Last week the OAAA announced that US out of home revenues increased 1.1% in the third quarter of 2023.  A look behind the numbers finds that three out of home sectors grew and one declined.

• Roadside billboards which account for almost three quarters of the US market, grew 0.9% in the third quarter.   This is sobering because it means that billboard revenue failed to keep up with annualized inflation of 4.8% in the third quarter of 2023 and estimated GDP growth of 4.9% in the third quarter of 2023.  Weak billboard revenues were due to declines in national and programmatic revenue.
• Street furniture declined by 18% in the third quarter of 2023.  We suspect this is due to weak national revenue.
• Transit and place based increased during the third quarter of 2023 as transit ridership improved and more people returned to the office.

Transit and place based are coming off depressed levels because ridership and office populations have yet to return to precovid levels.  Compare each of the US out of home sectors in the third quarter 23 performance in relation to the third quarter of 2019 (prior to covid).  Roadside billboard revenues are 12% above pre-covid, street furniture revenues are 23% below pre-covid, transit revenues are 16% below pre-covid and place placed out of home revenues are 42% below pre-covid.

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