85% Of oOh!media’s Absent Advertisers Set To Return In H2
Outdoor advertising and media company oOh!media has revealed that while the company has been hit hard by the COVID-19 crisis, they expect business to rebound strongly in H2 2020.
“Of our original bookings in April/May that advertisers will no longer run campaigns in Q2, around 85% have been deferred to the second half of the year,” said Brendon Cook, CEO of oOh!media. “We are starting to see a significant uplift in client briefing activity for late Q2/Q3 as advertisers begin looking for opportunities as movement restrictions are eased further.”
The company stated that revenue was significantly impacted by the onset of the COVID-19 pandemic in March, but that they rapidly adjusted their cost base.
These measures included introducing a voluntary four-day work week, which management has said the vast majority of employees have agreed to. On 26th March oOh!media moved to strengthen the company’s balance sheet with a $167 million equity raising.
In addition to being bullish about the second half of 2020, oOh!media remains positive about the longer-term outlook too.
“Digitisation has significantly benefitted Out Of Home through the digitisation of billboard and other site locations and provided significantly enhanced audience analytics which were not previously available to Out of Home in a cost-effective manner,” Cook said.
“While most people who follow the industry acknowledge that Covid-19 will certainly impact audiences in 2020, the view is very much that the structural drivers delivering this audience growth will continue unabated once movement restrictions ease.”