oOh!media revenue up against industry trend
oOh!media has posted a 11% like-for-like increase in its first quarter media sales revenue compared to the same period last year.
The $18.4 million revenue announcement, coming as the company celebrates its first birthday following its rebranding, is in contrast to the outdoor industry performance reported by the Outdoor Media Association earlier this week – a 9.2% decline for the first three months of the year .
oOh! CEO Brendon Cook believes the results show some surprising growth from certain industry sectors in the first quarter.
“As one would expect in the current economic climate, we experienced a 14% growth in FMCG advertising revenues. However, while many have forecast doom from the automotive industry, our first quarter results show a 48% increase in advertising spend from this sector. We have also seen a sharp increase in Local, State and Federal government advertising, which grew 27% for the quarter,” says Cook.