Press release from Val Morgan
Who would have thought it? In the era of new media, the fastest growing media sector in Australia year to date is one of the oldest media …. Cinema.
According to SMI data cinema advertising has posted the largest individual gains of any media for the second consecutive month. Cinema revenue was up 83% in February following growth in January of 16%.
Year to date cinema advertising is up a massive 32%!
Val Morgan Cinema Network CEO Damian Keogh believes the growth trend is set to continue.
“These are positive early signs for the changes we have made at Val Morgan, however the real exciting opportunities lay ahead as we near the conversion to digital cinema, where traditional barriers to entry in the sector – long lead times, high film conversion costs, and booking inflexibility – will be removed. In the UK around 1.5% of ad spend goes to cinema. Australian’s go to the movies more often than the Poms and advertising revenue is at just .7%. On this basis we have significant upside ahead.”
“More and more advertisers are realizing that in the changing media landscape, with ad avoidance and media fragmentation creating huge challenges to reach audiences, cinema is ideally positioned with its unrivalled impact and engagement and ability to reach elusive and sought after light TV viewers.”