Insights and Trends at MAD STARS 2023: Tom Goddard
Innovation in Out of Home Advertising
If you missed the MAD STARS 2023 conference, you missed a lot of amazing sessions from some of the brightest minds in the media and advertising industry. One of them was Tom Goddard, the president of World Out of Home Organization (WOO). In his keynote speech, he shared his insights and perspectives on the current state and future trends of OOH, the fastest-growing medium in the advertising landscape.
OOH: A Resilient and Dynamic Medium
Goddard began his speech by highlighting the remarkable recovery of the global OOH market following the COVID-19 pandemic, which severely impacted the industry in 2020. He cited the latest statistics from WOO INDEX, showing that global OOH spending reached $36.2 billion in 2022, surpassing the pre-pandemic level. He also projected that 2023 could see global OOH spending surpass $40 billion for the first time, driven by China's rebound and increased demand from other regions.
However, Goddard also acknowledged a challenge that OOH faces: its share of overall advertising expenditure has remained stagnant at around 5% for the past decade. He emphasized the need to address this challenge for the industry to thrive.
He then provided a regional breakdown of OOH spending, showing that North America and Europe are closely matched, with APAC leading the way, even with China's 2022 numbers lagging behind due to regulatory issues. He also gave insights into South Korea's OOH market, which mirrors the global trend of post-pandemic recovery. Although there has been a slight drop in the percentage share of total media spend, South Korea's 6% still outperforms the global average.
DOOH: A Game-Changer for OOH
Goddard then shifted his focus to DOOH (Digital Out of Home), which he described as a game-changer for OOH. He showed that global DOOH revenue continues to grow, now accounting for 37% of overall global OOH revenue. He also showed that digital penetration in major regions ranges from 30% to 40%, with Africa and LATAM lagging behind.
He praised South Korea's DOOH market, which has seen significant growth in recent years, aligning with the global forecast of 36% for 2023. He also highlighted South Korea's impressive market rankings, ranking 7th in the world and 3rd in APAC in both OOH and DOOH.
The Future of OOH: Driven by Innovation and Creativity
Goddard concluded his speech by highlighting the positive dynamics driving the OOH industry forward. These include digital transformation, media ownership consolidation, improved measurement, increased automation, programmatic channels, data analytics, challenges in the big tech world, and a resurgence of creativity.
He showcased some outstanding examples of creative campaigns in OOH, emphasizing the medium's unique ability to capture audience attention and deliver impactful messages. He also shared some innovative technologies and formats that are transforming OOH, such as interactive screens, facial recognition, augmented reality, holograms, and more.
Goddard wrapped up his keynote address by reaffirming OOH's relevance in the digital age, its adaptability to change, and its potential to capitalize on the challenges faced by big tech. He stressed that the creative community's renewed interest and ongoing innovation would continue to fuel the sector's growth.
Conclusion
Tom Goddard's keynote speech at MAD STARS 2023 was an inspiring and informative session that shed light on the ever-evolving world of OOH advertising. He provided a comprehensive overview of the exciting developments and trends in the OOH industry and left the audience with a sense of optimism about its future.
If you want to learn more about Tom Goddard and WOO, you can visit WOO's website (www.worldooh.org).
In closing, as we wrap up Tom Goddard's enlightening presentation, we encourage you to stay tuned for more captivating sessions and insights at MAD STARS 2023. There's plenty more to anticipate and explore in the world of marketing and advertising!
