Analysis of China Outdoor Advertising Market 2025

1、 Overall market size
According to the latest data from institutions such as iResearch, CTR (CCTV Market Research), and CODC (Zhongtian Yingxin), the size of China's outdoor advertising market is expected to reach about 42-45 billion yuan (approximately 5.8-6.2 billion US dollars) in the first half of 2025, a year-on-year increase of about 3% -6% (compared to the same period in 2024).
This growth rate has slowed down compared to 2023 (about 8% -10%), but overall it still maintains steady growth, mainly due to the continued penetration of Digital Out of Home (DOOH) advertising and the return of advertiser budgets brought about by the recovery of offline consumption.

2、 Segmented market performance
Digital Outdoor Advertising (DOOH) remains a growth engine:
In the first half of 2025, digital outdoor advertising (such as LED screens, subway/bus digital screens, commercial interactive screens, etc.) will account for about 65% -70% (about 60% in 2024), with a growth rate of 8% -12%.
Core growth points:
Commercial district LED large screen
The advertising revenue of core business districts such as Sanlitun in Beijing, Nanjing Road in Shanghai, and Wanda Plaza in Shenzhen has increased by about 10% -15%, benefiting from the offline exposure demand of high-end brands (luxury goods, automobiles, beauty).
Subway/Bus Digital Screen
Advertising revenue (such as Beijing, Shanghai, Guangzhou, Shenzhen and other first tier cities) grew by about 5% -8%, mainly from the launch of FMCG (drinks, food) and Internet platforms (takeout, travel APP).
Community/Building Elevator Advertising
The growth rate of outdoor advertising (such as Focus Media and New Tide Media) has slowed down to about 3% -5%, but it is still the largest single segmented market for outdoor advertising (accounting for about 30% -35%), with the main customers still being e-commerce, local life, education, finance and other industries.
Traditional outdoor advertising (static billboards, lightboxes, etc.) continues to shrink
In the first half of 2025, the proportion of traditional outdoor advertising (such as single column, bus stop signs, wall advertising) will decrease to 30% -35% (about 40% in 2024), with a growth rate of only 1% -3%, and even decline in some areas.
Reason:
Advertisers are more inclined towards digital advertising (with real-time adjustment and precise tracking).
Restrictions on urban beautification policies (demolition of inefficient billboards in some cities).
Audience attention shift (young people pay less attention to traditional static advertising).
Outdoor advertising related to transportation (airports, high-speed trains, subways) is relatively stable
Airport advertising:
Affected by the recovery of business travel, the growth rate is about 4% -6%, with the main customers being luxury goods, finance, and high-end automobiles.
High speed rail/train station advertisements:
The growth rate is about 3% -5%, benefiting from the growth of consumption in the sinking market.
Subway advertisement:
The growth rate is about 5% -7%, but fierce competition and price wars have led to a decline in profits for some small and medium-sized operators.
Airport advertising

3、 Revenue situation: Who is growing? Who is declining?
Performance of top companies
Focus Media (002027. SZ): Still the largest elevator advertising company in China, with expected revenue of approximately 5.5-6 billion yuan (RMB) in the first half of 2025, a slight increase of 2% -4% year-on-year. However, the growth rate of net profit has slowed down (approximately 1% -3%), mainly due to intensified market competition.
New Tide Media
(JD Investment): Focusing on community elevator advertising, the revenue for the first half of 2025 is expected to be around 2.5-3 billion yuan, with a growth rate of about 3% -5%, but the losses will narrow due to cost control.
JCDecaux, a foreign giant, maintains stability in the Chinese subway/airport advertising market, with a revenue of approximately 1.5-2 billion yuan in the first half of 2025 and a growth rate of approximately 5% -7%.
Zhaoxun Media (High Speed Rail Advertising): Revenue in the first half of 2025 is expected to be around 800 million to 1 billion yuan, with a growth rate of approximately 4% to 6%, benefiting from the recovery of high-speed rail passenger flow.
Emerging digital outdoor companies (such as Phoenix City and Tulip Media)
The growth rate is relatively fast (about 10% -15%), but the market share is relatively small (about 10% -15% in total), mainly relying on innovative forms such as commercial LED and naked eye 3D screens to attract young consumers.
Small and medium-sized outdoor advertising companies (regional operators): Faced with the dual pressure of rising rent and shrinking advertiser budgets, some companies' revenue has declined by 5% -10%, and industry consolidation is accelerating (with an increase in mergers and acquisitions and bankruptcy cases).
Subway station advertisement

4、 Future Trends (Outlook for the Second Half of 2025)
Digitization continues to dominate growth
(AI+DOOH precise targeting, programmatic purchasing).
The rebound of offline consumption drives short-term growth
(Increase in advertising placement in industries such as catering, tourism, and offline entertainment).
Industry consolidation intensifies
Top companies may acquire small and medium-sized players, and foreign investment may further expand into the Chinese market.
Application of new technologies
(Pilot projects for naked eye 3D, AR interactive advertising, and metaverse outdoor advertising).
In the first half of 2025, the overall outdoor advertising market in China will maintain low-speed growth (3% -6%), with digital outdoor (DOOH) as the main driving force, while traditional advertising forms will continue to shrink.
Top companies such as Focus and New Tide still dominate, but their growth rate is slowing down. Emerging digital outdoor players are growing rapidly but their share is relatively small. In the future, AI driven precision delivery and offline scene innovation (such as AR interaction) will become breakthrough points in the industry.