Clear Channel Outdoor building out digital footprint as revenues climb
May 10, 2011 by Dave Haynes
Clear Channel Outdoor’s latest financials show the media giant is continuing to build out its digital footprint in the United States, with 659 displays across 36 markets by the end of March 2011. The company added 43 in the first quarter.
The company is banging them out because digital is helping the bottom line. “Americas revenue increased $18.3 million compared to the first quarter of 2010,” the company reports, “driven by revenue growth across most of its display types. Bulletin revenues increased primarily due to digital growth driven by the increased number of digital displays. Airport and shelter revenues increased due to higher average rates as a result of improved economic conditions.”
Operating expenses increased $13.9 million during the first quarter of 2011 compared to the same period of 2010. The increase was primarily a result of increased site-lease costs driven by the increase in revenue. The Company also experienced an increase related to structure maintenance and electricity for new digital bulletins as well as existing displays, an increase in commission costs associated with the increase in revenue during 2011 and an increase in other administrative expenses.
Clear Channel Outdoor’s total revenues were up 7%, to $650 million in the first quarter of 2011.
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