Insider recently read Karl Eller’s Integrity is all you’ve got and 7 other lessons of the entrepreneurial life (2005, McGraw Hill).  Eller was a success twice in the billboard business: selling Combined Communications to Gannett for $370 million in 1978: and selling Eller Media to Clear Channel Outdoor for $1.15 billion in 1997.  Eller wrote this about the value of out of home in 2005:

Billboards are the least expensive way to reach mass audiences.  An advertiser’s CPM (cost per 1,000 views is typically $2 for billboards, compared to $5 for drive-time radio and more than $20 for prime-time television.

Out of home is as great a value today as it was in 2005.  Look at this April 2018 CPM analysis by PJ Solomon.  Out of home has a median cpm of $5.21 for bulletins, $3.11 for posters and $3.45 for transit shelters versus $10 for radio and $25-34 for primetime network TV.

Source: April 2018 PJ Solomon Media Monthly

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