oOh!media Revenue Down A Third As Out-Of-Home Audiences Plunge
Despite remaining the market leader in Australia, outdoor advertising and media company oOh!media’s revenue declined by 33% to $205 million in the first half of 2020, as a result of COVID-19 lockdowns.
The company reported a net loss of $27.5 million for the first half of the year.
Brendon Cook, CEO of oOh!media, said COVID-19 restrictions had caused an unprecedented decline in ‘Out of Home’ audiences, which, combined with the general economic slowdown, caused a significant decline in revenue for the second quarter.
“Although we are seeing national audiences starting to bounce back, Out of Home has been impacted disproportionately by the COVID-19 restrictions in people movement compared to other sectors, resulting in the market declining by 36% in Australia and 41% in New Zealand,” Cook said.
“Total Out of Home audience volumes as at 17 August 2020 were tracking at 75% of their 2019 level up from a low of circa 50% in mid-April.”
Given the difficult operating environment and uncertainty ahead, oOh!media is not paying an interim dividend for H1 2020.