Billboards make up 66% of this market.
Across the US, some 370k billboards are in active operation, with ~15k new ones added each year. They are owned by more than 1.2k vendors (including some big dogs like OUTFRONT, Lamar, and Clear Channel), who generally lease them out to advertisers in 4-week blocks.
This type of advertising only makes up about 7% of the total ad spending pie. But while radio, print, and television ads have declined in prominence, OOH ads have enjoyed 31 consecutive quarters of growth, and a 35% increase in ad spend since 2010. By 2021, billboards are expected to grow to a $33B industry.In popular markets, tech companies are engaged in a fierce battle for the best billboards. Earlier this year, Netflix plunked down $150m buy 32 billboards along the Sunset strip in Hollywood. Alibaba, Google, and Reddit co-founder, Alexis Ohanian have also hedged bets on billboards and the new tech that’s powering them.