Outdoor Advertising Industry
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Outdoor advertising industry plays an important role in determining the economy of any country. Outdoor advertising is a very cost effective way of putting across one’s product to the common people. Statistics have indicated that the growth in the revenue due to outdoor advertising industry was approximately 5.5 billion in the year 2002. This sale record in the outdoor advertising market is predicted to go up to around 12.4 billion in the year 2009. Revenues also increased to $298 million in 2002 which escalated by 9% in the year 2005. It is anticipated that this figure may go up to $324 million in the next few years.
Outdoor advertising industry and employment:
In addition to generating revenue for the country, it also provides employment facilities to individuals directly associated or indirectly associated with the advertising industry. It was found that in Florida alone, the total number of jobs available in the outdoor advertising segment or outdoor advertising related segment was 10,000 in the year 2001. It is believed that there will be a decrease in the number of jobs, the job count going down to 7,600 by 2010. The decline can be attributed to diversification in other industries. The Gross revenue product or the GRP was found to be $405 million in the year 2001 and is expected to be $457 million by the year 2010. Statistics also suggest that the real disposal income in the outdoor advertising industry as in 2001 was $264 million which is likely to rise to $311 million in 2010.
Accessing product information:
Growth in the economy of United States of America, has accelerated the production of different products. Every effort is made by the companies to penetrate into the market by opting for better and efficient marketing tools. Outdoor advertising is a very effective economic instrument which enables an individual to access critical information about the new products on the shelf. Outdoor advertising industry also helps individuals to decide about purchasing products. The outdoor advertisers comprise of the entertainment industry, lodging, tourism, telecommunications, amusement, automobile industry etc.
