It is expected that this positive momentum of the out-of-home market will continue into 2024 with forecast annual growth levels of around 6% across the market. Revenues are forecast to hit £1.3m, surpassing 2019 levels (i.e., pre-pandemic). Amid continued investment into new inventory, creative and data opportunities by media owners, 2024 is set to be an exciting year for outdoor.
Showstopping opportunities
Digital outdoor is forecast to be 67% of total OOH revenue in 2024, compared to 50% in 2018. Media owner investment in digital sites continues to grow (at the expense of classic) with a +16% increase in Roadside D6s, and a +17% increase in roadside 48s. It’s within digital where the most interesting OOH trends lie.
3D Digital OOH is set to continue to grow, and media owners are investing in inventory that allows for this technology. JCDecaux has just launched 2 national OOH productions that will allow advertisers to use 3D at scale. Anamorphic 3D on the Waterloo Motion gives the illusion of 3D when viewed from a particular vantage point, while their 3DOOH At Scale product allows for 3D to be on 6s and not just big impact sites.
The rise of Faux OOH is another trend that is likely to continue into 2024, as even established brands like M&S are starting to use this technology. Although it may drive talkability, as this technology gets used more often, consumers may become less impressed with the newness, and talkability may fade. Nevertheless, there is still a place for that joint physical and digital presence and these elements can work together for a stronger campaign. Ocean’s ‘Digital Out of Home: The Vital Ingredient Study’ found that individuals are drawn more towards the brand on social media having seen a physical DOOH activation first.
Precise targeting
Innovation is not confined to the creative domain alone; data-driven opportunities are increasing and this year represents a key shift in audience tracking. The death of the cookie in 2024 means highly specific targeting with ads will become more difficult. In 2024 we’ll see brands start to use their own first-party data to generate audience-first OOH campaigns. This data opportunity combined with the dynamic opportunities that OOH offers will mean this channel has the potential for exceptional targeting and relevancy. Programmatic OOH formed 3% of all OOH campaigns, and that figure is set to double in 2024.
Another area of increased media owner investment is retail media. ClearChannel will begin their rollout of Sainsbury’s Live In-store screens from H2 this year. These screens will be located in-store and bring incredible opportunities for brands to be close to purchase.
New opportunities and advancements in technology and data make OOH an extremely versatile channel which should be considered across every part of the funnel, from impact brand building to smart targeting and even point of purchase.
