JCDecaux announced full year 2021 revenues last week.  Good and bad.

• The good: 18.5% revenue growth worldwide.
• The bad: 4.8% revenue grown in the US.

That’s the weakest recovery of any of the public North American out of home companies.  The table below shows that JCDecaux North America grew less than half as fast as Lamar, Outfront, Clear Channel Americas and JCDecaux North America.   We don’t know the fourth quarter numbers from Lamar, OUTFRONT and Clear Channel Americas but can bet they’ll far exceed JCDecaux’s performance.

What accounts for the weak numbers at JCDecaux?  A reliance on transit advertising and street furniture.  Billboards accounted for only 13% of JCDecaux’s revenue in the pre-covid days of 2019 versus 60-90% of revenue at OUTFRONT, Clear Channel Americas and Lamar.

Transit and street furniture is not the place to be during a pandemic.

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