OUTFRONT Media is a real estate investment trust (REIT), which provides advertising space on out-of-home advertising structures and sites in the United States and Canada. The company’s inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (DMAs), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the US and Canada. They have displays in all 25 of the major US markets as well as about 150 other markets in the US and Canada.
The company offers advertising options which include billboards, advertising posters, walls, bus and rail media, street furniture, specialty signage, digital, mobile billboards, and sports media. It provides creative services including billboard design without front studios and speculative artwork.
In 2021, Outfront Media billboards were present at 45,125 locations worldwide. At 15% of the total revenue in FY2021, the Los Angeles metropolitan areas contributed the most to the billboard revenue. In 2021, the company converted 10 new digital billboard displays in Canada and 77 in the United States. In addition, the business engaged in marketing agreements in 2021 to sell advertisements on 35 external digital billboard displays in the United States and 4 in Canada.
Revenue from billboards increased by 21% annually, from $978.6 million in FY2020 to $1,182.3 million in FY2021, primarily due to an increase in average revenue per display (yield) as a result of an improvement in overall demand for their services following the COVID-19 pandemic lows in 2020, total billboard revenues increased $203.7 million, or 21%, in 2021 compared to 2020.
In FY2021 the cost of leasing billboard property made up 34% and in FY2020 nearly 40% of total billboard revenues. Due to higher guaranteed minimum annual payments to the MTA and higher billboard and transit revenues, billboard property leasing and franchise expenses increased by $71.7 million in 2021 compared to 2020. The highest growth in billboard segment came from static displays, which reached 829.8 million, and digital displays generated 308.1 million revenues in 2021.
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