DOOH Forecast To Be $5.9 Billion Business In U.S. By 2028: PwC
August 14, 2024 by Dave Haynes
Out of home advertising in the U.S. is now a bigger revenue business than newspapers and magazines, and by 2028, the digital side of out of home will be a $5.9 billion business, according to the annual PwC Global Entertainment & Media Outlook report.
The report pegs the current U.S.market size for OOH at $10.9 billion, which makes it a bigger business now than newspapers. By 2028, PwC suggests it will be $12 billion, with digital OOH representing just shy of half of that number.
OOH ranks behind online, broadcast TV and radio, with online by far the biggest ad business. PwC forecasts that online advertising spending will be $252.8 billion this year ad rise to $357.5 billion by 2028.
The report suggests OOH has recovered from the big hit it took during the pandemic, when people weren’t out of home as much as normal.
As reported in Marketing Charts …
For its part, PwC estimates that OOH ad spend in the US surpassed its pre-pandemic total ($10.2 billion) last year, reaching $10.5 billion on the back of a 6.6% year-over-year rise. By 2028, OOH ad spend is estimated to exceed $12 billion (2023-2028 CAGR of 2.82%).
Digital OOH maintains its status as the faster-rising segment, with its share of total OOH advertising increasing each year. Digital OOH’s forecast compound annual growth rate for the period of 2023-2028 is 6.33%. This year, it will account for almost $4.7 billion of total OOH advertising (44.8% share) and is expected to grow to $5.88 billion by 2028, at which point it will equal almost half (48.9% share) of all OOH spending.
Comparatively, physical OOH will account for $6.16 billion in spend by 2028, up only slightly from last year’s total of $6.15 billion and with a 2023-2028 CAGR of 0.027%.
Well Said
Can you further breakout the broadcast tv spend by National ad dollars and local ad dollars?
Hi Jack … I am guessing there is MUCH more detail in the full report. The link is in the post.