Lamar Advertising Company (LAMR): Business Model Canvas [Jan-2025 Mis à jour]

Lamar Advertising Company (LAMR) est à la pointe de la publicité en plein air et numérique, transformant la façon dont les entreprises se connectent avec le public grâce à des solutions de marketing innovantes. En tirant stratégiquement les emplacements immobiliers et les technologies numériques de pointe, Lamar a révolutionné le paysage publicitaire, offrant aux entreprises une visibilité sans précédent et une portée ciblée sur les marchés nationaux et locaux. Leur modèle commercial dynamique intègre de manière transparente la publicité traditionnelle de panneaux d'affichage aux réseaux d'affichage numérique, créant un écosystème marketing complet qui offre des expériences publicitaires mesurables et à fort impact pour diverses industries et marques.

Lamar Advertising Company (LAMR) - Modèle d'entreprise: partenariats clés

Entreprises nationales et locales à la recherche d'espace publicitaire en plein air

La société de publicité Lamar s'associe à environ 3 500 entreprises nationales et locales à travers les États-Unis. Les statistiques clés du partenariat comprennent:

Catégorie de partenariat	Nombre d'entreprises	Impact annuel sur les revenus
Marques de vente au détail nationales	850	127,6 millions de dollars
Entreprises locales de petites à moyennes	2,650	89,3 millions de dollars

Plateformes de médias numériques et fournisseurs de technologies

L'écosystème du partenariat technologique comprend:

• Google Marketing Plateforme
• Verizon Media Network
• Adobe Digital Experience Suite

Partenaire technologique	Réalisation de la publicité numérique	Investissement d'intégration annuelle
Google Marketing Plateforme	78 millions d'impressions mensuelles	4,2 millions de dollars
Verizon Media Network	62 millions d'impressions mensuelles	3,7 millions de dollars

Propriétaires immobiliers et gestionnaires immobiliers

Lamar maintient des partenariats avec:

• Gouvernements municipaux
• Propriétaires de terres privées
• Sociétés de gestion de propriété commerciale

Type de partenariat	Total des emplacements	Coût annuel de location de localisation
Emplacements municipaux	1 250 sites	22,5 millions de dollars
Accords fonciers privés	3 750 sites	41,3 millions de dollars

Fournisseurs d'impression et de production

Le réseau de partenariat de production comprend des fournisseurs spécialisés:

• Sociétés d'impression numérique à grand format
• Fabricants de matériel de vinyle et de panneau d'affichage
• Fournisseurs de services d'installation et de maintenance

Catégorie des fournisseurs	Nombre de fournisseurs	Dépenses d'achat annuelles
Vendeurs d'impression numérique	47	18,6 millions de dollars
Fabricants de matériaux	22	12,4 millions de dollars

Agences d'achat de médias et sociétés de marketing

Partenariat marketing Le paysage comprend:

• Agences de publicité nationale
• Conseillers de marketing régionaux
• Plateformes de marketing numérique

Type d'agence	Partenariats totaux	Revenus collaboratifs annuels
Agences de publicité nationale	86	67,9 millions de dollars
Entreprises de marketing régionales	129	42,3 millions de dollars

Lamar Advertising Company (LAMR) - Modèle d'entreprise: activités clés

Gestion de l'espace publicitaire des panneaux d'affichage

Lamar Advertising gère 360 ​​174 affichages publicitaires totaux au quatrième trimestre 2023, notamment:

Type d'affichage	Affichages totaux
Panneaux d'affichage	150,722
Panneaux d'affichage numériques	3,287
Affichages de transit	206,165

Opérations de réseau publicitaire d'affichage numérique

Spécifications du réseau de panneaux d'affichage numérique:

• 3 287 panneaux d'affichage numériques à l'échelle nationale
• Revenus de panneaux numériques moyens: 4 232 $ par affichage par mois
• Les écrans numériques représentent 26,3% des stocks publicitaires totaux

Ventes et marketing des stocks publicitaires

2023 Répartition des revenus publicitaires:

Catégorie publicitaire	Revenu
Publicité locale	712,4 millions de dollars
Publicité nationale	456,2 millions de dollars
Publicité numérique	189,6 millions de dollars

Acquisition de biens et négociation de location

2023 Détails du portefeuille de propriétés:

• Propriétés totales: 1 872 emplacements
• Propriétés louées totales: 17 456 emplacements
• Durée moyenne du bail des biens: 7,3 ans
• Investissement annuel d'acquisition de propriétés: 42,6 millions de dollars

Conception et placement de contenu publicitaire

Statistiques de gestion du contenu:

Métrique de contenu	Volume annuel
Total des campagnes publicitaires gérées	24,567
Durée moyenne de la campagne	45 jours
Taux de rafraîchissement du contenu numérique	3,2 fois par mois

Lamar Advertising Company (LAMR) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier extérieur publicitaire en plein air

Depuis 2024, Lamar Advertising possède et exploite:

• 170 000 visages d'affichage à travers les États-Unis
• Plus de 69 000 unités d'affichage numérique
• Présence dans 48 États et Porto Rico

Type de ressource	Quantité	Couverture géographique
Panneaux d'affichage traditionnels	170,000	À l'échelle nationale
Affichages numériques	69,000	48 États + Porto Rico

Infrastructure de technologie de publicité d'affichage numérique

Les spécifications de la technologie comprennent:

• Systèmes de gestion de contenu à distance
• Capacités d'affichage numérique HD
• Technologie de rotation publicitaire en temps réel

Emplacements du marché géographique stratégique

Détails de la couverture du marché:

• Présence concentrée dans les top 30 des marchés métropolitains
• Emplacements stratégiques dans les couloirs à fort trafic
• Pénétration complète du marché dans les zones urbaines et suburbaines

Équipes professionnelles des ventes et du marketing

Segment d'équipe	Nombre de professionnels
Représentants des ventes	425
Spécialistes du marketing	175

Analyse avancée des données et capacités de ciblage d'audience

Ressources d'analyse des données:

• Plate-forme de mesure du public propriétaire
• Algorithmes de ciblage compatibles avec l'apprentissage automatique
• Technologie de suivi d'impression en temps réel

Capacité d'analyse	Métrique de performance
Poutenir	Plus d'un million d'impressions quotidiennes
Précision de ciblage	98,5% de précision démographique

Lamar Advertising Company (LAMR) - Modèle d'entreprise: propositions de valeur

Plateformes publicitaires à haute visibilité

Lamar Advertising possède 352 521 affichages publicitaires au quatrième trimestre 2023, notamment:

Type d'affichage	Compte total
Panneaux d'affichage	175,261
Panneaux d'affichage numériques	2,900
Affichages de transit	174,360

Atteindre le public local et national ciblé

Statistiques de la couverture du marché:

• Opère dans 48 États américains
• Couvre 81% de la population américaine
• Dessert plus de 200 zones de marché désignées

Diverses options de format publicitaire

Format publicitaire	Pourcentage de revenus
Panneaux d'affichage traditionnels	62%
Affichages numériques	23%
Publicité en transit	15%

Solutions de marketing rentables

Tarifs publicitaires moyens:

• Billboard Location mensuelle: 1 500 $ - 5 000 $
• Taux de panneau d'affichage numérique: 2 500 $ - 7 500 $ par mois
• Publicité en transit: 800 $ - 3 000 $ par mois

Mesures de performance publicitaire mesurables

Capacités de suivi des performances:

• Suivi de l'impression d'affichage numérique
• Métriques d'engagement du public en temps réel
• Mesure du public basé sur la géolocalisation

Lamar Advertising Company (LAMR) - Modèle d'entreprise: relations clients

Partenariats à long terme basés sur les contrats

Depuis le quatrième trimestre 2023, Lamar Advertising maintient 160 contrats publicitaires à long terme avec des clients nationaux et régionaux, avec une durée de contrat moyenne de 3,7 ans. La valeur totale du contrat pour ces partenariats est d'environ 487,3 millions de dollars.

Type de contrat	Nombre de contrats	Durée moyenne	Valeur totale du contrat
Clients nationaux	72	4,2 ans	276,5 millions de dollars
Clients régionaux	88	3,2 ans	210,8 millions de dollars

Services de gestion des comptes dédiés

Lamar Advertising emploie 87 gestionnaires de comptes dédiés desservant des clients de haut niveau, avec une valeur moyenne de portefeuille client de 5,6 millions de dollars par gestionnaire.

• Temps de réponse moyen: 2,3 heures
• Taux de rétention des clients: 92,4%
• Budget annuel de gestion des comptes: 12,7 millions de dollars

Consultation de stratégie publicitaire personnalisée

En 2023, Lamar Advertising a fourni 214 consultations de stratégie publicitaire personnalisées, générant 18,3 millions de dollars de revenus supplémentaires des services de conseil stratégique.

Type de consultation	Nombre de consultations	Revenu moyen par consultation
Stratégie numérique	87	$62,500
Stratégie médiatique traditionnelle	127	$48,000

Représentation des performances et idées d'audience

Lamar Advertising a investi 7,2 millions de dollars dans les technologies de mesure avancées de l'audience en 2023, générant 328 rapports de performance complets pour les clients.

• Capacités de suivi du public en temps réel
• Précision démographique: précision de 94,6%
• Mesure du public: 2,3 millions d'impressions mensuelles

Prise en charge de la plate-forme numérique et assistance technique

La société maintient une équipe de support technique dédiée de 42 spécialistes, avec une moyenne de 1 276 billets de soutien par mois.

Métrique de soutien	Valeur
Temps de résolution moyen	4,7 heures
Évaluation de satisfaction du client	89.3%
Budget de soutien technique annuel	5,6 millions de dollars

Lamar Advertising Company (LAMR) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Lamar Advertising maintient une force de vente directe d'environ 475 représentants commerciaux à travers les États-Unis. L'équipe commerciale génère un chiffre d'affaires annuel de 1,86 milliard de dollars, avec un représentant des ventes moyen produisant 3,92 millions de dollars de contrats publicitaires annuels facturables.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	475
Revenus de ventes annuels	1,86 milliard de dollars
Revenu moyen par représentant des ventes	3,92 millions de dollars

Marché de la publicité en ligne

La plate-forme numérique de Lamar traite environ 22 500 transactions publicitaires numériques mensuelles, avec une valeur de transaction moyenne de 4 750 $. Le marché en ligne génère 106,8 millions de dollars de revenus publicitaires numériques annuels.

Interfaces de plate-forme numérique

Lamar exploite trois interfaces numériques principales:

• Plateforme numérique de Lamargo
• Système de gestion de la publicité mobile
• Portail de suivi des stocks en temps réel

Métriques de plate-forme numérique	2024 performance
Transactions numériques mensuelles	22,500
Valeur de transaction moyenne	$4,750
Revenus numériques annuels	106,8 millions de dollars

Partenariats de marketing et d'agence des médias

Lamar entretient des partenariats avec 287 agences de marketing nationales et régionales. Ces partenariats génèrent 248,5 millions de dollars de revenus publicitaires collaboratifs annuels, ce qui représente 13,4% du total des revenus de l'entreprise.

Salon du commerce de l'industrie et événements de réseautage

En 2024, Lamar participe à 42 salons commerciaux de l'industrie et en réseautage, générant environ 18,3 millions de dollars d'opportunités commerciales directes et d'acquisitions de clients.

Métriques de participation à l'événement	2024 données
Événements totaux de l'industrie	42
Revenus des opportunités d'événements	18,3 millions de dollars

Lamar Advertising Company (LAMR) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises locales

Depuis le quatrième trimestre 2023, Lamar Advertising dessert environ 12 500 clients commerciaux locaux de petite et moyenne taille aux États-Unis.

Type de client	Pénétration du marché	Dépenses annuelles moyennes
Entreprises locales	62% du marché total des SMB	24 500 $ par client
PME régionale	38% du marché total des SMB	18 750 $ par client

Marques nationales de vente au détail et de consommation

Lamar Advertising dessert 385 marques nationales de vente au détail et de consommation en 2023.

• Top 5 des industries représentées:
  • Automobile: 27% du portefeuille de marques nationales
  • Retail: 22% du portefeuille de marques nationales
  • Alimentation et boisson: 18% du portefeuille de marques nationales
  • Technologie: 15% du portefeuille de marques nationales
  • Santé: 10% du portefeuille de marques nationales

Agences de marketing régionales

En 2023, Lamar Advertising a collaboré avec 275 agences de marketing régionales.

Taille de l'agence	Nombre d'agences	Valeur du contrat moyen
Petites agences (1-50 employés)	187	$95,000
Agences moyennes (51-200 employés)	68	$245,000
De grandes agences (200+ employés)	20	$495,000

Industries du divertissement et de l'hôtellerie

La publicité Lamar soutient 215 clients de divertissement et hôteliers en 2023.

• Répartition du client:
  • Casinos et jeux: 42 clients
  • Hôtels et stations: 89 clients
  • Théâtres et lieux de divertissement: 54 clients
  • Parcs à thème: 30 clients

Annonceurs de campagne politique

Au cours du cycle électoral de 2022, Lamar Advertising a travaillé avec 1 247 annonceurs de campagne politique.

Type de campagne	Nombre de campagnes	Dépenses publicitaires totales
Élections locales	876	42,3 millions de dollars
Élections d'État	287	89,6 millions de dollars
Élections fédérales	84	67,2 millions de dollars

Lamar Advertising Company (LAMR) - Modèle d'entreprise: Structure des coûts

Frais de location immobilière et de maintenance des biens

Depuis 2023 Exercice, Lamar Advertising a déclaré 179,3 millions de dollars en frais d'occupation et d'entretien totaux. Cela comprend les coûts pour:

• Accords de location du site de panneau d'affichage
• Location de localisation de l'affichage numérique
• Entretien et entretien des biens

Catégorie de dépenses	Coût annuel
Baux de panneau d'affichage	112,6 millions de dollars
Location de localisation de l'affichage numérique	41,7 millions de dollars
Maintenance des biens	25 millions de dollars

Investissements d'infrastructure technologique numérique

La publicité Lamar a investi 86,4 millions de dollars en infrastructure technologique en 2023, qui comprend:

• Matériel d'affichage numérique
• Connectivité réseau
• Plates-formes logicielles
• Systèmes de cybersécurité

Coût du personnel des ventes et du marketing

Les dépenses du personnel pour les équipes de vente et de marketing ont totalisé 214,7 millions de dollars en 2023.

Catégorie de personnel	Nombre d'employés	Compensation moyenne
Représentants des ventes	687	$95,000
Professionnels du marketing	243	$110,000

Dépenses de production et de conception de contenu

Les coûts de création et de conception de contenu équivalaient à 62,3 millions de dollars en 2023, couvrant:

• Équipes de conception créative
• Développement de contenu numérique
• Production graphique

Plate-forme technologique et maintenance des logiciels

Dépenses de maintenance des logiciels et technologies atteintes 47,9 millions de dollars en 2023.

Catégorie de maintenance technologique	Coût annuel
Licence de logiciel	22,6 millions de dollars
Infrastructure cloud	15,3 millions de dollars
Prise en charge informatique et mises à jour	10 millions de dollars

Lamar Advertising Company (LAMR) - Modèle d'entreprise: Strots de revenus

Billboard Advertising Space Rental

Revenus publicitaires totaux de panneaux d'affichage pour 2023: 1,63 milliard de dollars

Catégorie de panneau d'affichage	Revenus annuels	Pourcentage du total
Panneaux d'affichage statiques	987 millions de dollars	60.6%
Panneaux d'affichage numériques	643 millions de dollars	39.4%

Frais de publicité d'affichage numérique

Revenus publicitaires d'affichage numérique pour 2023: 456,7 millions de dollars

• Taux de location de panneau d'affichage numérique moyen: 2 100 $ par semaine
• Nombre d'affichages numériques: 3 560 unités
• Taux de croissance du marché de l'affichage numérique: 8,3%

Revenus de la plate-forme de publicité en transit

Revenus publicitaires totaux de transport en commun pour 2023: 275,4 millions de dollars

Type de transit	Revenus annuels	Nombre d'emplacements
Publicité en bus	164,2 millions de dollars	2 340 bus
Publicité aéroport	111,2 millions de dollars	87 aéroports

Publicité ciblée basée sur la localisation

Revenus publicitaires basés sur la localisation pour 2023: 189,6 millions de dollars

• Plates-formes géotargères: 42 marchés
• Revenu moyen par campagne ciblée: 45 300 $
• Précision des données de localisation: précision de 95,7%

Ventes de données et d'informations d'audience

Revenus de données et d'informations pour 2023: 87,3 millions de dollars

Type de perspicacité	Revenus annuels	Clients
Demographie du public	52,4 millions de dollars	1 240 clients d'entreprise
Analyse des modèles de trafic	34,9 millions de dollars	890 agences 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.