Cathy O’Connor, CEO of oOh!media, has said “out-of-home is expected to continue taking revenue share from other media sectors, particularly from television and radio.”
Speaking to attendees of the company’s AGM today, O’Connor referenced Guideline SMI results reporting that OOH achieved agency media revenue growth of 15%, capturing 14.5% of advertising agency media spend for the CY23 year.
This was up from 12.3% the year before, and represents OOH’s highest-ever share of agency media spend.
O’Connor compared these numbers to a “broader decline” for total advertising agency spend of 3%, with television declining 14%, and radio declining 6%.
“Our core focus remains on building our network of world class digital assets, and in turn bringing new and compelling mass reach opportunities for advertisers – while also delivering on the ease of trade,” O’Connor said.
“And beyond our core business, we are focused on enhancing our ability to leverage our existing assets and expertise into new and adjacent growth markets such as our reooh offering.”
Reooh launched in October 2023, and is an OOH retail media solution, with the goal of growing retail media businesses through oOh!’s screen management and advertising sales.
oOh!media’s CY23 financial results
In CY23, oOh! recorded revenue growth of 7% to $633.9 million, with adjusted EBITDA up 2% to $130.2 million.
Adjusted net profit after tax was $55 million, a slight dip on last year’s result of $56.2 million.
On a statutory basis, oOh! reported a 10% increase in net profit of $34.6 million for CY23.
Revenue increased across all formats, with Road the stand out, delivering 14% growth on the prior year.
On a statutory basis, oOh! reported a 10% increase in net profit to $34.6 million.
In his chair’s address, Tony Faure told the room that oOh!’s financial position “remains strong” and “well capitalised, which means we are able to continue to invest in key growth initiatives whilst delivering ongoing returns to shareholders.”
Before thanking oOh!’s staff and shareholders, Faure concluded: “The structural fundamentals driving out of home as a growth medium remain positive, and as the market leader we remain well-placed to capitalise on this growth.”