Digital screen advertising revenues are forecast to soar to £53 million next year as CBS Outdoor (formerly Viacom Outdoor) implements its transformation of the London Underground advertising estate, according to the latest figures released by the Outdoor Advertising Association.
Spend on digital out-of-home media is expected to increase by 84% over the coming year to a record high of £53 million, of which 40% will be accounted for by CBS Outdoor’s digital inventory across UK’s buses, the London Underground and other rail networks. As the full portfolio of CBS Outdoor’s digital innovations are rolled out in 2007, its share of spend is set to increase to 65% of total digital outdoor revenue.
In December, Virgin Atlantic, Magners, Pioneer, 20th Century Fox Home Entertainment and GuestInvest were named as the launch advertisers for the first phase of CBS Outdoor’s digital Tube transformation, as Digital Escalator Panels (D-EPs) were installed at Paddington and Charing Cross in addition to Tottenham Court Road station.
In the face of unprecedented advertiser demand, the new energy efficient illuminated 12 Sheet product has already sold out until March and CBS Outdoor will soon be seeking preferred partners for the eagerly awaited launch of XTP (cross track projection).
Tim Bleakley, Managing Director of CBS Outdoor, commented: “Revenue growth in outdoor advertising has grown consistently while other media have suffered in the face of fragmenting media and changing lifestyles. We are already seeing strong signs that the digital transformation of the Tube and innovations on Bus will have a profound effect upon the capital’s media as advertisers shift more budget into reaching and engaging with the increasingly mobile consumer.”
Since CBS Outdoor (formerly Viacom Outdoor) opened the doors of its ‘Beck Centre’ to media and creative agencies in June, over 2000 visitors have viewed the company’s showcase of its new product innovations which include new design DEPs, XTP, LCD screens, media walls and dry posting technology.