Outdoor reports 2.5% drop in Q1 revenues as the impact of COVID-19 sets in

For the first quarter of 2020 the out-of-home (OOH) industry has reported a dip of 2.59% in revenue compared to the same period in 2019.

However, Outdoor Media Association (OMA) CEO Charmaine Moldrich said the worst is yet to come as the economic impacts of coronavirus (COVID-19) are felt.

Revenue slipped across the OOH industry by 2.5% in Q1 2020

The industry recorded a net media revenue of $207.2m for the quarter, down from $212.7m previously. Digital held 56.8% of total net media revenue year-to-date, an increase from 54.6% for the same period last year.

Moldrich said the end of the first quarter had shown the impact COVID-19 would have on the industry.

“COVID-19 had a deep effect on the industry’s revenue in March 2020. We are pleased that we weathered the storm to some extent in the first quarter. We know that in the short term we will be affected by budgets being put on hold,” said Moldrich.

“We also know that our channel is still essential for mass communication: whether it be for vital government messages, education, or the many brands that want to stay present and relevant during this time.”

Outdoor business Ooh Media entered voluntary suspension earlier this year as it faced the impacts of COVID-19. The company has since launched a fully underwritten equity funding round.

Despite restrictions on travel and outdoor gatherings in place, the outdoor industry is still insistent that people are seeing OOH products.

“While travel has changed, people are still out and about, including those people working on the frontlines to fight this pandemic, people providing services, people exercising and shopping not to mention people who should not be outdoors,” said Moldrich.

“Out of home messaging is essential to get health and wellbeing messages to people and to remind people to distance, isolate and stay at home. Our members are dedicated to finding solutions for brands in these unprecedented times.”


Get the latest media and marketing industry news (and views) direct to your inbox.

Sign up to the free Mumbrella newsletter now.



Sign up to our free daily update to get the latest in media and marketing.