global OOH revenues to exceed $40bn

By Felicia Nwosu
A survey conducted by the World Out of Home Organizations (WOO) has estimated that the worldwide revenue is projected to exceed $40 billion for the first time with a market share against other media of 5.1%. The report said the number was up from 4.7% in 2022, where the pre-pandemic market share was 5.8% with revenue of $36 billion in 2019.

The global outdoor body, following the result of the 2023 survey, pointed out that current global out-of-Home media spend index includes first-party data from 81 territories, accounting for 95% of the world’s GDP. The report sources were data from WOO’s 200 members and others that gave insights into OOH revenue and market share.

The sources gathered across various regions showed that North America’s market share was lowest at 3.05, while Europe stood at 5.9%. Asia, on its own part, stood at 7.2%, while Australia/New Zealand got 5.0%. Africa gained 12.5% and LATAM gained 5.5%. North America is rated to lead as the second-biggest territory by revenue after Asia.
The report revealed that digital continues to increase its share of the global market with $15 billion, 37% of the total, with a projection for 2023.
Tom Goddard, WOO president, in his futuristic projection said the companies’  Global OOH Media Spend Index can only be a further boost to the medium, which has been hampered in the past by conflicting data sources.
“From the figures, we can see that revenue is rising at a healthy rate, in traditional classic OOH as well as digital. We expect further growth of above 5% as we move from 2023 to 2024.Increasing our global share substantially, even amid the digital tidal wave, has to be the industry’s objective,” he said.
Major players listed by the WOO includes major global companies, such as JCDecaux, Clear Channel, Ströer, Global Outdoor, blowUP media from Europe, OUTFRONT Media and Lamar from the US, Selvel One from India, Primedia from South Africa, oOh!media from Australia and Asiaray from Hong Kong. OOH associations represented on the corporate board: the OAAA in the US, Alooh from Latin America, the FAW from Germany and the OMA in Australia.


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