WOO President List Factors To Drive Growth In 2024, Beyond As Expert Calls For More Collaboration In Nigeria’s OOH Sector
The President of World Out of Home Organisation (WOO), Tom Goddard has announced that the Global Out of Home revenue looks is set to exceed 2022’s $36.8bn, a full recovery from the pandemic with six factors set to drive further growth in 2024 and beyond.
He made this revelation at the just concluded WOO Africa Forum, held in Capetown, South Africa, recently.
Speaking on the factors, he said digital transformation which is the first factor will improve presentation standards, delivering 100% illumination and reduce lead times to hours instead of weeks. He added that statistics clearly show how media ownership consolidated markets win a larger share of ad expenditure. Better measurement which builds trust, improves buyer confidence, compares well to other media and enables a common trading currency.
Additionally, he noted that automation will improves efficiency and enables Programmatic trading while value for money helps OOH compares favourably with all other media in its reach and impact, better-funded, more unified trade bodies are key to getting this particular message across.
The last factor which is winning the contest with online – online, now 60% of the global ad market, is bedeviled by fears over brand safety, fraud, and fake news, the latter magnified in an election year across the world.
These factors, he opined, will create an enormous opportunity for a trusted medium like OOH.
On Africa specifically, Goddard said OOH share was ahead of most other continental markets although digital penetration was still far below the 30-40% norm in other regions. This indicated a great future for the medium although such a massive continent – 54 countries with around 2000 languages – posed challenges.
Reacting to this, Kingsley Onwukaeme, a Nigerian representative and member of the Planning Committee of the just concluded WOO Africa Forum called on Stakeholders in the Out-of-Home (OOH) and locations marketing services industry to work collaboratively in creating a robust audience measurement system for the industry to prepare it for the kind of programmatic and related solutions needed to grow the industry.
Onwukaeme, recognizing the significance of these factors, emphasized that for the Nigerian market to fully capitalize on these growth drivers, stakeholders must work collaboratively to establish an audience measurement system for the OOH industry. He highlighted the importance of measurement and data in enabling the success of programmatic and other location-based solutions.
In a similar vein, Onwukaeme who is a critical stakeholder in the Nigerian industry, Founder of the OOH Academy and Convener of the Location Marketing Awards (LOMA), has made an impassioned plea for the World Out of Home Organization (WOO) to host its next Africa Forum in Nigeria.
Making the call shortly after the Africa Forum, Onwukaeme believes that Nigeria’s vibrant and rapidly evolving OOH market presents an ideal backdrop for this influential global event.In making a case for Nigeria’s candidacy, he said, “If you wish to truly understand and engage with the dynamic African market, especially if you have not yet entered our territory, then you have not touched base with the real essence of Africa,” he stated emphatically.
Highlighting Nigeria’s credentials, Onwukaeme pointed out that the country boasts one of the largest and most active OOH markets on the continent. “Our market is experiencing unprecedented growth in the OOH domain,” he said. “Nigeria is a fast-evolving market, leading positive disruption and shaping the future of the industry across Africa. We have what it takes, and more, to host the prestigious Africa Forum.”