Billboard Insider has asked key players in our network to take a look at 2023 and ahead to 2024.
By Chris Cowlbeck, CVO IBO USA and Media Rating Council OOH Committee Chairman
I’m looking back a bit at some unprecedented times (yes that phrase has been worn thin) to note:
- We had a pandemic that shut us down in 2020, with helicopter money parachuted from above in 2021.
- What followed was a rapid increase in inflation and M&A at a breakneck pace in 2022.
- A FED reaction with short term rates accelerating that carried into 2023 with a promise of soft landing.
- Which delivered a cooling M&A environment and inflation heading lower with oil demand waning into year end.
- Now the FED says many interest rate cuts are forecast for next year, but one historically just needs to take a peek why. Some of the big agencies are already forecasting a softer future…but how soft?
The big story in 2023 for me was the fact that the AI, that’s been kicking around for a decade, has made the mainstream psyche and has the chance of really making some changes, good, bad and ugly. We just haven’t paid much attention to what the stacks have been doing as computational speed has improved but AI has already made its way into many things we touch, and it’s not going away.
This time frame reminds me a bit of the newspaper era, when the internet hit and those ownership structures didn’t see the writing on the wall. Of course, this time will be different, and indeed it’s looking like it might be, albeit at rocket speed, both for successes and mistakes. I’m already hearing stories of capital ill spent on AI tech that’s already archived, so what shall we do with hard assets in the field?
Our IBO efforts have done well over time focusing on the basics, foundational things, like my Scottish/Irish grandfather said, “learn sticks and stones.” So, I’ve decided to focus on fundamentals and let the tech ebb and flow while the economy fleshes it all out. Our IBO efforts will be on validation, homogenizing, taxonomy and preparing for better streamlining that improved tech, ultimately will enable and all the tech that will drive efficiencies. The trick will be when and how we collectively align? Breaking through the 4% glass ceiling share of media spend for OOH has been an industry mirage for years but we may just be able to do it when the time is right, if the stars align, and clarity is shared by many.
Until then it’ll be up to me, you, us to roll up our sleeves and get some dirty work done. Focus and double down on our local and regional connections with brands and agencies. Deliver our message of ease of use and solid believable traffic metrics. Triple check the simple things like your location data, reads, facings and directions. Get the best approach pictures cataloged and ready for use at a whim. Obtain affordable data you can use to support your market and learn about the things buyers use to make buys. We’ll then be prepared when AI presents a viable, logical option that makes sense to our bottom lines. With this strategy we will do well in any environment we encounter.
About IBO USA
IBO USA is a networking group of companies that have a common interest in promoting all things of importance to the OOH Industry. We bring together some brilliant minds and cutting-edge technologies and services in our industry in some fun and engaging ways. Billboard operators, vendors, consultants, agencies and advertisers enjoy the fruits of our collective efforts and we have forged wonderful friendships over the years. These relationships have evolved to build the IBO COOP Speedway where the inventory of our operators is combined into a large national footprint that is easy to access. Learn more by calling 580-226-2234 or visit IBOUSA.org
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