Readers expressed skepticism about this slide in an OUTFRONT investor presentation showing independent out of home companies accounted for 34% of 2019 US Out of Home revenues. The OUTFRONT slide cited OAAA revenue estimates. Insider reviewed the numbers with the OAAA. The OAAA’s revenue figures include not just roadside bulletins and posters but also street furniture, place based, billboards, airport, transit and cinema. So the 34% figure isn’t the share of the market which is owned by independent bulletin and poster operators. It is the share of the market which is owned by all out of home companies besides OUTFRONT, Lamar, Clear Channel Outdoor or JCDecaux. The 34% independent out of home figure includes everything from independent bulletin and poster operators to companies like Intersection and Gas Station TV, Health Media Networks and Wrapify…
Billboard Insider estimates that independents account for 29% of the bulletin market. Here’s the calculation. We’ve used just 2019 billboard revenue as compiled by the OAAA, not total 2019 out of home revenue. Then we subtracted the billboard revenues of Lamar, Outfront, Clear Channel Americas and JCDecaux – US. JCDecaux – US is our guess.
| Item | Millions | Source: |
| US 2019 Billboard Revenue | 5,458 | OAAA |
| Less: Lamar 2019 Billboard Revenue | -1537 | Lamar 2019 10k |
| Less: OUTFRONT 2019 Billboard Revenue | -1189 | OUTFRONT 2019 10k |
| Less: Clear Channel Americas 2019 Bulletin and Poster Revenue | -903 | Clear Channel Outdoor 2019 10k |
| Less: JCDecaux 2019 Billboard Revenue | -272 | Billboard Insider estimate that JCDecaux has 5% market share. |
| Remaining billboard revenues of independent companies | 1,557 | |
| Market Share of independents | 29% |
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