LAMAR PUBLICIDADE COMPANY (LAMR): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Lamar Advertising Company (LAMR) fica na vanguarda da publicidade ao ar livre e digital, transformando como as empresas se conectam com o público por meio de soluções de marketing inovadoras. Ao aproveitar estrategicamente os principais locais imobiliários e as tecnologias digitais de ponta, Lamar revolucionou o cenário de publicidade, oferecendo às empresas visibilidade sem precedentes e alcance direcionado nos mercados nacionais e locais. Seu modelo de negócios dinâmico integra perfeitamente a publicidade tradicional da Billboard com redes de exibição digital, criando um ecossistema de marketing abrangente que oferece experiências de publicidade mensuráveis ​​e de alto impacto para diversas indústrias e marcas.

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: Parcerias -chave

Empresas nacionais e locais que buscam espaço de publicidade ao ar livre

A Lamar Advertising Company faz parceria com aproximadamente 3.500 empresas nacionais e locais nos Estados Unidos. As principais estatísticas de parceria incluem:

Categoria de parceria	Número de negócios	Impacto anual da receita
Marcas nacionais de varejo	850	US $ 127,6 milhões
Empresas pequenas a médicas locais	2,650	US $ 89,3 milhões

Plataformas de mídia digital e provedores de tecnologia

O ecossistema de parceria de tecnologia inclui:

• Plataforma de marketing do Google
• Rede de mídia da Verizon
• Suíte de experiência digital Adobe

Parceiro de tecnologia	Alcance de publicidade digital	Investimento anual de integração
Plataforma de marketing do Google	78 milhões de impressões mensais	US $ 4,2 milhões
Rede de mídia da Verizon	62 milhões de impressões mensais	US $ 3,7 milhões

Proprietários de imóveis e gerentes de propriedade

Lamar mantém parcerias com:

• Governos municipais
• Proprietários de terras particulares
• Empresas de gerenciamento de propriedades comerciais

Tipo de parceria	Locais totais	Custo anual de locação de localização
Locais municipais	1.250 sites	US $ 22,5 milhões
Acordos de terras privadas	3.750 sites	US $ 41,3 milhões

Fornecedores de serviços de impressão e produção

A Rede de Parceria de Produção inclui fornecedores especializados:

• Grandes empresas de impressão digital de formato
• Fabricantes de materiais de vinil e outdoor
• Provedores de serviços de instalação e manutenção

Categoria de fornecedores	Número de fornecedores	Gastos anuais de compras
Fornecedores de impressão digital	47	US $ 18,6 milhões
Fabricantes de materiais	22	US $ 12,4 milhões

Agências de compra de mídia e empresas de marketing

O cenário de parceria de marketing compreende:

• Agências de publicidade nacionais
• Consultorias de marketing regional
• Plataformas de marketing digital

Tipo de agência	Total de parcerias	Receita colaborativa anual
Agências de publicidade nacionais	86	US $ 67,9 milhões
Empresas de marketing regional	129	US $ 42,3 milhões

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: Atividades -chave

Gerenciamento de espaço de publicidade em outdoor e de trânsito

A publicidade de Lamar gerencia 360.174 Total de publicidade Displays a partir do quarto trimestre 2023, incluindo:

Tipo de exibição	Total de displays
Outdoors	150,722
Outdoors digitais	3,287
Displays de trânsito	206,165

Operações de rede de publicidade de exibição digital

Especificações de rede de outdoor digital:

• 3.287 outdoors digitais em todo o país
• Receita média de outdoor digital: US $ 4.232 por exibição por mês
• As exibições digitais representam 26,3% do inventário total de publicidade

Vendas e marketing de inventário de publicidade

2023 Receita de publicidade Recutação:

Categoria de publicidade	Receita
Publicidade local	US $ 712,4 milhões
Publicidade nacional	US $ 456,2 milhões
Publicidade digital	US $ 189,6 milhões

Aquisição de propriedades e negociação de arrendamento

2023 Detalhes do portfólio de propriedades:

• Propriedades totais de propriedade: 1.872 locais
• Total de propriedades arrendadas: 17.456 locais
• Duração média da locação de propriedades: 7,3 anos
• Investimento anual de aquisição de propriedades: US $ 42,6 milhões

Projeto e colocação de conteúdo de publicidade

Estatísticas de gerenciamento de conteúdo:

Métrica de conteúdo	Volume anual
Total de campanhas publicitárias gerenciadas	24,567
Duração média da campanha	45 dias
Taxa de atualização de conteúdo digital	3,2 vezes por mês

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: Recursos -chave

Portfólio imobiliário de publicidade externa extensa

A partir de 2024, a Lamar Advertising possui e opera:

• 170.000 rostos da Billboard nos Estados Unidos
• Mais de 69.000 unidades de exibição digital
• Presença em 48 estados e Porto Rico

Tipo de recurso	Quantidade	Cobertura geográfica
Outdoors tradicionais	170,000	Em todo o país
Displays digitais	69,000	48 estados + Porto Rico

Infraestrutura de tecnologia de publicidade de exibição digital

As especificações da tecnologia incluem:

• Sistemas de gerenciamento de conteúdo remotos
• Recursos de exibição digital HD
• Tecnologia de rotação de publicidade em tempo real

Locais estratégicos de mercado geográfico

Detalhes da cobertura do mercado:

• Presença concentrada nos 30 principais mercados metropolitanos
• Locais estratégicos em corredores de alto tráfego
• Penetração abrangente de mercado em áreas urbanas e suburbanas

Equipes profissionais de vendas e marketing

Segmento de equipe	Número de profissionais
Representantes de vendas	425
Especialistas em marketing	175

Recursos avançados de análise de dados e segmentação de público -alvo

Recursos de análise de dados:

• Plataforma de medição de público proprietária
• Algoritmos de segmentação habilitados para aprendizado de máquina
• Tecnologia de rastreamento de impressão em tempo real

Capacidade de análise	Métrica de desempenho
Alcance do público	Mais de 1 milhão de impressões diárias
Direcionamento de precisão	98,5% de precisão demográfica

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: proposições de valor

Plataformas de publicidade de alta visibilidade

A Lamar Advertising possui 352.521 exibições de publicidade a partir do quarto trimestre 2023, incluindo:

Tipo de exibição	Contagem total
Outdoors	175,261
Outdoors digitais	2,900
Displays de trânsito	174,360

Alcance do público local e nacional direcionado

Estatísticas de cobertura do mercado:

• Opera em 48 estados dos EUA
• Cobre 81% da população dos EUA
• Serve mais de 200 áreas de mercado designadas

Diversas opções de formato de publicidade

Formato de publicidade	Porcentagem de receita
Outdoors tradicionais	62%
Displays digitais	23%
Publicidade em trânsito	15%

Soluções de marketing econômicas

Taxas médias de publicidade:

• Aluguel mensal da Billboard: US $ 1.500 - $ 5.000
• Taxas de outdoor digital: US $ 2.500 - US $ 7.500 por mês
• Publicidade de trânsito: US $ 800 - US $ 3.000 por mês

Métricas de desempenho de publicidade mensuráveis

Recursos de rastreamento de desempenho:

• Rastreamento de impressão de exibição digital
• Métricas de engajamento do público em tempo real
• Medição do público baseada em geolocalização

Lamar Advertising Company (LAMR) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir do quarto trimestre de 2023, a Publicidade Lamar mantém 160 contratos de publicidade de longo prazo com clientes nacionais e regionais, com uma duração média do contrato de 3,7 anos. O valor total do contrato para essas parcerias é de aproximadamente US $ 487,3 milhões.

Tipo de contrato	Número de contratos	Duração média	Valor total do contrato
Clientes nacionais	72	4,2 anos	US $ 276,5 milhões
Clientes regionais	88	3,2 anos	US $ 210,8 milhões

Serviços de gerenciamento de contas dedicados

A Lamar Advertising emprega 87 gerentes de conta dedicados que atendem a clientes de primeira linha, com um valor médio de portfólio de clientes de US $ 5,6 milhões por gerente.

• Tempo médio de resposta: 2,3 horas
• Taxa de retenção de clientes: 92,4%
• Orçamento anual de gerenciamento de contas: US $ 12,7 milhões

Consulta de estratégia de publicidade personalizada

Em 2023, a Lamar Advertising forneceu 214 consultas de estratégia de publicidade personalizadas, gerando US $ 18,3 milhões em receita adicional de serviços de consultoria estratégica.

Tipo de consulta	Número de consultas	Receita média por consulta
Estratégia digital	87	$62,500
Estratégia de mídia tradicional	127	$48,000

Relatórios de desempenho e insights do público

A Lamar Advertising investiu US $ 7,2 milhões em tecnologias avançadas de medição de público -alvo em 2023, gerando 328 relatórios de desempenho abrangentes para os clientes.

• Recursos de rastreamento de público em tempo real
• Precisão demográfica: 94,6% de precisão
• Medição de alcance do público: 2,3 milhões de impressões mensais

Suporte à plataforma digital e assistência técnica

A empresa mantém uma equipe de suporte técnico dedicado de 42 especialistas, lidando com uma média de 1.276 ingressos de suporte mensalmente.

Métrica de suporte	Valor
Tempo médio de resolução	4,7 horas
Classificação de satisfação do cliente	89.3%
Orçamento anual de suporte técnico	US $ 5,6 milhões

Lamar Advertising Company (LAMR) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Publicidade Lamar mantém uma força de vendas direta de aproximadamente 475 representantes de vendas nos Estados Unidos. A equipe de vendas gera receita anual de US $ 1,86 bilhão, com um representante médio de vendas produzindo US $ 3,92 milhões em contratos anuais anuais de publicidade.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	475
Receita anual de vendas	US $ 1,86 bilhão
Receita média por representante de vendas	US $ 3,92 milhões

Mercado de publicidade on -line

A plataforma digital de Lamar processa aproximadamente 22.500 transações mensais de publicidade digital, com um valor médio de transação de US $ 4.750. O mercado on -line gera US $ 106,8 milhões em receita anual de publicidade digital.

Interfaces de plataforma digital

Lamar opera três interfaces digitais primárias:

• Plataforma digital Lamargo
• Sistema de gerenciamento de publicidade móvel
• Portal de rastreamento de inventário em tempo real

Métricas de plataforma digital	2024 Performance
Transações digitais mensais	22,500
Valor médio da transação	$4,750
Receita digital anual	US $ 106,8 milhões

Parcerias de agências de marketing e mídia

Lamar mantém parcerias com 287 agências de marketing nacional e regional. Essas parcerias geram US $ 248,5 milhões em receita anual de publicidade colaborativa, representando 13,4% da receita total da empresa.

Feira de Trade Trade e Eventos de Networking da Indústria

Em 2024, Lamar participa de 42 feiras do setor e eventos de rede, gerando aproximadamente US $ 18,3 milhões em oportunidades de negócios diretas e aquisições de clientes.

Métricas de participação no evento	2024 dados
Total de eventos da indústria	42
Receita de oportunidades de evento	US $ 18,3 milhões

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: segmentos de clientes

Pequenas e médias empresas locais

A partir do quarto trimestre de 2023, a Publicidade Lamar atende a aproximadamente 12.500 clientes comerciais locais pequenos e médios nos Estados Unidos.

Tipo de cliente	Penetração de mercado	Gasto médio anual
Empresas locais	62% do mercado total de SMB	US $ 24.500 por cliente
SMBs regionais	38% do mercado total de SMB	US $ 18.750 por cliente

Marcas nacionais de varejo e consumidor

A Publicidade Lamar atende 385 marcas nacionais de varejo e consumidor em 2023.

• As 5 principais indústrias representadas:
  • Automotivo: 27% do portfólio nacional de marcas
  • Varejo: 22% do portfólio nacional de marcas
  • Alimentos e bebidas: 18% do portfólio nacional de marcas
  • Tecnologia: 15% do portfólio nacional de marcas
  • Saúde: 10% do portfólio nacional de marcas

Agências de marketing regional

Em 2023, a Lamar Advertising colaborou com 275 agências de marketing regional.

Tamanho da agência	Número de agências	Valor médio do contrato
Pequenas agências (1-50 funcionários)	187	$95,000
Agências médias (51-200 funcionários)	68	$245,000
Grandes agências (mais de 200 funcionários)	20	$495,000

Indústrias de entretenimento e hospitalidade

A Lamar Advertising suporta 215 clientes de entretenimento e hospitalidade em 2023.

• Redução do cliente:
  • Casinos e jogos: 42 clientes
  • Hotéis e resorts: 89 clientes
  • Teatros e locais de entretenimento: 54 clientes
  • Parques temáticos: 30 clientes

Anunciantes da campanha política

Durante o ciclo eleitoral de 2022, a publicidade Lamar trabalhou com 1.247 anunciantes de campanha política.

Tipo de campanha	Número de campanhas	Gasto total de anúncios
Eleições locais	876	US $ 42,3 milhões
Eleições estaduais	287	US $ 89,6 milhões
Eleições federais	84	US $ 67,2 milhões

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: estrutura de custos

Despesas de arrendamento imobiliário e manutenção de propriedades

A partir de 2023, o ano fiscal, a Lamar Advertising reportou US $ 179,3 milhões em despesas totais de ocupação e manutenção. Isso inclui custos para:

• Acordos de arrendamento de site da Billboard
• Aluguel de localização de exibição digital
• Manutenção de propriedades e manutenção

Categoria de despesa	Custo anual
Arrendamentos de site da Billboard	US $ 112,6 milhões
Aluguel de localização de exibição digital	US $ 41,7 milhões
Manutenção de propriedades	US $ 25 milhões

Investimentos de infraestrutura de tecnologia digital

A publicidade em Lamar investiu US $ 86,4 milhões em infraestrutura tecnológica Durante 2023, que inclui:

• Hardware de exibição digital
• Conectividade de rede
• Plataformas de software
• Sistemas de segurança cibernética

Custos de pessoal de vendas e marketing

As despesas de pessoal para equipes de vendas e marketing totalizaram US $ 214,7 milhões em 2023.

Categoria de pessoal	Número de funcionários	Compensação média
Representantes de vendas	687	$95,000
Profissionais de marketing	243	$110,000

Despesas de produção e design de conteúdo

Criação de conteúdo e custos de design totalizaram US $ 62,3 milhões em 2023, cobrindo:

• Equipes de design criativas
• Desenvolvimento de conteúdo digital
• Produção gráfica

Plataforma tecnológica e manutenção de software

Despesas de manutenção de software e tecnologia alcançadas US $ 47,9 milhões em 2023.

Categoria de manutenção de tecnologia	Custo anual
Licenciamento de software	US $ 22,6 milhões
Infraestrutura em nuvem	US $ 15,3 milhões
Apoio e atualizações de TI	US $ 10 milhões

LAMAR PUBLICIDADE COMPANY (LAMR) - Modelo de negócios: fluxos de receita

Aluguel de espaço de publicidade da Billboard

Receita total de publicidade da Billboard para 2023: US $ 1,63 bilhão

Categoria de Billboard	Receita anual	Porcentagem de total
Outdoors estáticos	US $ 987 milhões	60.6%
Outdoors digitais	US $ 643 milhões	39.4%

Taxas de publicidade de exibição digital

Receita publicitária de exibição digital para 2023: US $ 456,7 milhões

• Taxa média de aluguel de outdoor digital: US $ 2.100 por semana
• Número de displays digitais: 3.560 unidades
• Taxa de crescimento do mercado de exibição digital: 8,3%

Receitas de plataforma de publicidade de trânsito

Receita total de publicidade em trânsito para 2023: US $ 275,4 milhões

Tipo de trânsito	Receita anual	Número de locais
Publicidade de ônibus	US $ 164,2 milhões	2.340 ônibus
Publicidade no aeroporto	US $ 111,2 milhões	87 aeroportos

Publicidade direcionada baseada em localização

Receita de publicidade baseada em localização para 2023: US $ 189,6 milhões

• Plataformas de geotarging: 42 mercados
• Receita média por campanha direcionada: US $ 45.300
• Dados de localização Precisão: 95,7% de precisão

Vendas de insights de dados e público

Receita de dados e insights para 2023: US $ 87,3 milhões

Tipo de insight	Receita anual	Clientes
Demografia da audiência	US $ 52,4 milhões	1.240 clientes corporativos
Análise do padrão de tráfego	US $ 34,9 milhões	890 agências 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.