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Asia Pacific has the world's largest young population, a bigger GDP than either the US or Europe and the most flourishing Out of Home business said World Out of Home Organization (WOO) President Tom Goddard greeting a record-breaking 350 delegates at WOO's second Asia Forum in Bali this week. APAC is home to four of the world's biggest OOH markets.
OOH's share in the region is now 7% compared to a global average of 5%, driven by technical and creative innovation. OOH globally has recovered strongly from the pandemic with revenues hitting $36bn, exceeding pre-lockdown levels.
But according to Goddard, the medium has much to do to reach its merited market share of 10%. He outlined a course of action to grow the medium by 1% a year to reach this goal.
What the industry still needs, Goddard noted, are:
- More consolidation - research shows that consolidated markets achieved a bigger market share
- More coordinated Adtech Strategies - the adtech industry is booming but too fragmented
- More measurement and data across all markets - perhaps the key factor and a constant theme at all WOO"s regional and global events
- More collaboration on standards and language - the medium must become easier to plan and buy
- More empowerment and resource for National Associations - active and energetic national associations drive best practice, innovation, and sector growth but too many are under-resourced.
Goddard concluded on a high note: "In many ways we can see the future of Out of Home happening now in Asia Pacific and the medium as a whole has much to learn from the innovation and creative excellence we see here. In that respect our second Asia Forum truly has been an eye-opener.
"Our challenge now is to harness this energy and desire to improve in a way that drives the whole industry towards that highly achievable 10% global market share."
Picture (left to right): WOO President Tom Goddard, I DEWA GEDE MAHENDRA PUTRA Assistant to the Government and Welfare of the Provincial Secretary of Bali, Agung PrihambodoMarketing Director / AMG (Alternative Media Group)
