Global out-of-home media is expected to see an 8.5% ad revenue growth in 2020 -- which would be the fastest increase in 13 years, according to PQ Media.
This year, PQ Media projects global out-of-home ad revenue will grow at a lower level -- up 5.4% to $59.02 billion, due to the absence of major sporting events and political campaigns, as well as slowing worldwide economic growth in the year's second half.
The company says last year’s estimated 7.5% global OOH growth rate to $55.99 billion “was the fastest growth rate in 11 years.”
PQ Media says growth will ramp up in 2020 and the years following -- rising to $78.01 billion by 2023, with global consumer exposure to out-of-home advertising rising 0.7% through 2023 to 1.15 hours per week.
For its part, U.S. advertising out-of-home (OOH) revenue will add 4.6% this year to $10.98 billion. From 2018 through 2023, growth on a compounded annual rate will be 5.4%, to $13.63 billion.
As a segment of all U.S. out-of-home, digital media -- which includes digital billboards and digital placed-based networks -- it will rise more rapidly: 7.8% in 2019 to $3.74 billion. At an 8.5% compounded annual rate, digital will grow to $5.22 billion in 2023. In that year, digital media will have a 38.3% share of all out-of-home media.
The research says total U.S. consumer exposure to OOH advertising is expected to rise 1% to 2.96 hours per week through 2023, and up 0.6% to 2.81 hours by the end of this year.
Digital consumer exposure will be 0.96 of an hour at the end of this year, rising at a 5.1% compounded rate by 2023 to reach 1.23 hours.