Asia Pacific region leading the way as Out of Home recovery gathers speed says WOO President Tom Goddard
Asia Pacific has the world’s largest young population, a bigger GDP than either the US or Europe and the most flourishing Out of Home business said World Out of Home Organization President Tom Goddard greeting a record-breaking 350 delegates at WOO’s second Asia Forum in Bali this week. APAC is home to four of the world’s biggest OOH markets.
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 $36bn, exceeding pre-lockdown levels.
But the medium has much to do, Goddard continued, to reach its merited market share of 10% and he outlined a course of action to grow the medium by 1% a year to reach this goal.
What the industry still needs, said Goddard, are:
*More consolidation – research shows that consolidated markets achieved a bigger market share
*More coordinated Adtech Strategies – the adtech industry is booming but too fragmented
*More measurement and data across all markets – perhaps the key factor and a constant theme at all WOO”s regional and global events
*More collaboration on standards and language – the medium must become easier to plan and buy
*More 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 on a high note: “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.”
The World Out of Home Organization is the only global Out of Home Association, working to promote and improve the OOH industry on behalf of its members. Board members include the major international companies – JCDecaux and Clear Channel – as well as Ströer, Global Outdoor, blowUP media from Europe, OUTFRONT Media and Lamar from the US, Selvel One from India, Primedia from South Africa, oOh!media from Australia and Asiaray from Hong Kong. In addition, the following OOH associations are represented on the Board, the OAAA in the US, Alooh from Latin America, the FAW from Germany and the OMA in Australia.
Membership is open to all companies who operate in the OOH sector and, as a non-profit Organization, funds are reinvested in industry issues such as research and the annual international congress. WOO is a member of EASA in Europe, as well as a founding member of ICAS, and actively works to help the membership with legislation issues within their own countries as well. It also aims to lobby for Out of Home advertising with authorities, international organizations, opinion formers and other elements of the communication media.