According to Goddard, OOH's share in the region is now 7% compared to a global average of 5%, driven by technical and creative innovation.
OOH globally has recovered strongly from the pandemic with revenues hitting USD$36-billion, exceeding pre-lockdown levels.
But the medium has much to do, Goddard said, to reach its merited market share of 10%. Goddard outlined a course of action to grow the medium by 1% a year to reach this goal. What the industry still needs, said Goddard, is more:
- consolidation: research shows that consolidated markets achieved a bigger market share
- coordinated adtech strategies: the adtech industry is booming but too fragmented
- measurement and data across all markets: perhaps the key factor and a constant theme at all WOO's regional and global events
- collaboration on standards and language: the medium must become easier to plan and buy, and
- empowerment and resource for national associations: active and energetic national associations drive best practice, innovation and sector growth, but too many are under-resourced.
Goddard concluded, "In many ways, we can see the future of Out-of-Home happening now in Asia Pacific, and the medium as a whole has much to learn from the innovation and creative excellence we see here. In that respect, our second Asia Forum truly has been an eye-opener. Our challenge now is to harness this energy and desire to improve in a way that drives the whole industry towards that highly achievable 10% global market share."
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