Clear Channel Outdoor (CCO) Wells Fargo 8th Annual TMT Summit summary

National advertising trends and outlook

• National ad market showed improvement in 2024, with airports achieving double-digit growth and roadside seeing low single-digit gains, and optimism for continued progress into 2025.

• Airports benefit from a premium, business-focused audience and higher digital penetration, while roadside lags in relevance and flexibility for national advertisers.

• Direct engagement with advertisers, rather than relying solely on agencies, is seen as key to strengthening national ad performance.

• Industry-wide improvements in analytics, especially in reach, frequency, and behavioral data, are needed to better compete for national budgets.

• Partnerships and proprietary platforms like RADAR are enhancing data-driven offerings, but industry standards for audience measurement remain a priority.

Vertical performance and strategic focus

• Media and entertainment vertical improved in 2024, driven by strong film releases, with further growth expected in 2025, though full potential remains unrealized.

• Financial services and auto insurance were less positive, with some large campaigns absent in 2024, but auto insurance showed year-over-year improvement.

• Alcoholic beverages remained flat after a strong 2023, while CPG, especially food, and amusements performed well.

• Pharmaceuticals are seeing broader engagement, with more major advertisers in dialogue and expectations for continued growth as decision cycles lengthen.

• Strategic focus remains on expanding pharma, CPG, beer, and automotive verticals, leveraging data and historical relationships.

Data, analytics, and programmatic evolution

• Advanced behavioral analytics and partnerships (e.g., Circana, IRI, LiveRamp) are helping to meet sophisticated ROI demands, especially in pharma and CPG.

• International experience is leveraged to position the U.S. as a growth market for CPG advertisers, using global relationships and insights.

• Programmatic advertising initially attracted new digital-first advertisers, but now includes traditional buyers shifting budgets for omnichannel access.

• Programmatic CPMs are higher than traditional, reflecting premium inventory and enhanced analytics, with further growth expected as data quality improves.

• Automation and digital trading are expected to be major growth drivers, with ongoing shifts in channel mix and advertiser education needed to raise CPMs.