Abraxas Technology Blog
Welcome to our official company blog! Check here regularly for the latest updates in the OOH industry, applications of data analytics, data privacy law, news from the Austin tech startup scene, job openings, and more!
It is hard to believe the scale at which DOOH has grown since the very first digital billboard was was installed in 2005. Since then, we have seen an explosion of 7000 digital billboards and an estimated 1.25 million digital place based screens. The majority of growth is not through new inventory expansion of digital billboards, the majority of growth in the DOOH comes from conversion of existing vinyl billboards to digital.
For several years, various industry sources have reported that out-of-home (OOH) advertising is the only advertising channel that’s growing, not declining like traditional outlets such as TV, radio, and newspapers. According to market research firm Magna, OOH ad spend is estimated grow another 2% to $8 billion in 2018. A major reason for this boost is because Facebook, Google, Spotify, and other data-driven tech companies have poured billions of marketing dollars into billboards and other forms of outdoor signage.
As news stories roll out on a daily basis regarding the changing landscape of data privacy and the world of law governing it, there is much confusion. Businesses push their interests to make money, individual people protest violations of various rights, and politicians straddle the middle, impossibly trying to please everyone. So, we need to take it upon ourselves to understand what is going on and what we can do about it.
Mobile billboards are a highly valuable medium for direct advertising to a specific sub-segment of consumers, and yet it is underserved by companies and nonprofits who provide data to the out-of-home industry. While this should come as no surprise to those who know that mobile billboards account for a fraction of the total available boards within the out-of-home industry, it is an oversight of a growing and highly active section of the out of home industry that requires correction to increase revenue and spur on the growth of mobile billboard companies.
In 2017, out of home (OOH) advertising spending reached $7.7 billion, an all-time record. Against the backdrop of traditional media decline, OOH and the technology sectors have formed a symbiotic relationship. According to the Outdoor Advertising Association of America (OAAA) President & CEO Nancy Fletcher, “OOH is growing because it complements digital media by priming search, mobile and social engagement.”
With so many other great companies in MassChallenge you know that any time there is a competition, you’re competing against the best startups that the United States has to offer. Therefore, it should not come as a surprise for how honored we feel that Abraxas Technology won the award for the best High Tech Company and also won the award for the best Overall Company at the MassChallenge Texas 2018 Startup Showcase!