Predicting the Position of the Digital OOH Advertising Industry in 5 Years
At the end of the day analysts in any industry are always going to make predictions about the future climate with the aim of providing an idea of the current state of the market and where the market is heading. Some predictions turn out to be correct and some false as you would expect. Nobody can truly predict the future and really, at the heart of every industry prediction is basically just conjecture. The digital OOH advertising industry is the same and no one really knows what level it will be at in 5 years. However, we have gathered together some stats and come up with a few ideas of our own to give an indication of what we think the industry might look like in 5 years.
The Current Landscape & Beyond
Digital media giants Ocean Group recently released a perception study which analysed opinions from 204 executives from various fields including media agencies and outdoor specialists with the aim of gauging the current climate, challenges and future prospects of the DOOH advertising industry within the current landscape.
The study came to a number of conclusions with a whopping 86% of participants identifying Digital OOH advertising as hold the biggest growth potential for the next 5 years. They argued that this projected growth was higher than mobile, video on demand (VOD) and almost every other media channel. We found this really interesting and things are looking good for our digital advertising vans!
Additionally, DOOH advertising also ranked higher than any other channel for offering key engagement components which included factors such as versatility and sophistication. Basically, DOOH advertising is considered more modern, exciting, dynamic and versatile than other media types and this trend will continue for the next few years.
The study highlighted to us how Digitial OOH advertising has progressed from being a passive and standard media channel to something that is modern and sophisticated and particularly drives mobile searches online. With such a shift in positioning and the ever increasing sophistication of mobile technologies, it is these factors that are contributing to its rapid development and this will continue to be the case as further technologies advance such as audience recognition (we discussed this a couple weeks ago).
Looking to the Future
Things are looking to be on the up and Richard Malton, the Ocean Group Director argued that DOOH advertising will enjoy the biggest media growth over the next 5 years. Furthermore, it is considered as a channel that is fuelled by the growth of technology and is the most innovative medium in the market. Survey respondents highlighted that flexibility and cost were likely to be the issues that would need to be addressed if the channel was to continue its rapid growth in the future.
It all looks very encouraging for the Digital OOH Advertising industry overall and even though we highlighted the word conjecture at the top of this post, we still feel that there are plenty of reasons to be optimistic. We like to think that we are contributing to the innovative nature of the industry with our vans so why not get in touch if you are thinking of an outdoor campaign. As always, we’d be happy to help!