A recent forecast from PwC forecast US out-of-home (OOH) advertising revenues to grow at a compound annual rate of 5%between this year and 2017. New figures released by the Outdoor Advertising Association of America (OAAA) indicate that revenue growth is close to that pace, with spending up 4.5% year-over-year in Q1 to reach $1.5 billion. Retail advertisers increased their OOH investments most rapidly, by 12%, while the automotive sector upped spending by 8% year-over-year to crack the top 10 categories for the first time in 3 years.
The Miscellaneous Services and Amusements category (which consists mainly of local brands) remained the largest spender, at 19.1% of total revenue. Retail (9.4%), media and advertising (9%) and restaurants (8.1%) were the next-largest spending categories, although their spending patterns moved in opposite directions. The media and advertising sector cut back spending by 10% year-over-year, while retail and restaurants (11.6%) were the 2 fastest-growing segments. Read the rest at MarketingCharts.