[Marketing Week] Bob Koigi: The rise and rise of global billboard and outdoor ad market
As companies rearrange their operations and recover from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities, various markets are proving their resilience by bouncing back strong.
Among them is the global billboard and outdoor advertising market that is poised to grow from $60.23 billion in 2020 to $66.63 billion in 2021 at a compound annual growth rate (CAGR) of 10.6% according to a recent report by Research and Markets.
The increase in digital out of home (DOOH) advertising is expected to contribute to the growth of the billboard and outdoor advertising market.
According to Vistar Media, global digital advertisements have grown from 160,000 units to 300,000 units in less than five years. DOOH in recent times have seen lucrative growth and is expected to grow more in the coming years because of its engaging and interactive nature.
In the acquisition front, GumGum, a company involved in contextual intelligence technology has announced the acquisition of JustPremium, one of the largest rich media and video ad marketplaces in Europe.
Their combined offering makes them one of the only global providers with a unified solution delivering attention-grabbing ad creatives in contextually relevant digital environments across global campaigns.
Intracto Group also recently acquired creative agency Force451 with the acquisition giving Intracto Group an extra creative impulse. The strength of the eight-strong Force451 team lies mainly in the fact that they succeed in bringing strong creative concepts to impactful fruition. Their recipe for success: to put themselves in the shoes of their clients’ customers.
Zynga Inc. , a global company involved in interactive entertainment, and Chartboost, a mobile programmatic advertising and monetization platform, have announced that the companies have closed the transaction under which Zynga acquired 100% of Chartboost for a total purchase price of approximately $250 million in cash. The close of this acquisition is effective as of August 4, 2021.
Publicis is the first global agency group to partner with TikTok to bring the power of commerce and education to brands and marketers; as TikTok's founding commerce agency partner, brands will benefit from unique learning opportunities, insights, and strategic counsel centered around driving product discovery and purchase intent on the platform. Publicis clients will also test TikTok’s new commerce products, capabilities and creative solutions.
VMLY&R COMMERCE has joined forces with Hindustan Unilever Limited (HUL) to launch its first ‘Smart Fill’ machine, an in-store vending model for its Home Care products, playing on the popular sustainability mantra of “Reduce, Reuse, Recycle” with their own iteration: Reuse, Refill and Reward.
This industry-defining initiative offers consumers an innovative option to reuse their plastic bottles by refilling products from HUL’s flagship brands, including Surf Excel, Comfort and Vim.
Elsewhere, LTK, the global digital marketing platform powered by creators, is expanding its services to allow brands to build, manage and scale their influencer marketing plans first-hand, across all publishing platforms and the LTK shopping app.