TfL revenue further hit by advertising shortfall

Transport for London’s finances have taken a real hit since the Coronavirus restrictions were introduced last March, with a huge drop in fare revenue leading to a series of central government bailouts adding up to more than £4 billion. But now figures show that advertising revenue has fallen too, meaning the operator has missed out on another £100 million of funds

London’s financial paper City AM reports the drop in journeys, which reached 90% at one point, caused advertisers to withdraw from the 100,000 billboards, posters and panels that span TfL’s Tube, rail and bus network – so much so that its commercial income plummeted by more than two thirds to £50m in the year to the end of March.

Before the pandemic hit, TfL recorded annual commercial revenue growth to £158.3m in 2019.

“The glib answer is that ‘it is what it is’, but that it is a hell of a lot better than it could have been,” TfL’s customer and revenue director Chris Macleod told the Guardian.

“It has been likened to reverse marketing. Essentially, we sell eyeballs as a commercial package and when we encouraged people to follow government guidelines, and not travel, that, of course, hurt us. From an anti-marketing point of view it was a great success, passenger numbers on the tube fell 90%. But the read-across to the commercial world was, of course, not great.”

(Picture – Highways News)


Related Stories


All the latest highways news direct to your inbox every week day

Subscribe now

This website uses cookies to ensure you get the best experience on our website.