Out of home advertising revenue increased 28.9 percent in the second quarter of 2022 compared to the previous year, and totaled $2.62 billion. These Q2 revenues are roughly equivalent to pre-pandemic highs, when Q2 2019 OOH revenues totaled a record-breaking $2.69 billion. Year-to-date through June, OOH revenue is now at $4.43 billion, and up 33.4 percent compared to the same period in 2021 – in line with the first half of 2019, at $4.47 billion.
The digital OOH format led total OOH growth with a 37 percent increase over second quarter 2021. The Billboard and Street Furniture categories increased double digits, while the Transit and Place-Based categories rose triple digits reflecting a strong pandemic recovery.
Eight of the top ten product industry categories increased double digits led by the Public Transportation, Hotels and Resorts industry category at a 56.5 percent jump, which reflects recent reporting of increased consumer spending on services. The next four best performing industry categories all increased more than 30 percent, and included Financial, Media & Advertising, Government Politics and Organizations, and Schools Camps and Seminars.
Specific segments which were top revenue performers within the product industry categories, ranked by total OOH ad spend, included):
- Hospitals, Clinics & Medical Centers +13%
- Legal Services +18%
- Quick Serve Restaurants +20%
- Consumer Banking +36%
- Domestic Hotels & Resorts +35%
- Local Government +20%
- Colleges & Universities +29%
- Real Estate Agents, Agencies & Brokers +39%
- Computer Software (excluding games & education) +321%
- Food Stores & Supermarkets (chain) +13%
Ranked in order of OOH spending, the top 10 advertisers in the second quarter were McDonald’s, Apple, Geico, Universal Pictures, Anheuser-Busch, American Express, Amazon, HBO, Dunkin, and T-Mobile.
Almost four in five (78%) of the top 100 OOH advertisers increased their OOH spend from Q2 2021, and over a quarter (27%) more than doubled their spend. Advertisers on this list who did not spend in Q2 2021 included: Capital One, Expedia, IHG, Canada, and Thirty Madison.
Over 20 percent (22) of the top 100 OOH spenders were technology or direct-to-consumer brands, eight were quick service restaurants brands, and seven were healthcare related (providers or insurers).
Charts featuring the top ten industry product categories and spend by OOH category format can be downloaded on the linked pages in the Facts & Figures section of the OAAA website.
Source: OAAA, Kantar, Miller Kaplan