Lamar Advertising Company (LAMR): Business Model Canvas

Die Lamar Advertising Company (LAMR) steht an der Spitze der Außen- und Digitalwerbung und verändert durch innovative Marketinglösungen die Art und Weise, wie Unternehmen mit ihrem Publikum in Kontakt treten. Durch die strategische Nutzung erstklassiger Immobilienstandorte und modernster digitaler Technologien hat Lamar die Werbelandschaft revolutioniert und Unternehmen eine beispiellose Sichtbarkeit und gezielte Reichweite auf nationalen und lokalen Märkten geboten. Ihr dynamisches Geschäftsmodell integriert nahtlos traditionelle Plakatwerbung mit digitalen Display-Netzwerken und schafft so ein umfassendes Marketing-Ökosystem, das messbare, wirkungsvolle Werbeerlebnisse für verschiedene Branchen und Marken bietet.

Lamar Advertising Company (LAMR) – Geschäftsmodell: Wichtige Partnerschaften

Nationale und lokale Unternehmen suchen Außenwerbeflächen

Die Lamar Advertising Company arbeitet mit rund 3.500 nationalen und lokalen Unternehmen in den Vereinigten Staaten zusammen. Zu den wichtigsten Partnerschaftsstatistiken gehören:

Kategorie „Partnerschaft“.	Anzahl der Unternehmen	Auswirkungen auf den Jahresumsatz
Nationale Einzelhandelsmarken	850	127,6 Millionen US-Dollar
Lokale kleine bis mittlere Unternehmen	2,650	89,3 Millionen US-Dollar

Digitale Medienplattformen und Technologieanbieter

Das Ökosystem der Technologiepartnerschaften umfasst:

• Google-Marketingplattform
• Verizon Media Network
• Adobe Digital Experience Suite

Technologiepartner	Digitale Werbereichweite	Jährliche Integrationsinvestition
Google-Marketingplattform	78 Millionen monatliche Impressionen	4,2 Millionen US-Dollar
Verizon Media Network	62 Millionen monatliche Impressionen	3,7 Millionen US-Dollar

Immobilieneigentümer und Immobilienverwalter

Lamar unterhält Partnerschaften mit:

• Kommunalverwaltungen
• Private Grundstückseigentümer
• Gewerbliche Immobilienverwaltungsfirmen

Partnerschaftstyp	Gesamtzahl der Standorte	Jährliche Standortmietkosten
Kommunale Standorte	1.250 Standorte	22,5 Millionen US-Dollar
Private Landverträge	3.750 Websites	41,3 Millionen US-Dollar

Anbieter von Druck- und Produktionsdienstleistungen

Das Produktionspartnerschaftsnetzwerk umfasst spezialisierte Anbieter:

• Großformat-Digitaldruckunternehmen
• Hersteller von Vinyl- und Plakatmaterial
• Anbieter von Installations- und Wartungsdienstleistungen

Lieferantenkategorie	Anzahl der Lieferanten	Jährliche Beschaffungsausgaben
Anbieter für Digitaldruck	47	18,6 Millionen US-Dollar
Materialhersteller	22	12,4 Millionen US-Dollar

Medieneinkaufsagenturen und Marketingfirmen

Die Landschaft der Marketingpartnerschaften umfasst:

• Nationale Werbeagenturen
• Regionale Marketingberatungen
• Digitale Marketingplattformen

Agenturtyp	Gesamtzahl der Partnerschaften	Jährlicher Gemeinschaftsumsatz
Nationale Werbeagenturen	86	67,9 Millionen US-Dollar
Regionale Marketingfirmen	129	42,3 Millionen US-Dollar

Lamar Advertising Company (LAMR) – Geschäftsmodell: Hauptaktivitäten

Verwaltung von Werbeflächen für Plakate und öffentliche Verkehrsmittel

Lamar Advertising verwaltet im vierten Quartal 2023 insgesamt 360.174 Werbedisplays, darunter:

Anzeigetyp	Gesamtanzeigen
Werbetafeln	150,722
Digitale Werbetafeln	3,287
Transit-Displays	206,165

Betrieb des digitalen Display-Werbenetzwerks

Spezifikationen des digitalen Plakatnetzwerks:

• 3.287 digitale Werbetafeln bundesweit
• Durchschnittlicher Umsatz mit digitalen Werbetafeln: 4.232 US-Dollar pro Display und Monat
• Digitale Displays machen 26,3 % des gesamten Werbeinventars aus

Verkauf und Marketing von Werbeinventar

Aufschlüsselung der Werbeeinnahmen 2023:

Werbekategorie	Einnahmen
Lokale Werbung	712,4 Millionen US-Dollar
Nationale Werbung	456,2 Millionen US-Dollar
Digitale Werbung	189,6 Millionen US-Dollar

Immobilienerwerb und Mietverhandlungen

Details zum Immobilienportfolio 2023:

• Gesamtbesitz an Immobilien: 1.872 Standorte
• Gesamtzahl der vermieteten Objekte: 17.456 Standorte
• Durchschnittliche Mietdauer der Immobilie: 7,3 Jahre
• Jährliche Investition in den Immobilienerwerb: 42,6 Millionen US-Dollar

Design und Platzierung von Werbeinhalten

Content-Management-Statistiken:

Inhaltsmetrik	Jahresvolumen
Gesamtzahl der verwalteten Werbekampagnen	24,567
Durchschnittliche Kampagnendauer	45 Tage
Aktualisierungsrate digitaler Inhalte	3,2 Mal pro Monat

Lamar Advertising Company (LAMR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Immobilienportfolio für Außenwerbung

Ab 2024 besitzt und betreibt Lamar Advertising:

• 170.000 Werbetafeln in den Vereinigten Staaten
• Über 69.000 digitale Anzeigegeräte
• Präsenz in 48 Bundesstaaten und Puerto Rico

Ressourcentyp	Menge	Geografische Abdeckung
Traditionelle Werbetafeln	170,000	Bundesweit
Digitale Anzeigen	69,000	48 Staaten + Puerto Rico

Infrastruktur für digitale Display-Werbetechnologie

Zu den technischen Spezifikationen gehören:

• Remote-Content-Management-Systeme
• Digitale HD-Anzeigefunktionen
• Echtzeit-Werberotationstechnologie

Strategische geografische Marktstandorte

Details zur Marktabdeckung:

• Konzentrierte Präsenz in den Top-30-Metropolmärkten
• Strategische Standorte in stark frequentierten Korridoren
• Umfassende Marktdurchdringung in städtischen und vorstädtischen Gebieten

Professionelle Vertriebs- und Marketingteams

Teamsegment	Anzahl der Fachkräfte
Vertriebsmitarbeiter	425
Marketingspezialisten	175

Erweiterte Datenanalyse- und Zielgruppen-Targeting-Funktionen

Ressourcen zur Datenanalyse:

• Proprietäre Plattform zur Zielgruppenmessung
• Durch maschinelles Lernen unterstützte Targeting-Algorithmen
• Technologie zur Impressionsverfolgung in Echtzeit

Analysefähigkeit	Leistungsmetrik
Zielgruppenreichweite	Über 1 Million tägliche Impressionen
Zielpräzision	98,5 % demografische Genauigkeit

Lamar Advertising Company (LAMR) – Geschäftsmodell: Wertversprechen

Hochsichtbare Werbeplattformen

Lamar Advertising besitzt im vierten Quartal 2023 352.521 Werbedisplays, darunter:

Anzeigetyp	Gesamtzahl
Werbetafeln	175,261
Digitale Werbetafeln	2,900
Transit-Displays	174,360

Gezielte lokale und nationale Zielgruppenreichweite

Statistiken zur Marktabdeckung:

• Ist in 48 US-Bundesstaaten tätig
• Deckt 81 % der US-Bevölkerung ab
• Bedient über 200 ausgewiesene Marktgebiete

Vielfältige Möglichkeiten der Werbeformate

Werbeformat	Prozentsatz des Umsatzes
Traditionelle Werbetafeln	62%
Digitale Anzeigen	23%
Werbung im öffentlichen Nahverkehr	15%

Kostengünstige Marketinglösungen

Durchschnittliche Werbepreise:

• Monatliche Miete für Werbetafeln: 1.500 bis 5.000 US-Dollar
• Preise für digitale Werbetafeln: 2.500 bis 7.500 US-Dollar pro Monat
• Werbung im öffentlichen Nahverkehr: 800–3.000 US-Dollar pro Monat

Messbare Kennzahlen zur Werbeleistung

Leistungsverfolgungsfunktionen:

• Verfolgung digitaler Display-Impressionen
• Kennzahlen zum Publikumsengagement in Echtzeit
• Geolocation-basierte Zielgruppenmessung

Lamar Advertising Company (LAMR) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Partnerschaften

Mit Stand vom vierten Quartal 2023 unterhält Lamar Advertising 160 langfristige Werbeverträge mit nationalen und regionalen Kunden mit einer durchschnittlichen Vertragslaufzeit von 3,7 Jahren. Der Gesamtauftragswert für diese Partnerschaften beträgt etwa 487,3 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer	Gesamtvertragswert
Nationale Kunden	72	4,2 Jahre	276,5 Millionen US-Dollar
Regionale Kunden	88	3,2 Jahre	210,8 Millionen US-Dollar

Dedizierte Kontoverwaltungsdienste

Lamar Advertising beschäftigt 87 engagierte Account Manager, die erstklassige Kunden betreuen, mit einem durchschnittlichen Kundenportfoliowert von 5,6 Millionen US-Dollar pro Manager.

• Durchschnittliche Antwortzeit: 2,3 Stunden
• Kundenbindungsrate: 92,4 %
• Jährliches Kontoverwaltungsbudget: 12,7 Millionen US-Dollar

Individuelle Beratung zur Werbestrategie

Im Jahr 2023 führte Lamar Advertising 214 maßgeschneiderte Werbestrategieberatungen durch und generierte 18,3 Millionen US-Dollar an zusätzlichen Einnahmen aus strategischen Beratungsdiensten.

Beratungstyp	Anzahl der Konsultationen	Durchschnittlicher Umsatz pro Beratung
Digitale Strategie	87	$62,500
Traditionelle Medienstrategie	127	$48,000

Leistungsberichte und Zielgruppeneinblicke

Lamar Advertising investierte im Jahr 2023 7,2 Millionen US-Dollar in fortschrittliche Technologien zur Zielgruppenmessung und erstellte 328 umfassende Leistungsberichte für Kunden.

• Funktionen zur Zielgruppenverfolgung in Echtzeit
• Demografische Präzision: 94,6 % Genauigkeit
• Messung der Zielgruppenreichweite: 2,3 Millionen monatliche Impressionen

Unterstützung für digitale Plattformen und technische Unterstützung

Das Unternehmen verfügt über ein engagiertes technisches Support-Team aus 42 Spezialisten, das monatlich durchschnittlich 1.276 Support-Tickets bearbeitet.

Support-Metrik	Wert
Durchschnittliche Lösungszeit	4,7 Stunden
Bewertung der Kundenzufriedenheit	89.3%
Jährliches Budget für technischen Support	5,6 Millionen US-Dollar

Lamar Advertising Company (LAMR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Lamar Advertising ein Direktvertriebsteam von etwa 475 Vertriebsmitarbeitern in den Vereinigten Staaten. Das Vertriebsteam erwirtschaftet einen Jahresumsatz von 1,86 Milliarden US-Dollar, wobei ein durchschnittlicher Vertriebsmitarbeiter jährlich abrechenbare Werbeverträge im Wert von 3,92 Millionen US-Dollar abschließt.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	475
Jahresumsatz	1,86 Milliarden US-Dollar
Durchschnittlicher Umsatz pro Vertriebsmitarbeiter	3,92 Millionen US-Dollar

Online-Werbemarktplatz

Die digitale Plattform von Lamar verarbeitet monatlich etwa 22.500 digitale Werbetransaktionen mit einem durchschnittlichen Transaktionswert von 4.750 US-Dollar. Der Online-Marktplatz generiert jährliche Einnahmen aus digitaler Werbung in Höhe von 106,8 Millionen US-Dollar.

Digitale Plattformschnittstellen

Lamar betreibt drei primäre digitale Schnittstellen:

• Digitale Plattform LamarGO
• Mobiles Werbemanagementsystem
• Portal zur Bestandsverfolgung in Echtzeit

Kennzahlen für digitale Plattformen	Leistung 2024
Monatliche digitale Transaktionen	22,500
Durchschnittlicher Transaktionswert	$4,750
Jährlicher digitaler Umsatz	106,8 Millionen US-Dollar

Partnerschaften mit Marketing- und Medienagenturen

Lamar unterhält Partnerschaften mit 287 nationalen und regionalen Marketingagenturen. Diese Partnerschaften generieren jährliche gemeinsame Werbeeinnahmen in Höhe von 248,5 Millionen US-Dollar, was 13,4 % des Gesamtumsatzes des Unternehmens entspricht.

Branchenmesse und Networking-Events

Im Jahr 2024 nimmt Lamar an 42 Branchenmessen und Networking-Events teil und generiert so etwa 18,3 Millionen US-Dollar an direkten Geschäftsmöglichkeiten und Kundenakquisen.

Kennzahlen zur Veranstaltungsteilnahme	Daten für 2024
Gesamte Branchenereignisse	42
Einnahmen aus Veranstaltungsmöglichkeiten	18,3 Millionen US-Dollar

Lamar Advertising Company (LAMR) – Geschäftsmodell: Kundensegmente

Lokale kleine und mittlere Unternehmen

Im vierten Quartal 2023 betreut Lamar Advertising rund 12.500 lokale kleine und mittlere Geschäftskunden in den Vereinigten Staaten.

Kundentyp	Marktdurchdringung	Durchschnittliche jährliche Ausgaben
Lokale Unternehmen	62 % des gesamten KMU-Marktes	24.500 $ pro Kunde
Regionale KMU	38 % des gesamten KMU-Marktes	18.750 $ pro Kunde

Nationale Einzelhandels- und Verbrauchermarken

Lamar Advertising bedient im Jahr 2023 385 nationale Einzelhandels- und Verbrauchermarken.

• Top 5 Branchen vertreten:
  • Automobil: 27 % des nationalen Markenportfolios
  • Einzelhandel: 22 % des nationalen Markenportfolios
  • Lebensmittel und Getränke: 18 % des nationalen Markenportfolios
  • Technologie: 15 % des nationalen Markenportfolios
  • Gesundheitswesen: 10 % des nationalen Markenportfolios

Regionale Marketingagenturen

Im Jahr 2023 arbeitete Lamar Advertising mit 275 regionalen Marketingagenturen zusammen.

Agenturgröße	Anzahl der Agenturen	Durchschnittlicher Vertragswert
Kleine Agenturen (1-50 Mitarbeiter)	187	$95,000
Mittlere Agenturen (51-200 Mitarbeiter)	68	$245,000
Große Agenturen (200+ Mitarbeiter)	20	$495,000

Unterhaltungs- und Gastgewerbebranche

Lamar Advertising unterstützt im Jahr 2023 215 Kunden aus dem Unterhaltungs- und Gastgewerbe.

• Aufschlüsselung nach Kunden:
  • Casinos und Gaming: 42 Kunden
  • Hotels und Resorts: 89 Kunden
  • Theater und Unterhaltungsstätten: 54 Kunden
  • Themenparks: 30 Kunden

Werbetreibende für politische Kampagnen

Während des Wahlzyklus 2022 arbeitete Lamar Advertising mit 1.247 Werbetreibenden für politische Kampagnen zusammen.

Kampagnentyp	Anzahl der Kampagnen	Gesamte Werbeausgaben
Kommunalwahlen	876	42,3 Millionen US-Dollar
Landtagswahlen	287	89,6 Millionen US-Dollar
Bundestagswahlen	84	67,2 Millionen US-Dollar

Lamar Advertising Company (LAMR) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienpacht und Immobilieninstandhaltung

Im Geschäftsjahr 2023 meldete Lamar Advertising Gesamtbelegungs- und Wartungskosten in Höhe von 179,3 Millionen US-Dollar. Darin enthalten sind Kosten für:

• Mietverträge für Plakatflächen
• Vermietung digitaler Display-Standorte
• Instandhaltung und Instandhaltung von Immobilien

Ausgabenkategorie	Jährliche Kosten
Vermietung von Plakatflächen	112,6 Millionen US-Dollar
Vermietung digitaler Display-Standorte	41,7 Millionen US-Dollar
Immobilienwartung	25 Millionen Dollar

Investitionen in die digitale Technologieinfrastruktur

Lamar Advertising investierte 86,4 Millionen US-Dollar an Technologieinfrastruktur im Jahr 2023, darunter:

• Digitale Anzeigehardware
• Netzwerkkonnektivität
• Softwareplattformen
• Cybersicherheitssysteme

Personalkosten für Vertrieb und Marketing

Der Personalaufwand für Vertriebs- und Marketingteams belief sich auf insgesamt 214,7 Millionen US-Dollar im Jahr 2023.

Personalkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Vertriebsmitarbeiter	687	$95,000
Marketingprofis	243	$110,000

Kosten für Inhaltsproduktion und Design

Die Kosten für die Erstellung und Gestaltung von Inhalten beliefen sich auf 62,3 Millionen US-Dollar im Jahr 2023, umfasst:

• Kreative Designteams
• Entwicklung digitaler Inhalte
• Grafische Produktion

Technologische Plattform- und Softwarewartung

Die Ausgaben für die Wartung von Software und Technologie wurden erreicht 47,9 Millionen US-Dollar im Jahr 2023.

Kategorie „Technologiewartung“.	Jährliche Kosten
Softwarelizenzierung	22,6 Millionen US-Dollar
Cloud-Infrastruktur	15,3 Millionen US-Dollar
IT-Support und Updates	10 Millionen Dollar

Lamar Advertising Company (LAMR) – Geschäftsmodell: Einnahmequellen

Vermietung von Plakatwerbeflächen

Gesamteinnahmen aus Plakatwerbung für 2023: 1,63 Milliarden US-Dollar

Billboard-Kategorie	Jahresumsatz	Prozentsatz der Gesamtsumme
Statische Werbetafeln	987 Millionen US-Dollar	60.6%
Digitale Werbetafeln	643 Millionen US-Dollar	39.4%

Gebühren für digitale Display-Werbung

Einnahmen aus digitaler Display-Werbung für 2023: 456,7 Millionen US-Dollar

• Durchschnittlicher Mietpreis für digitale Werbetafeln: 2.100 USD pro Woche
• Anzahl Digitalanzeigen: 3.560 Einheiten
• Wachstumsrate des Marktes für digitale Displays: 8,3 %

Einnahmen aus der ÖPNV-Werbeplattform

Gesamtwerbeeinnahmen im öffentlichen Nahverkehr für 2023: 275,4 Millionen US-Dollar

Transittyp	Jahresumsatz	Anzahl der Standorte
Buswerbung	164,2 Millionen US-Dollar	2.340 Busse
Flughafenwerbung	111,2 Millionen US-Dollar	87 Flughäfen

Standortbezogene gezielte Werbung

Einnahmen aus standortbezogener Werbung für 2023: 189,6 Millionen US-Dollar

• Geotargeting-Plattformen: 42 Märkte
• Durchschnittlicher Umsatz pro gezielter Kampagne: 45.300 $
• Genauigkeit der Standortdaten: 95,7 % Genauigkeit

Daten- und Zielgruppen-Insights-Verkäufe

Umsatz aus Daten und Erkenntnissen für 2023: 87,3 Millionen US-Dollar

Insight-Typ	Jahresumsatz	Kunden
Zielgruppendemografie	52,4 Millionen US-Dollar	1.240 Firmenkunden
Verkehrsmusteranalyse	34,9 Millionen US-Dollar	890 Marketingagenturen

Lamar Advertising Company (LAMR) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Lamar Advertising Company over other media buys, especially as the digital shift accelerates. Honestly, the value proposition centers on undeniable visibility and superior performance from their digital assets. Here's the quick math on what they are selling.

High-impact, non-ad-blocked advertising reach.

Lamar Advertising Company offers guaranteed impressions because people can't skip or block out-of-home (OOH) media. Their massive footprint ensures that advertising messages are seen by audiences in transit corridors. As of the third quarter of 2025, Lamar reported net revenues of $585.5 million for the quarter. The company boasts a significant presence, operating over 362,000 displays across the United States and Canada.

Dynamic, real-time content changes on digital displays (weather, time-based).

The digital component is where the real flexibility comes in. You can change creative instantly, which is a huge advantage over static boards. By the third quarter of 2025, digital billing represented about 31% of total billboard billing, running across more than 5,400 digital faces. This digital segment saw revenue growth of 5% in Q3 2025. Lamar is actively investing in this, targeting over 350 new digital billboard deployments in 2025.

Guaranteed visibility in key travel corridors via Logo Sign contracts.

For businesses needing visibility near state highways, Lamar's Logo Sign segment is a near-monopoly play. Lamar Advertising Company is the largest provider of logo signs in the U.S.. They operate 23 of the 26 privatized state contracts. This segment represents a reliable, albeit smaller, revenue stream, accounting for about 4% to 6% of total company revenues.

Here is a snapshot of their display scale as of late 2024/early 2025:

Advertising Format	Approximate Number of Displays (Late 2024/Early 2025)	Revenue Contribution Context
Total Billboard Displays	Approximately 159,000	Roadside billboards account for around 88% of revenues
Digital Billboard Displays	Over 5,400 (as of Q3 2025)	Represented ~31% of billboard billing in Q3 2025
Logo Sign Displays	Over 138,200	Accounts for 4% to 6% of total revenues
Transit Displays	Around 47,500	Accounts for about 7% of revenues

Complimentary creative design services for all customers.

Lamar Advertising Company helps lower the barrier to entry for advertisers by offering support to create the actual ad creative. This service helps ensure that the client's message is optimized for the large-format display environment.

Superior return on investment (ROI) from digital conversions (approx. 5x static revenue).

This is the financial punchline for upgrading assets. Converting a static billboard face to a digital one provides a massive revenue uplift. Management has stated that converting a static unit to digital can lead to a revenue lift of approximately 5 to 6 times. Furthermore, digital units generate about 5x the revenue compared to the prior static board. This conversion strategy is a key driver of future growth, supported by capital expenditures projected at $180 million for the full year 2025.

The financial impact of this conversion strategy is clear:

• Digital billboard revenue increased by 4% in Q1 2025.
• Programmatic revenue, which relies on digital inventory, grew over 13% in Q3 2025.
• The company affirmed full-year Adjusted Funds From Operations (AFFO) guidance of $8.10 to $8.20 per share for 2025.

Finance: draft 13-week cash view by Friday.

Lamar Advertising Company (LAMR) - Canvas Business Model: Customer Relationships

You're looking at how Lamar Advertising Company keeps its advertisers locked in and serviced, which is key for a business with high fixed assets. The relationship structure is clearly segmented based on the advertiser type and the medium they buy.

Dedicated local sales teams for personalized service.

Lamar Advertising Company emphasizes high-quality local sales and service as a core operating strategy. This personal touch is supported by a significant internal sales structure, reflecting the importance of direct, localized client interaction for their core billboard business.

Metric	Value (as of late 2025 data)
Sales - Other Services Employee Ratio	36.8%
Sales Managers & Supervisors Employee Ratio	13.1%
Q3 2025 Net Revenues	$585.5 million
Twelve Months Ended Sept 30, 2025 Revenue	$2.250B

Long-term, defintely sticky advertising contracts.

The nature of outdoor advertising, particularly static billboards, lends itself to longer-term commitments, creating a predictable revenue base. While specific contract lengths aren't published, the stability is implied by the company's focus on maintaining its REIT status, which requires consistent cash flow to cover dividends.

The company's strategy also involves significant investment in digital assets, which often command premium pricing and longer commitments due to the higher production value and inventory cycling capabilities.

Account management for programmatic and national advertisers.

National and airport advertising are noted growth drivers, requiring a more centralized account management approach compared to local sales. The expansion of the programmatic channel, though still small, necessitates specialized account handling for automated buying platforms.

The growth in the digital segment shows where dedicated account management focus is directed for higher-value inventory.

Digital/National Metric	Value (as of late 2025 data)
Digital and Programmatic Revenue Growth (Q3 2025 YoY)	5%
Digital Billboard Units Percentage (as of Q2 2025)	3%
Revenue Multiple (Digital vs. Static Board)	5x
Q3 2025 Capital Spending on Digital Billboards	$25 million

High-touch support for digital content scheduling and deployment.

The significant revenue multiple generated by digital units suggests that the support structure for these assets is high-touch to ensure client creative is deployed effectively and on schedule. This involves managing the complex scheduling across a growing digital footprint.

• Digital units generate approximately 5 times the revenue of static boards.
• Capital expenditures for digital technology were planned at approximately $195 million for the full year 2025.
• The company is actively expanding its out-of-home programmatic channel.
• Executive Vice President of Sales and Marketing is John Miller, overseeing these client-facing functions.

Lamar Advertising Company (LAMR) - Canvas Business Model: Channels

You're looking at how Lamar Advertising Company gets its inventory in front of buyers, which is really about the physical and digital pathways to market. It's a mix of traditional sales muscle and modern digital plumbing.

Direct Sales Force (Local and National)

The direct sales force is the engine for the core billboard business, segmenting its efforts between local advertisers who need immediate, local reach and national agencies buying across multiple markets. For the billboard segment specifically, the split in Q2 2025 showed a clear reliance on the local market.

• Local sales accounted for 79% of billboard revenue in Q2 2025.
• National sales accounted for the remaining 21% of billboard revenue in Q2 2025.

The company's overall net revenue for Q3 2025 reached $585 million, with management noting growth driven by increased national and airport sales. This shows the national team is definitely contributing to the top line.

Programmatic Out-of-Home (p-OOH) platforms

This is the digital evolution of buying billboard space, allowing for automated, data-driven transactions. Lamar Advertising Company is actively pushing this channel, though it still represents a small fraction of the total outdoor business as of late 2025.

• Programmatic advertising currently represents 2% of Lamar Advertising Company's outdoor advertising business.
• In Q3 2025, the digital and programmatic segment saw revenue growth of 5%.
• Looking into the near term following Q2 2025, national programmatic sales were projected to grow by 2.5-3% in Q3 2025.

Billboard network (Bulletins, Posters, Digital)

The billboard network is the largest asset class, combining static inventory with high-growth digital faces. Capital investment is clearly focused on expanding the digital footprint, which commands premium pricing and better programmatic integration. As of the end of 2024, the scale was substantial, and investment continued through 2025.

Lamar Advertising Company planned capital expenditures of approximately $195 million for the full year 2025. In Q3 2025 alone, $25 million of capital spending was devoted specifically to digital billboards.

Billboard Type	Approximate Display Count (As of Dec 31, 2024)	Billboard Revenue Growth (Q3 2025 vs. Prior Year)
Total Billboard Displays	Approximately 159,000	Static billboard revenues were up 2%
Digital Billboards	Over 5,200 (As of Q2 2025)	Digital and programmatic revenue was up 5%
Bulletins (Static)	Majority of static faces (76% of static revenue in 2024)	N/A
Posters (Static)	Minority of static faces (24% of static revenue in 2024)	N/A

Transit and Airport Advertising displays

These channels provide exposure in high-dwell or high-traffic pedestrian/vehicular environments, often captured through contracts with municipalities or airport authorities. Both segments showed strong organic growth in Q2 2025.

Airport advertising was a bright spot, showing organic growth of 11.7% in Q2 2025 and an increase of 6% in Q3 2025 revenue. You see this channel performing well, which is why management noted increased airport sales as a driver for Q3 2025 revenue.

The scale of the transit network as of the end of 2024 was significant:

• Transit advertising displays: Around 47,500 displays across 23 states and Canada.

Interstate Logo Sign system

The Logo Sign system is a unique, highly localized channel, leveraging privatized state contracts to place signs near highway exits advertising nearby services like gas, food, and lodging. This segment demonstrated solid organic growth in the first half of 2025.

Organic growth for logos was 6.1% in Q2 2025. The sheer scale of this network is impressive:

Logo Sign Metric	Data Point (As of Dec 31, 2024)
Privatized State Contracts Operated	23 of 26
Total Logo Sign Displays	Over 138,200 displays
Geographic Footprint	23 states and Ontario, Canada

Finance: draft 13-week cash view by Friday.

Lamar Advertising Company (LAMR) - Canvas Business Model: Customer Segments

You're looking at the core groups Lamar Advertising Company serves, which dictates how they price and package their inventory. Honestly, it's a mix of hyper-local needs and massive national buys.

Local and Regional Businesses (Core customer base).

This group forms the bedrock of the billboard revenue stream. For the first quarter of 2025, local and regional sales were responsible for approximately 82% of the total billboard revenue. By the third quarter of 2025, the split showed continued reliance on this base, with approximately 78% of billboard revenue coming from local sources, which saw year-over-year growth of 1.6% in that quarter. Management is projecting that 80% of their business will remain local heading into 2026.

National Brands and Advertising Agencies.

National advertisers provide a strong counter-balance to the local base, especially through digital and programmatic channels. In Q3 2025, national revenue growth accelerated to 5.5% year-over-year. This segment is closely tied to the programmatic growth figures, which saw a significant jump.

Programmatic Demand-Side Platforms (DSPs) and Trading Desks.

This is a key growth area, showing strong adoption of digital inventory. Programmatic revenue experienced its strongest quarter since Q2 2022 in Q3 2025, growing a little over 13%. In Q1 2025, programmatic advertising delivered nearly 30% year-over-year growth. Overall, digital and programmatic revenue was up 5% in Q3 2025.

Airport and Mass Transit Advertisers.

These specialized inventory types cater to audiences in motion. For the first six months of 2025, transit advertising contributed $82.6 million to total net revenues. Airport advertising showed particular strength in Q3 2025, with revenue increasing by 6% for the quarter.

State and Federal Government Agencies (Logo Sign clients).

While the search results don't explicitly detail government agency spending outside of political advertising, the Logo Sign segment provides a proxy for certain local/state contracts. For the six months ended June 30, 2025, the logo advertising segment generated $44.9 million in revenue. Political advertising, which is often coded as local, saw Q3 2025 revenue of $2.7 million compared to $6.1 million in Q3 2024. Full-year-to-date political revenue for 2025 was $7.4 million, against $29.2 million in 2024.

Here's a quick look at the revenue contribution by segment for the first half of 2025 and the Q3 2025 sales mix breakdown:

Customer/Segment Focus	Financial Metric/Data Point	Value (Latest Available Period)
Billboard Advertising (Core)	Revenue (Six Months Ended 6/30/2025)	$957.2 million
Logo Advertising (State Contracts)	Revenue (Six Months Ended 6/30/2025)	$44.9 million
Transit Advertising	Revenue (Six Months Ended 6/30/2025)	$82.6 million
Local Billboard Sales	Percentage of Billboard Revenue (Q1 2025)	82%
Local Billboard Sales	Percentage of Billboard Revenue (Q3 2025)	78%
National Billboard Sales	Percentage of Billboard Revenue (Q3 2025)	22%
Programmatic Revenue	Year-over-Year Growth (Q3 2025)	Over 13%
Airport Advertising	Revenue Growth (Q3 2025)	6%

The company's focus on digital conversion is clear, as digital units in operation reached 5,442 by the end of Q3 2025. Digital billing represented about 31% of total billboard billing in Q3 2025.

You can see the customer base is heavily weighted toward local needs, but the high-growth channels are where national and programmatic dollars are flowing:

• Core Local Reliance: 78% of billboard revenue in Q3 2025.
• National Growth Driver: National revenue grew 5.5% in Q3 2025.
• Programmatic Velocity: Grew over 13% in Q3 2025.
• Digital Penetration: Digital makes up approximately 31% of billboard billing.
• Airport Strength: Airport segment revenue increased 5.8% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Lamar Advertising Company (LAMR) - Canvas Business Model: Cost Structure

The Cost Structure for Lamar Advertising Company is heavily weighted toward real estate commitments and ongoing investment in its digital infrastructure. You'll see that fixed costs, particularly related to property rights, form a substantial base for their operating expenses.

Billboard site lease and rental payments to landowners represent a foundational, recurring cost. Lamar Advertising has nearly 60,000 landowner partners across the country who receive revenue or lease payments for hosting the structures. This network of property agreements is key to their entire asset base.

Significant capital expenditures are required to maintain and upgrade the network, especially the transition to digital. The company projected capital expenditures at $195 million for 2025 in earlier filings. Later guidance revised the total anticipated capital expenditure for the full year 2025 to $180 million. A critical component of this is the maintenance CapEx, budgeted at $60 million for the full year 2025.

Maintenance and utility costs for the digital network are a continuous outlay, though efficiency improvements help manage them. For instance, a prior move to super-efficient LED lighting on digital billboards reportedly knocked roughly $15 million off annual electrical bills for the industry. The company is focused on remote control solutions to manage illumination and utility usage more effectively.

Operating expenses for the workforce are substantial, supporting sales, maintenance, and corporate functions. Lamar Advertising Company is projected to have a workforce of approximately 3,500 employees in 2025. This is down slightly from the 3,550 employees reported at the end of 2024.

Financing costs are significant due to the scale of their operations. Interest expense on total consolidated debt, which stood at approximately $3.4 billion as of the second and third quarters of 2025, is a major line item. The cash interest expense guidance for the full year 2025 totaled $152,000,000.

Here's a quick look at some of the key financial figures impacting the Cost Structure as of late 2025:

Cost Component	Associated Financial Figure (2025 Data)
Projected Total Capital Expenditures	$195 million
Budgeted Maintenance Capital Expenditures	$60 million
Total Consolidated Debt (as of Q2/Q3 2025)	Approximately $3.4 billion
Full Year 2025 Cash Interest Expense Guidance	$152,000,000
Estimated Workforce Size	Approximately 3,500 employees
Number of Landowner Partners	Nearly 60,000

The cost structure is also influenced by strategic investments in digital assets, which require specific capital allocation:

• Capital allocated to digital technology in 2024 was $60.7 million.
• In Q3 2025, capital spending on digital billboards specifically was $25 million for that quarter alone.
• The company is focused on converting static boards, where digital units generate about 5x the revenue of a static board.

To be fair, managing the cost of real estate is inherently complex, given the need to secure prime viewing locations, which drives the high number of landowner relationships. Finance: draft 13-week cash view by Friday.

Lamar Advertising Company (LAMR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Lamar Advertising Company brings in cash as of late 2025. The revenue engine is built on long-term contracts and high-visibility real estate, so you see steady income from multiple streams.

The top line for the Trailing Twelve Months (TTM) ending September 30, 2025, sits at a solid $2.25 Billion. This reflects growth, with Q3 2025 net revenues hitting $585.5 million, up 3.8% year-over-year for that quarter.

Billboard advertising rentals remain the foundation. You see revenue from both static displays and the increasingly valuable digital inventory. As of the end of 2024, Lamar operated about 159,000 total billboard displays, with 5,000 of those being digital.

The shift to digital is clear in the growth metrics. For Q1 2025, digital billboard revenue increased by 4% and made up approximately 30% of the total billboard revenue. By Q3 2025, the combined digital and programmatic segment showed a 5% increase.

Programmatic advertising is a key growth area you need to watch. This channel saw revenue grow by nearly 30% in Q1 2025, adding about $2 million in that quarter alone.

Beyond billboards, Lamar monetizes other physical spaces. Transit advertising revenue is a component, with the company operating around 47,500 transit advertising displays across states and Canada as of late 2024. Airport advertising is also a contributor, showing a 6% revenue increase in Q3 2025.

Logo Sign advertising fees provide a stable, contracted revenue base. Lamar is the largest provider in the U.S., managing over 138,200 logo sign displays under 23 of 26 privatized state contracts as of December 31, 2024.

Here's a quick look at the components and recent performance indicators for these revenue sources:

• TTM Revenue (as of Q3 2025): $2.25 Billion.
• Q3 2025 Net Revenues: $585.5 million.
• Programmatic revenue growth (Q1 2025): Nearly 30%.
• Digital billboard revenue share (Q1 2025): 30% of total billboard revenue.
• Static billboard revenue growth (Q3 2025): Up 2%.

You can see how the different asset classes are performing based on the latest reported growth rates:

Revenue Stream Component	Latest Reported Growth Rate	Unit Count (as of Dec 2024)
Billboard (Overall)	Digital up 4% (Q1 2025)	159,000 Displays
Billboard (Static)	Up 2% (Q3 2025)	Approx. 154,000 Displays (Implied)
Billboard (Digital)	Up 4% (Q1 2025)	5,000 Displays
Programmatic Advertising	Up nearly 30% (Q1 2025)	Not Applicable (Channel)
Airport Advertising	Up 6% (Q3 2025)	Part of Transit/Other Segment
Logo Sign Advertising	Not Specified	138,200 Displays
Transit Advertising	Not Specified	47,500 Displays

Honestly, the mix shows a clear preference for digital conversion, which is driving the strong programmatic numbers. The core billboard business, split between static and digital, still accounts for the bulk of the $585.5 million quarterly take.