Denver airport's $14.5M sign busted after less than 2 years in use: reports
{{#rendered}} {{/rendered}}Cars line up outside Denver International Airport on Feb. 26, 2019. (Getty Images)
Denver International Airport built a wall of sorts -- a 1,000-foot-long collection of illuminated poles interrupted by large television screens for displaying ads -- but now the wall doesn't work right.
The $14.5 million Panasonic sign has broken down after only 16 months in operation, leaving many questioning if the sign will ever rake in enough ad dollars to recoup the large investment, according to a report.
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{{#rendered}} {{/rendered}}The structure had been gradually deteriorating since being activated in 2017. The airport decided to shut off the “sticks” on April 5 until Panasonic can repair the problems, the Denver Post reported. The sign will still display advertisements on its large television screens in the meantime.
Panasonic received $11.5 from Denver International to build the sign and another $3 million to maintain it over 12 years, the Post reported. The airport grossed only $21,000 on its investment in 2018, prompting city officials to step in to ramp up ad sales, Denver's FOX 31 reported.
The Denver City Council hired an outside advertising firm, Outfront Media LLC, in February, to try to convince companies to place their ads on the multimillion-dollar sign. As per the contract, the airport will receive a minimum of $12,500 in monthly revenue until the sign begins to generate more revenue.
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The airport will receive 67 percent of gross ad sales, the rest going to the firm, Denver International told FOX 31. However, the airport expects to generate revenue at a higher pace in the coming months, expecting $1.2 worth of ad sales by the end of the contract’s first year.