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Outdoor Ad Revenue Continues to Grow
December 8, 2003 – The outdoor industry showed modest growth in the third quarter of 2003 with a 2.9% increase over the same period last year and an overall increase of 4.7% for the first nine months of the year compared to 2002.
“Outdoor media revenues continue to grow and may eclipse initial industry projections by year-end,” said Stephen Freitas, Chief Marketing Officer for the Outdoor Advertising Association of America.
Outdoor media performance was respectable across most of the top 10 advertising categories in the third quarter with Local Services & Amusements, the number one spender, remaining solid with 9.4% growth. The biggest gains came in the Financial (27.8%) and Insurance & Real Estate (26.1%) categories reflecting a resurgence of the U.S. economy driven largely by lower mortgage rates and new homes. Automotive Accessories also posted a large increase up 13.7%. Automotive Dealers (8.1%), Retail (4.0%), Restaurants (0.9%) and Public transportation (0.8%) all reported gains. (Please see attached charts.)
Relative to fluctuating media investments, outdoor continues to show stability and resiliency. According to Freitas, early indications from OAAA member companies suggest that the growth will continue into 2004.
The OAAA is the largest trade association representing the outdoor advertising industry. It is dedicated to leading and uniting a responsible outdoor advertising industry that is committed to serving the needs of consumers, advertisers and the public. The OAAA’s nearly 1,100 member companies generate more than $5 billion annually in ad revenues, representing more than 90% of industry income, and donate space to charitable organizations in excess of $300 million each year.
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The OAAA issues full industry revenue estimates that include, but are not limited to, CMR’s data on billboards, member company affidavits and media projections based on a mix of recognized national syndicated data sources.
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