big billboards can use a stupid low resolution because the observer distance is so far, you don't need high resolution.
it all comes down to image magnification and observer distance.
Highway billboards yes. Other outdoor advertising, sometimes no. My first job out of college was with Leo Burnett, the huge ad agency in Chicago. They bought about half the outdoor advertising avails in the US at the time (mostly for McDonald's and Philip Morris). Quickly growing was bus stop outdoor, and sometimes we had to reshoot creative for it. It was a fraction of the size, but people sat their staring at it from arms-length. There were some hard lessons back then. An outdoor ad production budget back then was about $150,000 in 1993 dollars, just for the image.
None of this was digital, of course. The people we hired were mostly using medium format.
I'm curious now. Will call a couple people to see what equipment their production people are using. I really couldn't guess, but I doubt it's 24 mp.
EDIT: Interesting. Called a couple guys. For a bus shelter ad (47.5" by 68.5") slumming would be a 90 mp image. They'd prefer 300 mp. Sometimes a photo extends over the complete surface, but sometimes it's just a piece of the area, so a 24 mp image would be fine. On the other hand, they'll often crop out a piece of a photo to use in that fashion, so it varies a lot. Another friend indicated that a lot of people are upsizing smaller images. What's too little resolution? "Know it when I see it." What he's talking about is between 150 and 300 dpi, btw. He's not giving much credit to view distance when people are often leaning against the photo. Also should note that these guys work at large agencies, where they are less likely to purchase stock imagery because they're executing creative concepts that are 9 months in the making/approval. They indicate that there are plenty of smaller agencies that pump out text-on-color-background type ads, and they assume the lower resolutions are used almost exclusively. The upshot: 24 mp is probably used more, but you're getting paid a stock use fee probably < $5k. If you're commissioned for an original photo for an ad, you're getting >$20k and you're not shooting 24 mp if it's for outdoor. But those jobs are more rarified now.
EDIT 2: Had another response from a friend who now works in UK. They’re similar. Minimum on spec sheet is 67mp image in effect, which then gets enlarged. That isn’t necessarily the photo, but the whole ad. Some other interesting requirements, like the fact that it can’t have anything on it that might be mistaken for a traffic signal or sign. Kind of makes sense.
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