Unveiling the Future: Insights from Video Everywhere
Discover the latest trends in digital-out-of-home advertising from the Video Everywhere Summit. Insights into the future of advertising await!
Recently, the Digital Place-Based Advertising Association (DPAA) hosted its annual Video Everywhere Summit in New York, showcasing the latest innovations and trends in digital-out-of-home (DOOH) advertising. With over 600 attendees eager to explore the forefront of this rapidly evolving industry, the summit offered a glimpse into the future of advertising through screens in various environments.
The Resurgence of Out-of-Home Advertising
Barry Frey, President and CEO of the DPAA, emphasized the enduring appeal of out-of-home advertising, stating that "humans crave connection," and likening the return of in-person events to the resurgence of out-of-home advertising, which is now stronger than ever.
Innovations Driving Growth
One of the most significant takeaways from the summit was the continuous innovation within the DOOH sector. From the introduction of programmatic capabilities to the emergence of novel advertising formats like shoppable ads on digital billboards, the industry is on the cusp of a transformational phase.
One notable example is the collaboration between major retailers such as Walmart, Kroger, and Walgreens with DOOH companies like Cooler Screens. By replacing traditional freezer doors with large digital screens, these retailers can engage shoppers with targeted promotions for products like Halo Top Ice Cream or Michelob Ultra Beer, leveraging real-time consumer behavior data to optimize advertising effectiveness.
Programmatic Revolutionizing DOOH
Programmatic advertising is poised to be a key driver of DOOH's growth, with projections indicating global ad revenues reaching $25 billion by 2025. This surge is fueled not only by large screens in iconic locations but also by smaller screens embedded in everyday environments. These smaller screens are equipped with advanced data and targeting capabilities, exemplified by initiatives such as GroceryTV, which utilizes cameras to gather demographic insights from grocery store aisles.
Rick Robinson, an OOH consultant, highlighted the rapid expansion of place-based DOOH networks over the past decade, driven by experimentation and innovation. However, the industry is currently in a phase of exploration, with the viability of new ad formats still to be determined.
Expanding Advertising Inventory
Companies are capitalizing on the proliferation of screens by transforming existing assets into valuable advertising inventory. For instance, Coinstar kiosks, traditionally used for coin counting, now display ads through partnerships with platforms like VistarMedia, generating significant revenue streams.
Moreover, screens are being integrated into unconventional spaces such as product shelves, providing opportunities for targeted advertising at the point of purchase. National Retail Solutions is installing additional screens in convenience stores to deliver targeted ads to consumers during checkout, while technology companies like Blingby are pioneering shoppable ads that offer a seamless browsing experience across different brands and products.
Challenges and Opportunities
Despite the promising developments in DOOH advertising, there remain challenges to be addressed. JoAnna Foyle, Senior VP of Inventory Partnerships at The Trade Desk, emphasized the need for a holistic approach to advertising that incorporates digital-out-of-home into omnichannel strategies. By integrating DOOH seamlessly into the broader marketing ecosystem, brands can enhance the consumer experience and maximize advertising impact.
In conclusion, the Video Everywhere Summit provided invaluable insights into the future of digital-out-of-home advertising, showcasing a landscape ripe with innovation and potential. As marketers navigate this dynamic environment, embracing emerging technologies and strategic partnerships will be key to unlocking the full capabilities of DOOH and delivering compelling brand experiences to consumers everywhere.
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