Although out-of-home advertising is expected to weather the recession better than other media, the Outdoor Advertising Association of America canceled its national convention planned for May 17-19 in Miami. "Generally our members felt it was time to get back to basics and focus on the core business. This just wasn't the time to be away from the office," says Stephen Freitas, CMO for the trade group.
Outdoor media companies are not immune to the tough economy. Dependent primarily on local advertising, traditional outdoor companies have been hit particularly hard, with the three largest outdoor companies reporting revenue declines in third-quarter 2008.
Pure play outdoor company Lamar Advertising revenue is expected to report a revenue decline of 9%in fourth-quarter 2008 and will likely see a 13% drop in first quarter, per Wachovia. Industrywide, the outdoor ad business was flat in 2008, says Freitas.
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