The building at 1 Times Square in New York City is nearly 100% vacant.
But if you’re the owner of the building, why should you even care?
That’s because the building takes in a reported near-$25 million per year in advertising revenues – thanks to the digital signage on the building being rented to top brands like Anheuser-Busch, Dunkin’ Donuts and Sony (among others).
Media, Sports & Entertainment Marketing Officer Blaise D’Sylva of Anheuser-Busch keeps it pithy:
“There’s a statement we make in being there – and we think the placement we’ve got is outstanding.”
Of course, there’s more to it than simply “making a statement.” According to the Times Square Alliance, each year more than 100 million pedestrians pass through Times Square.
Moreover, foot traffic volume is running ~90% higher compared to 1996.
I’m quite sure these traffic volumes are central to any go/no-go advertising decisions being made by the big brands.
The Wall Street Journal reports that billboard signage in Times Square is actually the priciest outdoor advertising in the world.
Considering its location at the intersection of “high traffic” and “high trend,” marketers think it’s an investment worth making — and the rates they’re willing to pay proves the point.