Let’s unpack the OAAA 1Q 2025 revenue release.  Two observations.

Transit and street furniture are recovering from covid woes

US out of home revenues grew 2% during the first quarter of 2025.  Street furniture lead the way with an 8.8% increase, followed by transit up 3.9% and billboards up 1.6%.  Street furniture and transit are finally rebounding from covid woes.  Place based, however, continues to struggle.  Not everyone is back to work and maybe the ad buying market has figured out that a screen is not a screen is not a screen.  A billboard is more effective than a small screen in a lobby.

Here’s another chart which shows how each sector did in the first quarter versus the first quarter of 2029 (prior to covid).    Billboard revenues are up 27%, street furniture is down 10%, transit is now off only 2% and place based is down 48%.

Out of Home outperformed the US economy but failed to match inflation during the first quarter of 2025.

US Out of Home revenues were up 2% during the first quarter of 2025.  Nominal GDP grew only 0.8% in the first quarter of 2025 as tariffs slowed growth.  Inflation increased to 2.7% during the first quarter of 2025 due to tariff related price increases.

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