With 85% of industry revenues already in the hands of the top three players and the billboard supply basically fixed, attractive acquisition targets are growing fewer and farther between.
Lamar generates all of its revenue from advertising. If the advertising market were to decline, CCO would be negatively affected. Overall GDP growth and consumer spending patterns drive advertising spending.
Although digital signage presents great growth opportunities, future regulations limiting brightness or power to distract drivers on major highways may limit digital displays.