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Empty Times Square Building generates $23 Million a Year from Digital Ads

dryriver (1010635) writes | about a year ago

Advertising 0

dryriver (1010635) writes "'Advertising things at the right place is proving to be a cash cow, as electronic ads earn about $23mn each year for an empty building at One Times Square – the iconic tourist destination in the New York City. A 25-story Manhattan office building that has long been empty keeps on bringing in millions to its owner as a billboard. Michael Phillips, CEO of Atlanta-based Jamestown Properties, bought One Times Square through a fund in 1997 for $117 million, as the Wall Street Journal reports. Above 100mn pedestrians pass through the square each year, which is 90% more than 16 years ago, says the Times Square Alliance, a non-profit business improvement organization. And this is what makes a price tag for having a company’s name placed on the building the highest in the world, even above such crowded tourist destinations as Piccadilly Circus in London. Dunkin' Brands Group Inc. pays $3.6mn a year for a Dunkin' Donuts digital sign on the One Times Square building, with Anheuser-Busch InBev paying another $3.4mn a year for its advertisement. Sony and News America pay $4mn a year for a shared sign.'"
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