In today’s Digest, we cover the global programmatic DOOH market reaching USD$1.34bn (£1bn), Shein shares sinking to a post-IPO low after an underperform rating, and Ozone launching Arc to enter performance marketing.

Programmatic DOOH reaches $1.34bn globally 

The global market for programmatic digital out-of-home advertising finally has a number to work with. A new study from the World Out of Home Organisation, aggregated independently by PwC across twelve supply-side platforms and more than forty markets, puts global pDOOH spend at USD$1.339bn (£1bn) for 2025. This is a 7% of total DOOH advertising, but the first credible, supply-side benchmark the industry has ever had. 

The US leads by a wide margin with USD$545.5m (£409.1m) in pDOOH spend, yet its 15.9% penetration rate lags well behind Germany's 31.8%, the highest of any major market. Belgium and France also outpace the US on programmatic adoption. Globally, private marketplace deals dominate the way pDOOH actually gets bought and sold, accounting for 75.7% of spend, with specialist OOH platforms like Broadsign, Vistar Media and Hivestack handling the bulk of that volume. 

Shein stock hits new low since IPO 

Shein's shares fell as much as 10%, closing down 9% at HK$36.40 (£3.40) , the lowest level since the company listed on 1st September. That puts the stock 25% below its IPO price of HK$48.56 (£4.70), extending a slide that began almost immediately after listing. 

Jefferies also initiated coverage with an “underperform” rating and a HK$26 (£2.52) price target, suggesting further losses ahead. Meanwhile, regulators in Australia and New Zealand issued urgent recalls for one of Shein’s contact lens products after tests found bacterial contamination in the packaging solution.

Analysts including John Chou argued that the company’s real edge has been “industrialised newness”, allowing it to produce fresh products at breakneck speed. 

Ozone enters performance marketing with Arc

Ozone has launched Arc, a tool that advertisers optimise campaigns for performance outcomes across its pooled inventory of premium publisher sites. Using Ozone's audience data, Arc predicts where a given consumer sits in the purchase journey for a specific product category, then identifies who is most likely to convert. CEO Damon Reeve has previously said Ozone's real opportunity lies with the large pool of mid-tier and bigger brands that don't yet invest with the platform companies Meta and other social giants already count among their millions of advertisers.

Early results suggest the bet may be paying off. In a campaign for the Alzheimer's Society, run with agency Medialab, Ozone says Arc helped drive 59% more donations per user reached, a result the charity's senior digital marketing manager credited to deeper real-time optimisation toward outcome-based goals.