The out-of-home advertising industry has recorded a strong 20% increase on net revenue year-to-date at the end of the third quarter compared to the same period last year.
From July to September, net revenue also increased 30% to $111.4 million compared to $85.8 million in 2009.
The independent research conducted last month by the Outdoor Media Association (OMA) showed that the advertising type gave a significant return on investment when used in conjunction with a media multiplier or as a standalone medium.
Additionally, it highlighted that a larger budget spend on out-of-home advertising increased the return on investment.
Figures for the quarter showed that all category across the sector performed well, including roadside billboards greater than twenty-five square metres ($38.7m), other roadside hits such as street furniture, taxis, bus/tram externals and small format ($39.7m), transport advertising including airports ($16.4m), and retail space ($16.6m).
Charmaine Moldrich, chief executive of the OMA, said, "It is heartening to see such growth following on from the launch of new research, Outsmart, conducted by BrandScience which proves that out-of-home is a medium that delivers a high return on investment to advertisers."
The news follows the launch of MOVE (measurement of outdoor visibility and exposure), the industry's audience measurement system, in February this year.
Media Spy discussion: Advertising