Lamar Advertising Company (LAMR): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Lamar Advertising Company (LAMR) está a la vanguardia de la publicidad al aire libre y digital, transformando la forma en que las empresas se conectan con el público a través de soluciones de marketing innovadoras. Al aprovechar estratégicamente las ubicaciones de bienes raíces principales y las tecnologías digitales de vanguardia, Lamar ha revolucionado el panorama publicitario, ofreciendo a las empresas visibilidad sin precedentes y un alcance dirigido en los mercados nacionales y locales. Su modelo de negocio dinámico integra a la perfección la publicidad tradicional de carteles con redes de exhibiciones digitales, creando un ecosistema de marketing integral que ofrece experiencias publicitarias medibles y de alto impacto para diversas industrias y marcas.

Lamar Advertising Company (LAMR) - Modelo de negocio: asociaciones clave

Empresas nacionales y locales que buscan espacio publicitario al aire libre

Lamar Advertising Company se asocia con aproximadamente 3.500 empresas nacionales y locales en los Estados Unidos. Las estadísticas clave de la asociación incluyen:

Categoría de asociación	Número de negocios	Impacto anual de ingresos
Marcas minoristas nacionales	850	$ 127.6 millones
Empresas locales pequeñas a medianas	2,650	$ 89.3 millones

Plataformas de medios digitales y proveedores de tecnología

El ecosistema de asociación tecnológica incluye:

• Plataforma de marketing de Google
• Red de medios de verizon
• Suite de experiencia digital de Adobe

Socio tecnológico	Alcance de publicidad digital	Inversión de integración anual
Plataforma de marketing de Google	78 millones de impresiones mensuales	$ 4.2 millones
Red de medios de verizon	62 millones de impresiones mensuales	$ 3.7 millones

Propietarios de bienes raíces y administradores de propiedades

Lamar mantiene asociaciones con:

• Gobiernos municipales
• Dueños de tierras privadas
• Empresas de administración de propiedades comerciales

Tipo de asociación	Ubicaciones totales	Costo de arrendamiento de ubicación anual
Ubicaciones municipales	1.250 sitios	$ 22.5 millones
Acuerdos de tierras privadas	3.750 sitios	$ 41.3 millones

Proveedores de servicios de impresión y producción

La red de asociación de producción incluye proveedores especializados:

• Empresas de impresión digital de gran formato
• Fabricantes de materiales de vinilo y cartelera
• Proveedores de servicios de instalación y mantenimiento

Categoría de proveedor	Número de proveedores	Gasto anual de adquisiciones
Proveedores de impresión digital	47	$ 18.6 millones
Fabricantes de materiales	22	$ 12.4 millones

Agencias de compra de medios y empresas de marketing

El panorama de la asociación de marketing comprende:

• Agencias de publicidad nacionales
• Consultorías de marketing regionales
• Plataformas de marketing digital

Tipo de agencia	Total de asociaciones	Ingresos colaborativos anuales
Agencias de publicidad nacionales	86	$ 67.9 millones
Empresas de marketing regionales	129	$ 42.3 millones

Lamar Advertising Company (LAMR) - Modelo de negocio: actividades clave

Billboard y Tránsito de Administración de Espacios de Publicidad

Lamar Advertising administra 360,174 pantallas publicitarias totales a partir del cuarto trimestre de 2023, incluyendo:

Tipo de visualización	Pantallas totales
Cartelera	150,722
Carteleras digitales	3,287
Pantallas de tránsito	206,165

Operaciones de red de publicidad de pantalla digital

Especificaciones de red de cartelera digital:

• 3.287 vallas publicitarias digitales en todo el país
• Ingresos promedio de valores publicitarios digitales: $ 4,232 por pantalla por mes
• Las pantallas digitales representan el 26.3% del inventario de publicidad total

Ventas y marketing del inventario publicitario

2023 Desglose de ingresos publicitarios:

Categoría publicitaria	Ganancia
Publicidad local	$ 712.4 millones
Publicidad nacional	$ 456.2 millones
Publicidad digital	$ 189.6 millones

Adquisición de propiedades y negociación de arrendamiento

2023 Detalles de la cartera de propiedades:

• Propiedades totales de propiedad: 1.872 ubicaciones
• Propiedades alquiladas totales: 17,456 ubicaciones
• Duración promedio de arrendamiento de propiedad: 7.3 años
• Inversión anual de adquisición de propiedades: $ 42.6 millones

Diseño y colocación de contenido publicitario

Estadísticas de gestión de contenido:

Métrico de contenido	Volumen anual
Total de campañas publicitarias administradas	24,567
Duración promedio de la campaña	45 días
Tasa de actualización de contenido digital	3.2 veces al mes

Lamar Advertising Company (LAMR) - Modelo de negocio: recursos clave

Extensa cartera de bienes raíces de publicidad al aire libre

A partir de 2024, Lamar Advertising posee y opera:

• 170,000 caras de cartel en todo Estados Unidos
• Más de 69,000 unidades de visualización digital
• Presencia en 48 estados y Puerto Rico

Tipo de recurso	Cantidad	Cobertura geográfica
Carteleras tradicionales	170,000	A escala nacional
Pantallas digitales	69,000	48 estados + Puerto Rico

Infraestructura de tecnología de publicidad de exhibición digital

Las especificaciones de la tecnología incluyen:

• Sistemas de gestión de contenido remoto
• Capacidades de visualización digital HD
• Tecnología de rotación publicitaria en tiempo real

Ubicaciones de mercado geográfico estratégico

Detalles de la cobertura del mercado:

• Presencia concentrada en los 30 principales mercados metropolitanos
• Ubicaciones estratégicas en corredores de alto tráfico
• Penetración integral del mercado en áreas urbanas y suburbanas

Equipos profesionales de ventas y marketing

Segmento de equipo	Número de profesionales
Representantes de ventas	425
Especialistas en marketing	175

Análisis de datos avanzado y capacidades de orientación de la audiencia

Recursos de análisis de datos:

• Plataforma de medición de audiencia patentada
• Algoritmos de orging de orientación habilitada para el aprendizaje automático
• Tecnología de seguimiento de impresiones en tiempo real

Capacidad analítica	Métrico de rendimiento
Alcance de la audiencia	Más de 1 millón de impresiones diarias
Precisión de orientación	98.5% precisión demográfica

Lamar Advertising Company (LAMR) - Modelo de negocio: propuestas de valor

Plataformas de publicidad de alta visibilidad

La publicidad de Lamar posee 352,521 pantallas publicitarias a partir del cuarto trimestre de 2023, que incluye:

Tipo de visualización	Recuento total
Cartelera	175,261
Carteleras digitales	2,900
Pantallas de tránsito	174,360

Alcance de audiencia local y nacional dirigido

Estadísticas de cobertura del mercado:

• Opera en 48 estados de EE. UU.
• Cubre el 81% de la población estadounidense
• Sirve más de 200 áreas de mercado designadas

Diversas opciones de formato publicitario

Formato publicitario	Porcentaje de ingresos
Carteleras tradicionales	62%
Pantallas digitales	23%
Publicidad de tránsito	15%

Soluciones de marketing rentables

Tarifas publicitarias promedio:

• Alquiler mensual de Billboard: $ 1,500 - $ 5,000
• Tarifas de carteles digitales: $ 2,500 - $ 7,500 por mes
• Publicidad de tránsito: $ 800 - $ 3,000 por mes

Métricas de rendimiento de publicidad medible

Capacidades de seguimiento de rendimiento:

• Seguimiento de impresiones de pantalla digital
• Métricas de compromiso de audiencia en tiempo real
• Medición de audiencia basada en la geolocalización

Lamar Advertising Company (LAMR) - Modelo de negocio: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir del cuarto trimestre de 2023, Lamar Advertising mantiene 160 contratos de publicidad a largo plazo con clientes nacionales y regionales, con una duración promedio de contratos de 3.7 años. El valor total del contrato para estas asociaciones es de aproximadamente $ 487.3 millones.

Tipo de contrato	Número de contratos	Duración promedio	Valor total del contrato
Clientes nacionales	72	4.2 años	$ 276.5 millones
Clientes regionales	88	3.2 años	$ 210.8 millones

Servicios de gestión de cuentas dedicados

La publicidad Lamar emplea a 87 gerentes de cuentas dedicados que atienden a clientes de primer nivel, con un valor promedio de cartera de clientes de $ 5.6 millones por gerente.

• Tiempo de respuesta promedio: 2.3 horas
• Tasa de retención del cliente: 92.4%
• Presupuesto anual de gestión de cuentas: $ 12.7 millones

Consulta de estrategia publicitaria personalizada

En 2023, Lamar Advertising proporcionó 214 consultas de estrategia publicitaria personalizadas, generando $ 18.3 millones en ingresos adicionales de los servicios de asesoramiento estratégico.

Tipo de consulta	Número de consultas	Ingresos promedio por consulta
Estrategia digital	87	$62,500
Estrategia de medios tradicional	127	$48,000

Informes de interpretación e información de audiencia

Lamar Advertising invirtió $ 7.2 millones en tecnologías avanzadas de medición de audiencia en 2023, generando 328 informes integrales de rendimiento para los clientes.

• Capacidades de seguimiento de audiencia en tiempo real
• Precisión demográfica: 94.6% de precisión
• Medición del alcance de la audiencia: 2.3 millones de impresiones mensuales

Soporte de plataforma digital y asistencia técnica

La compañía mantiene un equipo de soporte técnico dedicado de 42 especialistas, manejando un promedio de 1,276 boletos de soporte mensualmente.

Métrico de soporte	Valor
Tiempo de resolución promedio	4.7 horas
Calificación de satisfacción del cliente	89.3%
Presupuesto anual de soporte técnico	$ 5.6 millones

Lamar Advertising Company (LAMR) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Lamar Advertising mantiene una fuerza de ventas directa de aproximadamente 475 representantes de ventas en los Estados Unidos. El equipo de ventas genera ingresos anuales de $ 1.86 mil millones, con un representante de ventas promedio que produce $ 3.92 millones en contratos publicitarios anuales.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	475
Ingresos anuales de ventas	$ 1.86 mil millones
Ingresos promedio por representante de ventas	$ 3.92 millones

Mercado de publicidad en línea

La plataforma digital de Lamar procesa aproximadamente 22,500 transacciones mensuales de publicidad digital, con un valor de transacción promedio de $ 4,750. El mercado en línea genera $ 106.8 millones en ingresos anuales de publicidad digital.

Interfaces de plataforma digital

Lamar opera tres interfaces digitales primarias:

• Plataforma digital de Lamargo
• Sistema de gestión de publicidad móvil
• Portal de seguimiento de inventario en tiempo real

Métricas de plataforma digital	2024 rendimiento
Transacciones digitales mensuales	22,500
Valor de transacción promedio	$4,750
Ingresos digitales anuales	$ 106.8 millones

Asociación de la agencia de marketing y medios

Lamar mantiene asociaciones con 287 agencias de marketing nacionales y regionales. Estas asociaciones generan $ 248.5 millones en ingresos de publicidad colaborativa anual, lo que representa el 13.4% de los ingresos totales de la compañía.

Feria comercial de la industria y eventos de redes

En 2024, Lamar participa en 42 ferias comerciales de la industria y eventos de redes, generando aproximadamente $ 18.3 millones en oportunidades comerciales directas y adquisiciones de clientes.

Métricas de participación de eventos	2024 datos
Eventos de la industria total	42
Ingresos de las oportunidades de eventos	$ 18.3 millones

Lamar Advertising Company (LAMR) - Modelo de negocio: segmentos de clientes

Empresas locales pequeñas y medianas

A partir del cuarto trimestre de 2023, Lamar Advertising atiende a aproximadamente 12.500 clientes comerciales pequeños y medianos locales en los Estados Unidos.

Tipo de cliente	Penetración del mercado	Gasto anual promedio
Empresas locales	62% del mercado total de SMB	$ 24,500 por cliente
PYME regionales	38% del mercado total de SMB	$ 18,750 por cliente

Marcas minoristas y de consumo nacionales

La publicidad Lamar atiende a 385 marcas nacionales minoristas y de consumo en 2023.

• Las 5 industrias principales representadas:
  • Automotriz: 27% de la cartera de marcas nacionales
  • Minorista: 22% de la cartera de marcas nacionales
  • Alimentos y bebidas: 18% de la cartera de marcas nacionales
  • Tecnología: 15% de la cartera de marcas nacionales
  • Atención médica: 10% de la cartera de marcas nacionales

Agencias de marketing regionales

En 2023, Lamar Advertising colaboró ​​con 275 agencias de marketing regional.

Tamaño de la agencia	Número de agencias	Valor de contrato promedio
Pequeñas agencias (1-50 empleados)	187	$95,000
Agencias medianas (51-200 empleados)	68	$245,000
Grandes agencias (200+ empleados)	20	$495,000

Industrias de entretenimiento y hospitalidad

La publicidad Lamar admite 215 clientes de entretenimiento y hospitalidad en 2023.

• Desglose del cliente:
  • Casinos y juegos: 42 clientes
  • Hoteles y resorts: 89 clientes
  • Teatros y lugares de entretenimiento: 54 clientes
  • Parques temáticos: 30 clientes

Anunciantes de campaña política

Durante el ciclo electoral de 2022, Lamar Advertising trabajó con 1,247 anunciantes de campaña política.

Tipo de campaña	Número de campañas	Gasto publicitario total
Elecciones locales	876	$ 42.3 millones
Elecciones estatales	287	$ 89.6 millones
Elecciones federales	84	$ 67.2 millones

Lamar Advertising Company (LAMR) - Modelo de negocio: Estructura de costos

Gastos de arrendamiento de bienes raíces y mantenimiento de la propiedad

A partir del año fiscal 2023, Lamar Advertising reportó $ 179.3 millones en gastos de ocupación y mantenimiento total. Esto incluye costos para:

• Contratos de arrendamiento del sitio de Billboard
• Alquiler de ubicaciones de visualización digital
• Mantenimiento y mantenimiento de la propiedad

Categoría de gastos	Costo anual
Arrendamientos del sitio de cartelera	$ 112.6 millones
Alquiler de ubicaciones de visualización digital	$ 41.7 millones
Mantenimiento de la propiedad	$ 25 millones

Inversiones de infraestructura de tecnología digital

Publicidad de Lamar invertida $ 86.4 millones en infraestructura tecnológica Durante 2023, que incluye:

• Hardware de visualización digital
• Conectividad de red
• Plataformas de software
• Sistemas de ciberseguridad

Costos del personal de ventas y marketing

Los gastos de personal para los equipos de ventas y marketing totalizaron $ 214.7 millones en 2023.

Categoría de personal	Número de empleados	Compensación promedio
Representantes de ventas	687	$95,000
Profesionales de marketing	243	$110,000

Producción de contenido y gastos de diseño

La creación de contenido y los costos de diseño ascendieron a $ 62.3 millones en 2023, cubriendo:

• Equipos de diseño creativo
• Desarrollo de contenido digital
• Producción gráfica

Plataforma tecnológica y mantenimiento de software

Los gastos de mantenimiento de software y tecnología alcanzaron $ 47.9 millones en 2023.

Categoría de mantenimiento de tecnología	Costo anual
Licencia de software	$ 22.6 millones
Infraestructura en la nube	$ 15.3 millones
Soporte y actualizaciones	$ 10 millones

Lamar Advertising Company (LAMR) - Modelo de negocio: flujos de ingresos

Alquiler de espacio publicitario de publicidad de cartelera

Ingresos publicitarios totales de Billboard para 2023: $ 1.63 mil millones

Categoría de cartelera	Ingresos anuales	Porcentaje de total
Vallas publicitarias estáticas	$ 987 millones	60.6%
Carteleras digitales	$ 643 millones	39.4%

Tarifas publicitarias de exhibición digital

Ingresos publicitarios de exhibición digital para 2023: $ 456.7 millones

• Tasa promedio de alquiler de sujeckboard digital: $ 2,100 por semana
• Número de pantallas digitales: 3,560 unidades
• Tasa de crecimiento del mercado de exhibición digital: 8.3%

Ingresos de la plataforma de publicidad de tránsito

Ingresos publicitarios de tránsito total para 2023: $ 275.4 millones

Tipo de tránsito	Ingresos anuales	Número de ubicaciones
Publicidad en autobús	$ 164.2 millones	2,340 autobuses
Publicidad en el aeropuerto	$ 111.2 millones	87 aeropuertos

Publicidad dirigida basada en la ubicación

Ingresos publicitarios basados ​​en la ubicación para 2023: $ 189.6 millones

• Plataformas de geotargeting: 42 mercados
• Ingresos promedio por campaña dirigida: $ 45,300
• Precisión de datos de ubicación: 95.7% de precisión

Ventas de información de datos y audiencia

Ingresos de datos e información para 2023: $ 87.3 millones

Tipo de información	Ingresos anuales	Clientes
Demografía de la audiencia	$ 52.4 millones	1.240 clientes corporativos
Análisis de patrones de tráfico	$ 34.9 millones	890 agencias de marketing

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.