Market Insights Advertising & Media Advertising Out-of-Home Advertising

Traditional Out-of-Home Advertising - North Macedonia

North Macedonia

In North Macedonia, the ad spending in the Traditional Out-of-Home Advertising market is forecasted to hit US$3.77m by 2024.
The sector is anticipated to experience a compound annual growth rate (CAGR 2024-2029) of 3.46%, leading to an estimated market size of US$4.47m by 2029.
The average ad spending per capita in the Traditional Out-of-Home Advertising market is projected to be US$1.81 in 2024.
Traditional Out-of-Home Advertising in North Macedonia is evolving to incorporate digital elements, enhancing engagement and reach in a tech-savvy market.

Key regions: Germany, Europe, Asia, France, China

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Analyst Opinion

The Traditional Out-of-Home Advertising market in North Macedonia is experiencing steady growth and development.

Customer preferences: In North Macedonia, customers still have a strong preference for traditional out-of-home advertising methods. This is due to several factors, including the fact that many people in the country do not have access to the internet or prefer not to use digital devices for advertising purposes. Additionally, traditional out-of-home advertising methods such as billboards and posters are highly visible and can reach a large number of people in public spaces.

Trends in the market: One of the key trends in the traditional out-of-home advertising market in North Macedonia is the increasing use of digital technology. While traditional methods such as billboards and posters are still popular, there is a growing demand for digital billboards and screens. These digital displays offer more flexibility in terms of content and can attract more attention from passersby. Additionally, digital out-of-home advertising allows for real-time updates and can be more cost-effective in the long run. Another trend in the market is the use of innovative and creative advertising techniques. Advertisers are finding new ways to engage with their target audience, such as interactive billboards or experiential advertising campaigns. These types of campaigns create a memorable experience for consumers and can generate a higher level of engagement and brand awareness.

Local special circumstances: North Macedonia is a small country with a relatively low population density. This means that advertisers have the opportunity to reach a large portion of the population through traditional out-of-home advertising methods. Additionally, the country has a strong tourism industry, which provides an additional market for advertisers to target.

Underlying macroeconomic factors: The growth of the traditional out-of-home advertising market in North Macedonia can be attributed to several macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to increased consumer spending and a growing middle class. This has created a larger market for advertisers to target. Furthermore, North Macedonia has a relatively low level of internet penetration compared to other European countries. This means that traditional out-of-home advertising methods are still an effective way to reach a wide audience. As the country continues to develop and modernize, it is likely that the traditional out-of-home advertising market will continue to grow and evolve to meet the changing needs and preferences of consumers.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on traditional out-of-home advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers offline out-of-home advertisements such as billboards, street furniture, transit and transport displays, and place-based media.

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 Global Survey) 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.