The media advertising industry is evolving since last few years. This growing media advertising industry encompasses of various media platforms. Which includes Print Advertising, Television Advertising, Radio Advertising, Online Advertising, and Outdoor Advertising. India, with its developing economy is providing numerous opportunities to advertisers to promote their products and services through the expanding media channels in the region. Over the last decade as the global GDP has increased 3-6% each year, the advertising market has grown with it to around $646 billion USD in 2019. Pre –Covid the advertising market was forecasted to grow to $865 billion USD by 2024. The economic growth from past years has also led to an increase in the spending power of an affluent brand conscious consumer-base. As a result of that most of the companies are focusing on creating a strong brand-image for themselves by advertising substantially.
The Impact
Due to this Covid 19 pandemic media advertising industry is transforming to a brand new look. As the global outbreak of Covid-19 intensifies, there are newer challenges that Industries have to battle with. Extensive travel restrictions have been announced across the globe. Several countries are under total lockdown. Moreover, ad agencies that are heavily dependent on interpersonal connect and physical presence of staff, are rethinking the way they are operating.
Talking about OOH sector in media industry which thrives in public places. The stay at home re-commendatory proves to be a major challenge for the industry accompanying with the demand of traditional media is falling and the strike rise of digital media advertising has been started. All small and big brands are now promoting their product & services over digital platforms.
Change in preference from Traditional marketing to Digital marketing.
This is the first time in the history of media industry, Digital platforms has surpassed TV ad spends and the reason is nothing but COVID 19. That online growth shows no signs of tapering off, with digital ad spend projected to account for as much as 66.8% of total media ad spending by 2023.
Future Outlook:
Epic fall for Traditional Media Industry
The Covid 19 crisis are completely changing the whole world, also it’s impacting to the traditional media mainly OOH media sector. This industry is being replaced by the digitally transformed media industry, people are investing in digital platforms to increase their brand image and not wasting their money on traditional media where nobody’s going to visit, many of the hoarding are blank, theatres are empty, bus stops are empty, there’s hardly few public on the roads. It’s a drastic fall for any companies who were just running their business traditionally in this industry, the fall is not only for company who is into the business but also for the suppliers of the services and the company employees. Following are the challenges which may be faced by various stakeholders in OOH media sector.
Innovative revolution by Digital media industry
Unlike traditional media, digital media platform is constantly evolving through time, if you are not coping up with the latest trend then you could easily fall behind. So we have identified few revolution that have changed the market rapidly.
Is there any hope for the survival of OOH Industry?
As OOH media is all about targeting audiences out of home, it will undoubtedly face some hurdles at start as majority of the spaces that host audiences are shut or have restricted movement as a step to control the outbreak. However unlike other traditional media platforms OOH sector is learning to pull themselves up by innovating with new digital-led solutions, offering packages, altering its revenue streams and with some AI technology this Industry is planning to fetch advertising market soon.
Author:
Hiral Shah, A Business Analyst, who has qualified Masters in management, and currently working on conceptual creation as product developer and also handling marketing activities at J.hirani. She loves to visualize the thoughts and putting the same into action with creative touch is what makes her stand out from the crowd. She is punctilious and approachable by her nature.
About J.hirani: J.hirani is a Strategic Transformation team which works as a growth partner for different organisations in various industries by providing services like Agile transformation, Scenario mapping, Strategic alignment, Balance scorecard, Digital transformation, Incubating new ventures, Operation excellence and Aligning human capital.
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