Outdoor advertising industry stable despite crisis
Posted at 05/17/2009 2:17 AM | Updated as of 05/18/2009 8:26 AM
The out-of-home or outdoor advertising industry is cashing in on cost-cutting measures of advertisers, who are slashing budgets to cope with the global economic slowdown.
The industry--which covers advertising through billboards, signages and digital screens--posted a 15 to 20 percent growth in the past year even as the crisis was starting to get more pronounced, according to Outdoor Advertising Association of the Philippines (OAAP) president Joe Vale.
"We are not really feeling the crisis since most of the advertisers are now using outdoor mediums to save on their costs," said Vale at the sidelines of the First Philippines International Conference and Tradeshow on Out-of-home Media.
Vale explained that outdoor advertising is traditionally more affordable than television, radio and print advertising.
"We are getting more contracts, more advertisers are coming to us," he said. He added that they expect a growth of 10 to 15 percent in the next three years.
OAAP chairman Frank Abueva agreed, saying the industry, which has successfully recovered from the setbacks caused by typhoon damages on billboards and safety concerns a few years ago, is now using the current economic crisis to pull itself further forward.
Abueva noted that product innovations are what brought the industry back on its feet.
"The newest innovation we have right now are the LED boards where it's no longer just one ad flashing, it changes. The client gets more value for the investment," he said.
According to Mediapool, an outdoor advertising firm which specializes on digital boards, the innovative approach of electronic billboards has absorbed whatever decline there may have been on traditional billboard advertising.
"Innovation is the name of the game here," said Joel Callao, president of Mediapool.
Abueva stressed that the OAAP has been agressive in addressing present challenges in the industry--including rising real estate rental costs, illegal billboard establishments, and stringent restrictions from the government--by engaging all its stakeholders, from advertisers to out-of-home media firms, and the government.
"We have to unify all sectors so that we all fall under a common code of ethics and common standards, and common laws," he said.
The First Philippines International Conference and Tradeshow on Out-of-home Media was held from May 14 to May 16, 2009 at the World Trade Center in Pasay City.
The industry--which covers advertising through billboards, signages and digital screens--posted a 15 to 20 percent growth in the past year even as the crisis was starting to get more pronounced, according to Outdoor Advertising Association of the Philippines (OAAP) president Joe Vale.
"We are not really feeling the crisis since most of the advertisers are now using outdoor mediums to save on their costs," said Vale at the sidelines of the First Philippines International Conference and Tradeshow on Out-of-home Media.
Vale explained that outdoor advertising is traditionally more affordable than television, radio and print advertising.
"We are getting more contracts, more advertisers are coming to us," he said. He added that they expect a growth of 10 to 15 percent in the next three years.
OAAP chairman Frank Abueva agreed, saying the industry, which has successfully recovered from the setbacks caused by typhoon damages on billboards and safety concerns a few years ago, is now using the current economic crisis to pull itself further forward.
Abueva noted that product innovations are what brought the industry back on its feet.
"The newest innovation we have right now are the LED boards where it's no longer just one ad flashing, it changes. The client gets more value for the investment," he said.
According to Mediapool, an outdoor advertising firm which specializes on digital boards, the innovative approach of electronic billboards has absorbed whatever decline there may have been on traditional billboard advertising.
"Innovation is the name of the game here," said Joel Callao, president of Mediapool.
Abueva stressed that the OAAP has been agressive in addressing present challenges in the industry--including rising real estate rental costs, illegal billboard establishments, and stringent restrictions from the government--by engaging all its stakeholders, from advertisers to out-of-home media firms, and the government.
"We have to unify all sectors so that we all fall under a common code of ethics and common standards, and common laws," he said.
The First Philippines International Conference and Tradeshow on Out-of-home Media was held from May 14 to May 16, 2009 at the World Trade Center in Pasay City.
