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As the out-of-home video advertising industry booms, a new association has been formally launched to help provide standards and best practices.
The group, the Out-of-Home Video Advertising Bureau (OVAB), has been funded by 10 out-of-home video ad networks who hope to foster collaboration between networks, agencies and advertisers, “in order to identify ways to make it easier for advertisers to plan, buy and evaluate the effectiveness of these mediums,” said Mike DiFranza, president and general manager of Captivate Network, in a statement. “As the industry continues its fast-paced growth, we need to ensure that the appropriate standards and industry research is in place to help foster both the development and adoption of these networks.”
DiFranza will serve as the chairman and acting president, while the group actively recruits for a full-time president. The group is also recruiting for an advisory board.
A recent report on out-of-home digital advertising networks from research firm Profitable Channels found that marketers are investing $1.2 billion of their national media budgets in out-of-home digital advertising. The report also noted that the space is growing rapidly, at a rate of about 10 percent a month.
The organization hopes to encourage best practices within the industry, in the same way that the Interactive Advertising Bureau assisted in the evolution of online advertising.
Potential member networks must offer both programming and advertising, not just advertising alone (i.e. digital signage or billboards). Membership currently includes Adspace Network, Captivate Network, Channel M, ClubCom, Office Media Network, Inc., Premier Retail Network, Reactrix Systems, Simon Brand Ventures, The Hotel Networks, and Transit Television Network.
The formation of OVAB was first announced in September.
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