Out of home industry down 56% in third quarter, but OMA is optimistic

The out of home industry experienced a 56% decline in net media revenue to $95.8m in the third quarter. In the same period last year, that figure sat at $218.2m.

But the result is an improvement on the second quarter’s 65% drop, which the Outdoor Media Association (OMA) pointed to as a sign of the market’s recovery from COVID-19.

“Although our industry has been hit hard by the global pandemic and the additional lockdown in Victoria, we are seeing the market gradually improve,” said the OMA’s chief executive, Charmaine Moldrich.

“In Q2 the OMA reported a drop in revenue of 65% on the year prior, so it is heartening to see advertising spend increase from what was our lowest point. It is especially hopeful as we see lockdown measures lifted across the country in the lead up to what is the industry’s strongest quarter, with Spring, Summer and the Christmas period ahead.”

Digital revenue comprises 55.6% of total net media revenue for the year to date, up from 55.3% last year. And the OMA said traffic is back to 75-90% of pre-COVID-19 levels across the country.

“These trends, in addition to lifting of restrictions in Victoria, are hopeful signs that signal the start to industry recovery,” Moldrich added.

The media agency-funded ad market has been severely impacted by the pandemic – “far worse than anything expected“. In July, the last available Standard Media Index figures, ad spend for outdoor companies was down 65.7%, a slight month-on-month improvement. In May, the worst month, outdoor spend experienced a 71.1% decline.

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