WOO APAC Forum: Region set to benefit from growth trends and positive dynamics, says WOO’s Goddard
19 October 2022: World Out of Home Organization (WOO) President Tom Goddard had a bullish message for over 200 delegates at WOO’s first in-person Regional Forum, covering the APAC region, which was held in Kuala Lumpur this week.
The APAC region, which now accounts for a third of the world’s Gross Domestic Product, is set to share in the Out of Home industry’s worldwide strong bounce back after the pandemic.
Yet he warned that while a range of positive dynamics are driving the medium forward, the industry needs to increase collaboration at all levels and shift from a focus on local competition to sector level cooperation to help combat the threat of other media.
The global market hit a record $37 billion revenues in 2019 and was on a fast growth trajectory, he said. Global DOOH is leading the growth charge, projected to be close to 50 per cent of all OOH Revenue by 2026. Across APAC it already makes up over 45% of revenue
But Static OOH shouldn’t be forgotten, he said. “Static still accounts for around 60 per cent of global revenues, which some observers assume is in terminal decline. Not so. Static is forecast to maintain its revenues at flat, which I think is a great result, when you think about inventory moving over to digital.”
External factors are also working in the industry’s favour, he said. “Consumers are suffering from on-line media fatigue and information overload especially with greater on-line and social media brand safety and fraud concerns causing marketers reconsider the media options.”
Finally Goddard declared that National Trade Associations are performing valuable work in increasing industry collaboration and sector level growth. “Five years ago we had no OOH Trade association members. Today we have over 30, including 17 from the top 20 OOH markets. We would like more representation from APAC markets to gain even more collaboration on sector growth initiatives.”
Goddard concluded with a rousing call to action, encouraging all members to:
– Digitise more inventory
– Invest in Adtech
– Provide Quality Audience Metrics
– Invest in Data Analytics
– Actively support and promote Trade Associations
– Working Better Together
For further information contact .. Richard Saturley at richard@worldooh.org