Digital technology has breathed life back into the humble billboard. New technology means outdoor advertising is now more targeted than ever.
Randal Jenneke, head of Australian equities at global investment management firm T. Rowe Price, has told the Sydney Morning Herald that revenue from a digital billboards is four to five times that of a static billboard and outdoor advertising is growing 20% year-on-year.
He says that’s because the digital version can target multiple customers throughout the day.
“Outdoor is the best part of old media,” says Mr Jenneke. “Radio is doing OK, but outdoor is growing at a phenomenal rate. The conversion from analogue to digital has been great for advertisers.”
Billboards can now push new coffee deals in the morning and then switch to deals on beer and wine for commuters on their way home in the evening.
Jenneke says while TV is still king with more than 30% of the total advertising spend, there is a growing demand for the outdoor billboard market.
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