The Out-of-Home Advertising market in South Korea has been experiencing significant growth in recent years.
Customer preferences: South Korean consumers have shown a strong preference for outdoor advertising. They appreciate the creativity and impact of billboards, digital signage, and other forms of out-of-home advertising. This preference can be attributed to the fact that South Koreans spend a significant amount of time outside their homes, whether it be commuting, shopping, or socializing. As a result, out-of-home advertising provides an effective way to reach and engage with this audience.
Trends in the market: One of the trends in the South Korean Out-of-Home Advertising market is the increasing use of digital signage. Digital billboards and screens have become more prevalent in major cities, offering advertisers the opportunity to display dynamic and interactive content. This trend is driven by advancements in technology and the desire to capture the attention of consumers in a crowded advertising landscape. Additionally, the use of data and analytics has become more prevalent in out-of-home advertising campaigns, allowing advertisers to target specific audiences and measure the effectiveness of their campaigns. Another trend in the market is the integration of mobile technology with out-of-home advertising. South Korea has one of the highest smartphone penetration rates in the world, and advertisers are leveraging this by incorporating mobile elements into their out-of-home campaigns. For example, QR codes or NFC tags can be placed on billboards, allowing consumers to interact with the advertisement using their smartphones. This integration of mobile technology provides a seamless and personalized experience for consumers, enhancing the effectiveness of out-of-home advertising.
Local special circumstances: South Korea has a highly urbanized population, with a majority of the population living in cities. This concentration of people in urban areas presents a unique opportunity for out-of-home advertising. Advertisers can target a large number of people in a relatively small geographic area, maximizing the impact of their campaigns. Additionally, South Korea has a strong culture of outdoor activities and socializing, further contributing to the effectiveness of out-of-home advertising.
Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, which has contributed to the growth of the Out-of-Home Advertising market. Increased consumer spending and business investments have created a favorable environment for advertisers to invest in out-of-home advertising. Furthermore, South Korea has a highly developed infrastructure, including a well-maintained road network and public transportation system. This infrastructure provides ample opportunities for advertisers to place their advertisements in high-traffic areas, ensuring maximum visibility and exposure. In conclusion, the Out-of-Home Advertising market in South Korea is developing due to customer preferences for outdoor advertising, the increasing use of digital signage and mobile technology, the unique circumstances of the local market, and the underlying macroeconomic factors. As the market continues to evolve, advertisers will need to stay innovative and adapt to the changing preferences and behaviors of South Korean consumers.
Data coverage:
Data encompasses enterprises (B2B). Figures are based on out-of-home (OOH) advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers traditional out-of-home advertising (offline out-of-home advertisements) and digital out-of-home advertising (internet-connected out-of-home advertisements).Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, population, urban population, and internet infrastructure.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.Additional notes:
Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.
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