Today while in New York I walked through Times Square on the way to a meeting with an digital advertising agency. While right in the middle of Time Square I took a moment looking at all the advertising and you cant help but wonder;
- What it costs to advertise in Times Square (ie the CPM rate)?
- How effective the advertising spend is? (ie the ROI)?
- Will this sort of advertising be the first to be removed off budgets in 2009?
So when I got back to my hotel room tonight, I did a little research and found that it costs anywhere from $125,000 to $300,000 a month to advertise on a regular billboard. If it’s electronic with TV screens can cost anywhere from $3 million to $5 million
So I figured, unless the advertising is promoting a Broadway musical around the corner, I think Times Square Advertising is a waste of your advertising budget.
Sure the advertising would reach a great deal of people over time, but how targeted is it? I cant think how they measure Times Square Advertising… thoughts?