2023: OOH's resilient resurgence defines the year in advertising
Industry players agree: Integration with mobile, social media, and location-based targeting were the year's defining highlights in advertising
sociapanews Staff
In an age dominated by the digital sphere, Out-of-Home (OOH) billboards retain their sway, captivating passersby and ensuring strong brand recall. The sector has undergone a digital shift, embracing digital billboards, interactive displays, and augmented reality experiences.
EY's M&E Report 2023 revealed a remarkable 86% growth in OOH media in 2022, reaching Rs 37 billion and nearing pre-Covid levels.
Amarjeet Hudda, COO of Laqshya Media, hailed 2023 as a year of resilience and adaptation, noting significant progress in OOH advertising spending.
Rohit Chopra, COO of Times OOH, echoed sentiments of resurgence, citing increased spending from existing and new clients as instrumental in market share reclamation.
Integration with mobile, social media, and improved geotargeting emerged as major shifts, as noted by Haresh Nayak, Founder of Connect Network.
Technological adaptation stole the spotlight, with experts praising AI and data analytics for precise targeting. The rise of digital OOH contributed to 8% of total revenues.
Players emphasized technological innovations, expansion of digital OOH, and AI integration as the year's highlights.
Sustainable solutions, interactive campaigns, and anamorphic AR/VR experiences gained traction. Times OOH executed extensive campaigns in automotive, fashion, mobile handsets, and jewelry sectors, while Laqshya Media saw real estate, retail, entertainment, auto, and tech sectors as major spenders.
Amid growth opportunities, challenges persist. The absence of standard planning metrics, slow technological adoption, and regulatory constraints hinder the industry's growth trajectory.
Adapting to regulatory changes and investing in advanced tech posed challenges, with the need to understand evolving consumer behavior and create visually impactful assets.
Predictions for 2024 foresee continued momentum in advertising spends. Political events, like upcoming elections, are anticipated to fuel OOH spending.
While challenges persist, the industry eyes growth, setting ambitious revenue targets and anticipating a positive trajectory in the year ahead.
