Times Square Billboards Generate Huge Profits
When you watch the ball drop on New Year’s Eve this week in Times Square in New York City, pay attention to the advertising on the building. A recent article in the Wall Street Journal listed these interesting facts:
- One billion people world-wide will view these ads on New Year’s Eve when they watch the ball drop.
- The electronic billboards on the One Times Square building take in more than $23 million annually in sign rentals for the building’s owner Jamestown Properties.
- More than 100 million pedestrians pass through the area each year.
That’s a lot of bang for your marketing buck, but the space isn’t cheap as indicated by the infographic. The signs themselves can range in cost from one million to several million dollars each, but at the rates companies are paying to display their marketing message, the costs are recouped quickly.
The lucrative outdoor advertising contracts have spurred other building owners in the area to put up even larger signs that generate $2 to $4 million or more each year.