Out-of-home advertising (OOH) looks to be on its way to making a recovery after drastic drops in revenues during 2020. The Out of Home Advertising Association of America (OAAA) reports that OOH advertising revenues in Q3 2021 grew by 38% year-over-year (y-o-y), with revenues reaching $1.8 billion.
OAAA’s data also reveals that despite the stated challenges of buying digital OOH ads, digital is responsible for a great deal of OOH advertising’s recovery. Indeed, in Q3, digital OOH revenues grew by 56% y-o-y.
Brands like McDonald’s, Geico, Apple, Amazon, American Express and Walt Disney Pictures were some of the top OOH advertisers in Q3, followed by Allstate, Dunkin’, Chevron and Barclays. As further proof that OOH advertising is emerging from the decrease in revenues seen in 2020, OAAA reports that 88 of the top 100 OOH advertisers increased their spending in Q3. Furthermore, 51 of the top 100 more than doubled their spend, while a further 36, including brands like Credit Karma, Webull, DuckDuckGo, ADT and Discovery increased their spend ten-fold or more year-over-year.
The top OOH advertising category for Q3 was Local Miscellaneous Services & Amusement, which accounted for one-quarter (25.7%) of total investment for the quarter. Retail followed at #2, accounting for 9.6% of total spending. Rounding out the top 5 advertising categories for the quarter were Media & Advertising (7.9%), Insurance & Real Estate (7%) and Restaurants (7%).
Media and Advertising (#3) saw the biggest y-o-y increase with spending increasing by 84.9% over Q3 2020. Financial Services (#7) and Local Miscellaneous Services & Amusements also increased their investment significantly, with spending increasing 46% and 36.5%, respectively.
About the Data: OAAA notes that it “issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and Kantar Media (which is not adjusted to reflect changes in data sources), and member company affidavits. Revenue estimates include both printed and digital formats of billboard, street furniture, transit, and place-based, which includes cinema advertising.”