If you want to understand the digital billboard market you need to follow Daktronics commercial division which includes roadside digital billboards and spectaculars.  Daktronics released 4Q FY 24 earnings last week.  Consolidated revenue and orders were up 3%  and 15%, respectively for 4Q FY 24, but commercial sales and commercial orders were down as you can see from this table.

Daktronics Commercial Division Sales for 4Q FY24 (3 months ended April 27, 2024)

The decline in Daktronics commercial sales shouldn’t be a surprise given the reduced capital spending at Lamar, Clear Channel Outdoor and OUTFRONT in 2025.  CEO Reece Kurtenbach said on the 4Q FY 24 earnings call that Daktronics is emphasizing independent billboard operators: Commercial orders, especially from customers in the out-of-home advertising space, can be sensitive to economic conditions, and they can rebound quickly as conditions improve. This market is also sensitive to the large national advertiser spending decisions, which is why we also focus on winning other independent billboard sales and have seen important increases in this market vertical over the last year.

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