BALI, Thursday: 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 Organisation president Tom Goddard greeting 350 delegates at WOO’s second Asia Forum in Bali this week.
“APAC is home to four of the world’s biggest OOH markets.,” he said.
“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 the medium has much to do to reach its merited market share of 10% and needs to grow the medium by 1% a year to reach this goal.
“APAC is home to four of the world’s biggest OOH markets.”
“The industry still needs …
- More consolidation – research shows that consolidated markets achieved a bigger marketshare.
- 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.
“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) at www.worldooh.org
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