AdSpace sales growth prompts major expansion

In what should be a very positive sign of industry health, AdSpace Networks has announced plans to grow its footprint in shopping malls by a third, adding 40 to the existing base of 113.

That follows year on year ad sales growth in 2010 of 60% and 80% in Q4 2010.

“The addition of 40 new properties will help accelerate growth for our company,” said Eric Steinert, Senior Vice President, Business Development, Adspace Networks.  “We are pleased to be adding new malls with existing partners such as General Growth Properties, PREIT and CBL, while also entering into new mall developer partnerships in the coming months and years.”

The addition of these new Class A malls will increase the network’s monthly traffic to 150 million people, in both enclosed malls and lifestyle centers. Adspace added eight new malls to their footprint in 2010, including their first outdoor lifestyle center in Boston.  Lifestyle centers will be an important area of growth for the Company.

Adspace’s portfolio of advertisers also grew in 2010, with the most significant increase in telecommunications and financial services.  While telecommunications advertising quadrupled, financial services advertising increased seven-fold. Film, television, entertainment and consumer packaged goods are important categories that doubled in 2010 versus prior year.

Dominick Porco, chairman and CEO, said in the release he will be hiring more sales people and movings its offices in New York.

The network now has 1,493, eight and nine-foot-tall plasma screens — called Smart Screens — installed in top US malls.