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Outdoor Media Association downgrades revenue figures after reporting error

The Outdoor Media Association (OMA) has adjusted its April revenue figures and conceded revenue for the sector grew 6% year-on-year, rather than 10.8% as was previously reported, citing an inadvertent error.

The OMA said revenue is in fact sitting at $58.2 million, as opposed to $60.8 million, and the error arose “due to an inadvertent error in reporting” from one of the association’s members.

Year-to-date net media revenue is now being reported as $244.9 million, instead of the $247.6 million figure which was reported earlier this month, which marks a 5.8% increase on the $231.6 million generated in 2016.

The revised figures mean that digital out-of-home net media revenue accounts for 43.5% of total net media revenue, slightly down from the 44.1% previously reported.

Charmaine Moldrich, CEO of the OMA, further explained the error: “The mechanical error occurred in the Retail/Lifestyle/Other category and arose from system upgrades by one of our members. It was discovered by that member and immediately communicated to the OMA’s accountants.

“We are satisfied that the member has now audited its figures, and all other members’ data is correct. The adjusted figures are a true reflection of the net media revenue for April.”

The adjusted figures, according to the OMA, are:
· Roadside Billboards (over and under 25 square metres): $24.6 million
· Roadside other (street furniture, bus/tram externals, small format): $16.0 million
· Transport (including airports, bus internals and train stations): $8.6 million
· Retail, Lifestyle and other: $9.0 million
(previously reported as $11.7 million)
(Other includes: shopping centre panels, as well as all place-based digital signs including office media – covering signs in lifts and office buildings, cafe panels, and digital screens in doctors’ surgeries and medical centres).

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