Billboard Insider prepares an annual list of out of home companies.  We found 398 independent roadside billboard companies on the list which reported total display face counts for 2024 and 2025. We purposefully left the large public companies out of this analysis to see what’s happening among the independents.  Here’s what we learned:

• Display faces for the 398 independents in our sample grew by 5,549 (4%) from 142,967 display faces in 2024 to 148,516 display faces in 2025.  The 398 out of home companies in our sample had a median face count of 80 displays.
• Growth comes from one quarter of the companies.  98 (25%) of the independent billboard companies in our sample increased their display faces during the past year.
• 268 (67%) of the independent billboard companies in our sample had stable display faces.
• 32 (8%) of the independent billboard companies in our sample reduced display faces due to asset sales, condemnations or losing locations or taking down bad locations.  This group saw a total decline in faces of 666 (5%) from 14,140 faces in 2020 to 13,470 faces in 2025.
• The data suggests that bigger independent companies are growing or declining and the smaller companies are staying stable.  The independent out of home companies which grew faces during 2025 had a median face count of 130.  The out of home companies which were stable during 2025 had a median face count of 58.  The out of home companies which shrank in 2025 had aa median face count of 130.  We suspect that the bigger companies in the sample have the resources (e.g. real estate personnel, support personnel) to pursue new locations and have better access to capital to fund acquisitions.

Later this week we’ll publish a list of the 20 fastest growing independent billboard companies.  Anyone want to guess the top five?

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