With 2018 in full swing, four new board members in the mix, and new developments every day, I am invigorated by the year ahead, not because it will be easy but because there are many new ideas to bring to market.
In order to focus on what's ahead, I always think it is good to start by looking at where you have come from.
As we prepare to expand our Audience Measurement System (AMS) – MOVE – to provide a more accurate score for our digital signs, I have taken a moment to look back and see just how far we have come, and just how much has changed.
In 2010 when we launched MOVE, we had no digital signs. It was a time when TV and Print (Newspapers and Magazines) dominated market share at 36.7% and 30.5% respectively. Radio had 9.4%, Online 16.1%, and Out of Home (OOH) 4.3%.
At the end of 2017, digital signs accounted for 47.3% of our revenue, and we now command 5.6% market share. Online dominates the market with 44.6% while TV, Print, and Radio have all seen market share decreases (to 26.2%, 14.4% and 8.2% respectively)
I look back not to focus on the winners and losers, but to get a perspective on how rapidly the market shifted. In 2010 we weren’t live streaming, podcasting, watching TV on-demand or reaching out to block advertising to the extent we do today.
Out of Home’s success to some extent is due to the industry taking action. We invested in building MOVE. We invested in upgrading our plant – high quality digital and traditional signs. We built on our brand values of high impact and visibility and added flexibility and immediacy to our stable. And most importantly while everyone got caught up in the hype of the new digital economy, our audiences continued to grow in all the right spaces and places.
Among the bots, the AI, the VR, the apps and the technology, sit our signs. They, like us, are physical, tangible, real and ever-present.
We are creatures of habit, we make the same journeys and radiate into the outdoor space for the same reasons we have done since the dawn of time. And it’s this habitual behaviour that has seen OOH audiences grow cumulatively by 23%.
Andy Sriubas, Chief Commercial Officer of OUTFRONT Media, says, “Advertisers don’t wake up looking to buy billboards or bus shelters. What they are seeking is a way to connect with their customers and for that way to be effective.” Reaching 93% of the Australian population each day makes it hard to ignore OOH as a viable advertising option.
He goes on to say, “We are marketing solution providers who should be focused on location-based OOH connections with audiences stitched within the broader context of all media alternatives. We cannot just be sign-sellers.”
With that in mind, I look ahead towards our next goal of creating a new metric that proves the impact and engagement of our signs, with the scale and penetration the mix of digital and traditional has to offer.
It is true, we are not just sign-sellers. We sit at the intersection of the physical and the digital, connecting people and places with messages.