First Officer reported a billboard with bright red lights conflicted with the PAPI lights and distracted the crew while landing in ATL.

Narrative

Aircraft X ZZZ1 to ATL on (date). Approximate arrival time of XA:20 L. Conditions were IMC with heavy rain and ceilings around 1;000 ft. AGL. Winds were 130 degrees at 15 knots. The descent and arrival were quite turbulent as a frontal line was in the process of passing through the ATL area. We were cleared to intercept the localizer for Runway 8L in preparation for the ILS. The approach itself was nominal. We began to break out of the weather at approximately 2 - 3 miles from the runway threshold. The Pilot Flying (PF) remained on instruments. The Pilot Monitoring (PM) began to crosscheck outside the aircraft looking for approach lighting. At approximately one mile from the runway threshold; the PM noticed a large electronic billboard with bright red lights. We think the billboard is on SR 6 (location pulled from VFR chart on JeppFD-Pro X). It faces to the west. Simultaneously; the PAPIs came into view and; of course; had red lights in view. The red billboard lights were MUCH brighter than the red PAPI lights. The PM realized the opportunity for confusion as the meteorological conditions had put both pilots in the 'Yellow'. He advised the PF to NOT focus on the billboard. In spite of this warning and due to the brightness of the billboard and the fact that it was red; the PF's attention was initially drawn to the billboard and away from the instruments. Acknowledging what happened verbally; the PF focused his attention back inside the aircraft and on the instruments. The approach and landing continued uneventfully. We are submitting this report to bring to your attention the potential confusion the billboard could cause an aircrew when looking for the PAPIs in low visibility conditions. The billboard is bright enough that one's eye could be easily drawn to that billboard; thereby potentially causing an aircraft deviation from the approach. Recommend someone take a good look at the billboard in question to ensure it is not a safety issue for crews in IMC flying this approach in the future.