Out-of-home ad spending continues to show solid growth, according to the latest revenue figures out from the Outdoor Advertising Association of America (OAAA). After increased by 4.5% in Q1, revenues climbed 5% in Q2 to reach $2.15 billion. PricewaterhouseCoopers recently projected a 5% annual increase in OOH revenues from 2012 through 2017, a growth rate that would rank among the highest for traditional media.
Restaurants upped their OOH investments most rapidly in Q2, by 11.7%, making them the second-largest advertising category for the quarter. Automotive dealers and services (#10; +8.1%) and retailers (#3; +7.5%) also had strong quarters. The miscellaneous services and amusements category increased its spending by 5.1%, and was easily the biggest spending category, at 18.2% of all expenditures.
While communications and cellular companies were keen to advertise on radio in Q2, the communications category pulled back on OOH, with category spend declining by 8.4%. Financial (-5.7%) and insurance and real estate (-4.7%) brands also reined in their ad spending.
For the quarter, the top 10 categories accounted for 76.9% of total spending.
Looking at combined figures for the first half of the year, the OAAA data indicates that revenues climbed by 4.8% year-over-year to $3.65 billion, with the top 10 categories accounting for about 80% of that spending. At 18.5% share of all spending, the miscellaneous services and amusements category was the largest spender, followed by retail (9.7%), media and advertising (8.7%), restaurants (8.1%), and public transport, hotels and resorts (also 8.1%).
About the Data: OAAA issues full industry pro forma revenue estimates that include, but are not limited to, Miller Kaplan and Kantar Media (which is not adjusted to reflect changes in data sources), and member company affidavits. Revenue estimates include billboard, street furniture, transit, alternative, and cinema advertising, as well as digital platforms for advertising spending.