Global OOH Forecast to Surpass $40bn; DoubleVerify Buys Scibids for $125m

by Hannah Dillon on 1st Aug 2023 in News

In today's ExchangeWire news digest: new research indicates global revenue for OOH could exceed USD$40bn (~£31bn) this year; DoubleVerify to takeover Scibids in a USD$125m (~£97.2m) deal; and retail media captures a growing share of ad spend.

Global OOH revenue to exceed USD$40bn

New research from the World Out of Home Organisation suggests global revenue for the medium will exceed USD$40bn (~£31bn) for the first time this year. OOH’s market share has risen from 4.7% in 2022 to 5.1%, with digital increasing its share of the global market to USD$15bn (~£11.6bn). Tom Goddard, president of World Out of Home Organisation, said the findings indicate “revenue is rising at a healthy rate, in traditional classic OOH as well as digital” and that “further growth of above 5% as we move from 2023 to 2024," should be expected.

DoubleVerify to acquire Scibids

Software titan DoubleVerify has agreed to purchase Scibids in a deal valued at USD$125m (~£97.2m). The acquisition has been described by DoubleVerify CEO Mark Zagorski as “a decisive step in our journey to power superior campaign outcomes”. Scibids develops AI to automate and optimise programmatic advertising campaigns, creating bespoke bidding algorithms for their clients. The takeover will combine, “DV’s proprietary data with Scibids’ AI-powered optimisation technology, letting us empower brands with unparalleled insights and control over their advertising performance,” according to Zagorski.

Retail media’s share of ad spend grows

Players in the retail media space are taking a growing share of advertising budgets, reports Brian Wieser. Firms including Uber, Just Eat, and Doordash are all seeing their transaction volumes rise, with Uber revealing an annualised “run rate” exceeding USD$650m (~£505m) in ad revenue during Q2 2023.

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