The out of home (OOH) industry has announced a slight decrease of 2.59% on net media revenue year-on-year in the first quarter of 2020, posting $207.2 million, a dip from $212.7* million for the first quarter in 2019.
Digital revenue is sitting at 56.8% of total net media revenue year-to-date, an increase over the recorded 54.6%* for the same period last year.
“COVID-19 had a deep effect on the industry’s revenue in March 2020. We are pleased that we weathered the storm to some extent in the first quarter. We know that in the short term we will be affected by budgets being put on hold.We also know that our channel is still essential for mass communication: whether it be for vital government messages, education, or the many brands that want to stay present and relevant during this time,” said Charmaine Moldrich, OMA CEO.
“While travel has changed, people are still out and about, including those people working on the frontlines to fight this pandemic, people providing services, people exercising and shopping not to mention people who should not be outdoors! Out of Home messaging is essential to get health and wellbeing messages to people and to remind people to distance, isolate and stay at home. Our members are dedicated to finding solutions for brands in these unprecedented times,” Moldrich concluded.