“Outdoor was easily the media most affected by COVID given the loss of more than $300 million in ad revenues between the 2018/19 and 2020/21 periods during the public lockdowns,” APAC managing director Jane Ractliffe said in a recent media release.

O’Neill affirmed the market had rebounded, with the City of Sydney account “flying”.

The contract was held by French giant JCDecaux for more than 20 years, but QMS emerged as the surprise winner in 2020, as a much smaller, and newer player in the market.

It hasn’t been without problems, however, with controversy surrounding the rollout of its “communications pylons” and Sydney Lord Mayor Clover Moore launching a review into the placement of various sites at the end of 2022.

Despite its resurgence, the outdoor sector continues to stand on a precarious footing, with a subdued trading update from Cathy O’Connor, oOh!media’s CEO in May wiping almost $300 million off the company’s valuation.

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Since then, oOh’s share price has recovered and sits at $1.44 but remains below its pre-trading update price of $1.63.

For O’Neill, the next 12 months will be telling for the outdoor industry, touting acquisitions by the market’s three major players.

The sector has been active in the M&A space in the past decade, with blockbuster deals including JCDecaux acquiring APN Outdoor Group for $1.12 billion in 2018 and oOh!media purchasing Here There & Everywhere’s street furniture arm Adshel for $570 million in the same year.

A bid from Nine Entertainment (the owner of this masthead) was rumoured in 2022, with the company quashing speculation its chief executive Mike Sneesby had held talks with the digitally led outdoor company over a deal.

Nine is set to deliver its full year financial results on August 24, with its consolidated net debt as of December 31, 2022 sitting at $463.9 million. It declined to comment.

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