Following a strong 2023 for the Irish OOH industry, Andrew Sinclair, managing director of Talon Ireland, looks at some of the key trends for 2024.
There were many positive developments in the OOH channel throughout 2023, marking it OOH’s strongest year since 2019. As another year ends, we at Talon can reflect on one of excellence, collaboration, creativity, and data driven strategies.
As we step into the dynamic landscape of 2024, OOH will continue to evolve, offering an array of future facing opportunities, providing even more reason for advertisers to consider what is possible when they “think outside” this year.
The renaissance of the channel is set to continue with sustained growth on the back of a strong performance in 2023, with further revenue growth of circa 8% expected, bringing the ROI market north of €76m net billings in 2024. Major sporting events such as The Olympics and The Europa League Final in the Aviva Stadium will see demand grow from event sponsors and associated categories. Continued investment in digital inventory will offer increased flexibility, allowing brands to deliver dynamic content and immersive campaigns, growing its share of spend to over 50%.
So, what are our expectations for 2024?
Data driven outcomes: The death of the cookie is lined up to happen this year, meaning the era of highly targeted ads will change and advertisers will seek new ways to target and deliver on brand objectives. Understanding how data can increase effectiveness of our strategies is pertinent at Talon and through this we are constantly seeing increases in benchmarks across the entire funnel.
The attention metric: Kantar’s recent Media Reactions is a key example of how attention is coming to the forefront of conversations around media effectiveness, citing a 90% correlation between channels that consumers claim capture their attention and those that they prefer. Attention is not a new metric when it comes to OOH, visibility has been a pillar that was built into our measurement systems.
Technology and creativity unite: As capabilities in tech continue to grow, we expect to see these merge with creativity capitalising audiences with more interactive experiences through AR, VR and 3D executions.
The brand fame comeback: Whilst technological advances continue apace, we will witness brands recognising the true power of the OOH channel, pushing the boundaries with premium placements and special executions. In this landscape, boundaries are being redrawn as brands transcend traditional OOH limits to achieve lasting brand fame.
Programmatic: The demand for programmatic continues to grow, with advertisers increasingly adopting programmatic as part of their omni channel digital strategies. As advertising becomes more targeted, fuelled by the growing availability of data, the trajectory of programmatic adoption will continue to rise.
Retail Media and DOOH drives path to purchase: The role of OOH within path to purchase strategies will continue to become more important. The integration of retail DOOH with retail media networks will enable marketers to supercharge their shopper marketing and be present throughout the entire consumer journey.
Enhancing with AI: As the drive towards AI integration within businesses continues, OOH agencies and Media Owners will continue to integrate AI to improve efficiencies, creative and copy to create even more effective OOH campaigns.
The Positive Impact of OOH: In 2023, the industry made some incremental steps in our journey towards a more sustainable future. Talon partnered with print provider Delta Group to launch Eco Blend, a fully recyclable solution for 6 sheet printing. We endeavour to work with our media partners to make further positive advancements in this area in 2024, supporting our clients in making responsible OOH choices.
A positive tone is set for 2024, and we look forward to collaborating with our media partners, media agencies and clients in an evolving landscape driven by data, doing good for our planet and the strategic use of new technologies to deliver the very best of OOH. And it all starts with THINKING OUTSIDE.