‘We have taken decisive action to address the loss of market share’: Revenue, profits down at oOh!media
Despite the out-of-home market capturing a record 15% market share of agency spend during the first half of 2024, oOh!media has delivered lucklustre results for the half, with its revenue, net profits, and overall market share down.
OOh!media delivered revenue of $288.3 million for the half-year, down 3% from the same period in 2023, which CEO Cathy O’ Connor says “was attributable to the previously announced exit of the Vicinity contract, and re-contracting of a significant street furniture contract that reduced non-media revenue in return for lower fixed rent”.
Shareholders have had no progress in 3 years. Lots of talk, lots of half baked ideas. Still getting beaten on the ground. This is not a leading business in our of home, it’s the third player in most categories especially in service and innovation.
Lengthy response to brief times, inability to trade, poor pops/campaign reporting, poor internal processes. Doing business with oOh! remains hard. They are focussed on getting ‘share’ before they respond to brief, but ultimately it sees them loose out on revenue and these results show. Over cooked rate cards, hiding behind discount levels that mean nothing. oOh needs a complete overhaul on how they do business, back to the basics required!
Truth is their competitors are out servicing them. Having to wait 2-4wks for a PoP is silly.
How bloody good are QMS?!