OOH sector reports strongest quarter ever
The out-of-home industry has reported its strongest quarter ever, with revenue close to £300 million for the first time, according to the Outdoor Media Centre.
The sector grew by 6.1% in the fourth quarter of 2014 to reach an annual revenue figure in excess of £1 billion, with overall annual growth at 3%.
The growing representation of digital inventory in media owners' portfolios continues to pay dividends, according to the report, with digital out-of-home now accounting for more than 28% of the total revenue within the medium.
Nielsen reports that the top spending categories in Q4 were the banking and technology sectors, however retail also demonstrated significant growth.
Google was among the advertisers that heavily invested in outdoor in both late Q3 and Q4 2014, with Google Outside, YouTube and Android campaigns running from September to the end of the year.
According to the OMC, the top 10 advertisers in Q4 2014 were (in alphabetical order) Asda Stores, BSkyB, KFC, O2 UK, Sony Mobile, TalkTalk, TSB Bank, 20th Century Fox, Vodafone and Warner Bros.
"The market is benefiting from the investment in digital, but also the rampant inflation levels in TV," said Mark Craze, chairman of the OMC.
"The growth in retail is clearly a result of press advertising losing share which is moving onto digital screens."