OUTFRONT Media Inc. ( OUT Quick Quote OUT - Free Report) announced an out of home (OOH) offering for local businesses as companies started to reopen in several states across the country. Notably, the company is offering space at its static and digital billboards at no to reduced cost in various markets as part of its business-stimulus program to support and boost local businesses amid the crisis-recovery period.
Amid the COVID-19 pandemic, the program offers local businesses an opportunity to kick-start their business and inform customers about the safe opening of the business.
To date, 75 clients, varied across 25 different categories, have resorted to the program.
Specifically, OUTFRONT Media’s OOH assets facilitate businesses to share personalized messages and creatives across the company’s expansive platform in strategic locations. This provides businesses with a wider reach to both new and existing consumers.
Moreover, creatives and design assistance are being provided by OUTFRONT STUDIOS for participating businesses.
Notably, OOH advertising is growing at a rapid pace and continues to increase its market share in comparison with other forms of media. Importantly, cost of advertisement through the medium is also comparatively lower than other media. Moreover, in the upcoming years, higher technology investments are expected to provide further support to OOH advertising.
Therefore, the company is expanding its footprint and providing a unique technology platform to marketers to tap growth opportunities. Moreover, leveraging on the favorable industry trend, OUTFRONT Media has been increasingly investing in its digital-billboard portfolio over the years and these investments have started reaping benefits.The company has also been making concerted efforts to convert its business from traditional static-billboard advertising to digital displays.
However, due to the coronavirus pandemic, outdoor travel has taken a hit as most are compelled to stay indoors amid stay-at-home mandates. This has dented advertising values, which is likely to impact the company’s operations and revenue growth.
Shares of OUTFRONT Media have lost 40.1% over the past year compared with the
industry’s decline of 3.4%.
It carries a Zacks Rank #3 (Hold) at present.
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Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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