As the OOH industry continues to recover from the COVID-19 shut down that forever changed the industry in 2020.
Global NewsWire is reporting that the global out-of-home advertising market is expected to grow and reach nearly $34 billion in 2025. The global out-of-home advertising market is expected to reach $41,593.9 million in 2030, at a CAGR of 4.4%. According to outdoor media association (OMA), OOH drives more online activity per ad dollar spent than any other media and is 382% more effective than TV, 200% more effective than print, and 63% more effective than radio in driving customers to the online platform.
The growth of digital advertising and networks and rise in NFC and GPS technology are expected to drive the global OOH market. Further, increased spending on programmatic advertising, deployment of smart cities, and advancement in display technologies are expected to drive the growth of the market. Additionally, global companies in this market are focusing on mergers and acquisitions with other significant companies to expand their product portfolio globally.
“After a record year in 2019, the OOH industry took a big hit in 2020 and is slowly growing back”, said Jim Neumann, CEO of Foxpoint. “We are very encouraged by reports showing exponential growth in the next 5, 10 and even 20 years from now. OOH is the most effective form of advertising reaching the ever-elusive consumer where they live, work and play.”
Foxpoint is Jim Neumann’s newest venture. He has recruited a team of industry experts with over 100 years’ combined experience in the out-of-home advertising, engineering and regulatory industries to help grow Foxpoint into a competitive OOH development and advertising sales company. Foxpoint currently operates in New York, Los Angeles, Chicago, Phoenix, Las Vegas, St Louis, and Orlando.