The Advertising Agencies Association of India (AAAI) and Indian Outdoor Advertising Association (IOAA) have signed an agreement to better regulate OOH advertising in India.
The agreement was signed between AAAI president Dr MG Parameswaran and IOAA chairman N D Mehta, on 28 August in Mumbai.
The agreement, Dr Parameswaran informed, will allow the outdoor advertising industry in India to grow 'in an organised and regulated fashion, to ensure that proper systems and processes are followed and timelines adhered to, as well as commitments honoured on both sides.'
The focus will be on regulating and disciplining advertiser behaviour in matters concerning outdoor trade, agency remuneration, corporate governance and adherence to payment deadlines, informed a joint statement.
As part of the agreement, it is envisaged that the advertiser will not be allowed to shift their business to another agency until dues of the earlier agency are fully settled.
Mehta mentioned that IOAA on its part has also embarked on 'an ambitious project' to conduct viewership studies on OOH, initially in major cities.
'Further, it will ensure 100 percent listing of all sites with unique ID number in a scientific manner for the benefit of all concerned', the statement added.
The Indian OOH industry was estimated to be at Rs 22 billion in 2014, and expected to touch Rs 29.6 billion in 2017/2018 (FICCI KPMG Report).
