The US out of home industry grew 2% during the second quarter of 2023 according the the OAAA.  Here’s the data by out of home sector.  Transit grew 6%.  Roadside billboards grew 2%.  Street furniture declined 1%.  Digital place based declined by 1%.  Remote work is impacting street furniture and digital place based demand.

Roadside billboards are the only out of home sector to exceed pre-covid levels.  Look at this table which compares 2Q 2023 performance with 2Q 2019 (precovid).  Billboards are up 14% since 2019.  Street furniture is down 16%, transit down 17% and place based down 44%.  No wonder OUTFRONT took a $511 million write-down on the value of OUTFRONT’s transit business in the second quarter of 2023.

Billboard Insider’s take:  2% total out of home growth in the second quarter means the US out of home industry slipped backwards compared to inflation of 4% for 2Q 2023.  Billboard Insider is perplexed that billboards were so weak during the second quarter because we hear a more upbeat story from the independents we talk to.  Another question: when will place-based recover?  Email davewestburg@billboardinsider.com with your comments.

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