Billboard Valuation & Advisory Services
Overall industry growth in Q3 2024 saw a 4.3% year-over-year increase in out-of-home (OOH) advertising revenue, reaching $2.04 billion. This brings the year-to-date growth to 4.6%, showing that the industry is continuing to perform well. A big driver of this growth is digital OOH, which made up 33.2% of total sales and grew by 7.3% compared to last year. Digital formats are clearly becoming more important in the OOH space.
Urban advertising formats, especially transit ads, also saw strong growth, with transit up 8.3% and street furniture growing 7.3%. This reflects trends like more people returning to offices and being out and about in cities again.
Several industries really increased their spending on OOH. Automotive, retail, local services, and government sectors all had double-digit growth, with automotive spending up 18%, retail at 17.7%, and local services & amusements at 13.4%. Political advertising also stood out, with a 31.6% increase in spend compared to this time last year. Political campaigns for the presidential race, U.S. House, and Senate saw massive increases, with presidential spending rising by a remarkable 4075.8%.
Some of the top brands investing in OOH this quarter include McDonald’s, Apple, Verizon, Amazon, and Anheuser-Busch. Other big spenders were Morgan & Morgan Attorneys, Heineken, Coca-Cola, Universal Pictures, and T-Mobile.
More than 20% of the top 100 OOH advertisers were tech or direct-to-consumer brands, such as Apple, Verizon, Amazon, and Netflix. This shows how much these brands are relying on OOH for targeted, real-time advertising.
Overall, OOH is growing and adapting, with more brands across different industries jumping in and a greater focus on programmatic digital out-of-home advertising.
As a trusted advisor in billboard valuation and consulting, SignValue is committed to helping clients navigate the evolving OOH landscape. Our expertise includes:
For more information on how we can assist with your OOH advertising needs, contact us at [email protected] or (480) 657-8400.