OUTDOOR PRINT FALLS IN THIRD QUARTER
The amount of print produced for the billion dollar out-of-home sector has fallen, with a 12 per cent downturn in the third quarter, compared with the same period last year.
Print’s share of outdoor fell from 42.1 per cent in Q3 last year to 31.5 per cent this year. In cash terms the amount spent on printed outdoor dropped from $104m to $89.2m.
The switch to digital signage saw an increase in revenue for the out of home industry of 14.6 per cent net media revenue for Q3 this year, to $283.3m, up from $247.2 million for the same quarter last year.
Year-to-date net media revenue has increased 12.8 per cent from the same time in 2022, and is $826.9m for the first three quarters, well on track to smash through the $1bn marker. However, print’s share will fall to its lowest level yet, although in cash terms outdoor remains a sizeable market.
Print businesses in the sector are increasingly adding new markets to their operations, with the boom in retail display, as shops look to provide a customer experience to counter the rise in online shopping, the primary target market.
Outdoor Media Association CEO Elizabeth McIntyre said, “Our channel is reaping the benefits of being the only remaining broadcast media as audiences continue to fragment. With 82 per cent of people leaving home each day, Out of Home is where advertisers are guaranteed to find their audience. As we continue to innovate and move toward providing more granular data, we’ll see the channel become even more nimble and targeted.”