Outdoor advertising is an excellent medium for marketers to meet the ever-growing hunger of brands or companies to get more customers. Perhaps this is the reason why companies keep aside a substantial amount as a marketing budget. This marketing budget is crucial to keep the dominance and hold of the brands on the market alive. And, according to leading experts in US outdoor signs, this marketing budget is likely to increase in the coming years. Moreover, the growing popularity of digital advertising mediums has prompted advertisers to keep the equal distribution of the marketing budget. And, No doubt, this trend is likely to affect spending patterns of outdoor advertising in the coming years.
The Trend in Outdoor Advertising Growth
Outdoor advertising spending remains unaffected and insulated from the outpacing digital marketing trends. Outdoor advertising has seen continuous and consistent growth despite facing fierce competition from digital mediums.
According to the data released by Out of Home Advertising Association of America (OAAA), outdoor advertising has seen comparable growth from the previous years.
Since the great recession of 2008, Out of home advertising has seen continuous growth both in terms of revenue and Ad spending. The trend continues to almost 35 consecutive quarter growth. And, the expense now saw an increase of 7.2 percent in the fourth quarter as compared to 2017.
This fact is not it, as per the website Magna, OOH spending grew to 4.7 in 2018, and a website E-Marketer predicted the growth of outdoor advertising 1.2% in 2019.
Therefore, it can be summed up that although the outdoor advertising faces fierce competition from Print, TV, and digital advertising but the growth will remain unaffected and likely to be used by marketers more because of its significant consumption.
How Much Has Been Spent On Outdoor Advertising In 2019?
Talking of the Outdoor advertising spending, there is no brainer brand are all out with high marketing budget to churn out the best results from the channel. This fact is probably the reason that a quarter of the top 100 outdoor advertising spenders are tech giants.
Among these tech giants are most popular brands such as Netflix, Google, Amazon, and McDonald's.
As per the statistics, the spending on outdoor advertising was 19.2 billion US dollars in 2002, which now has grown to whopping 39.9 billion US dollars in 2019.
This spending trend continues to soar with no sign of downward trend and is now projected to grow approx 43 billion US dollar till 2021.
What is The Critical Area of Growth for Outdoor Advertising?