Cumulus Media’s 2021 First Quarter Net Revenue Down 11.5%; Net Loss $21.9 Million. Reporting its financial data for the first quarter of 2021, Cumulus Media reveals net revenue for the period was $201.7 million, a decrease of 11.5% from the same period in 2020. The company also is reporting a net loss of $21.9 million compared to the net loss of $7.3 million from the same period in 2020. Breaking down the company’s numbers by segment, broadcast radio spot sales was $92.9 million, a decline of 23.8% from the first quarter of 2020, while network radio (Westwood One) revenue was $62 million, a dip of 5.6% year-over-year. Cumulus Media’s digital segment was up 23.7% on revenue of $27.1 million. Cumulus Media president and CEO Mary Berner says, “Our first quarter results clearly reflect the benefits of our improved operating leverage in a recovering economy. Over the last three months, expanded vaccine distribution and greater economic activity have supported a significant pickup in advertising, leading to a positive revenue trajectory across all our businesses, with particularly strong results in podcasting which was up approximately 35% year-over-year. Additionally, the meaningful permanent cost reductions we initiated in 2020, more than $10 million of which were reflected in the first quarter, positively impacted Q1 2021 EBITDA. Looking ahead, with our strong competitive positioning, growing digital revenue streams, and substantial free cash flow generating potential, we believe we have multiple avenues along which to grow shareholder value.”
iHeartMedia Unveils Private Marketplace for Programmatic Ad Buying for Podcasts. The company says its new Private Marketplace will “provide advertisers with programmatic buying access to distribute their marketing to audiences across the most diverse and comprehensive library of shows in the world from the iHeartPodcast Network – the No. 1 podcast publisher globally – which has more than 30 million US monthly uniques and 257 million global downloads and streams.” iHeartMedia goes on to say that “this new technology allows brand advertisers to create their own unique, tailored marketplaces – composed of their specific audience targets and pricing, to dial up and down across each year as their marketing needs require – across iHeart’s mass reach podcast network, the largest in the world. With this new technology developed through iHeartMedia’s recently acquired Voxnest, advertisers will gain private access to target iHeartMedia’s unparalleled and diverse podcast library by content, geography and consumer psychographics.” iHeartMedia chief data officer and president of revenue strategies Brian Kaminsky adds, “We acquired Voxnest last Fall with the plan to be able to provide podcast advertisers with additional targetable inventory at scale by allowing the effective and efficient monetization across an entire range of podcast inventory. Voxnest connects all of the fragmented platforms that exist in podcasting – the launch of this Private Marketplace is a huge milestone in the podcast industry and advances these capabilities to buyers. Our podcasts attract some of the most engaged and passionate podcast listeners in the world and now advertisers will have massive scale and highly specific targeting at their fingertips, to reach these hundreds of millions of listeners who are now consuming podcasts.”
Audacy to Present at IAB NewFronts and Podcast Upfronts. At today’s IAB NewFronts and next week’s IAB Podcast Upfronts, Audacy – as the exclusive audio-only company represented this year – will showcase its scaled multi-platform audio content and entertainment offerings including a new digital experience, podcast influencer marketplace and new shows from Cadence13 and Pineapple Street Studios. Audacy chief marketing officer Paul Suchman says, “As the #1 creator of original, premium audio content, Audacy’s influential platform connects people to the news, sports, podcasts, and music that matter to them across every device, everywhere they are. At this year’s IAB events, we will demonstrate the unique ability of sound to connect, immerse, captivate and engage audiences like no other medium.” Today’s virtual presentation takes place at 3:15 pm ET and will be followed by virtual experiences from Cadence13, Pineapple Street Studios, and Podcorn companies at the IAB Podcast Upfronts on Thursday, May 13 at 12:50 pm ET.
TALKERS News Notes. Idaho Falls news/talk KLIX-AM adds an FM translator K241DD at 96.1 to its broadcast. The Townsquare Media outlet’s Bill Colley writes on the station’s website that the FM signal, although only 250 watts, travels very well through the river valley…..Cumulus Media’s Westwood One Podcast Network announces the debut of “My World with Jeff Jarrett,” the newest addition to the Conrad Thompson family of podcasts focused on professional wrestling. Westwood One monetizes, markets, and distributes all of Thompson’s podcasts. “My World with Jeff Jarrett” takes listeners on a journey through Jarrett’s illustrious Hall of Fame career from an in-the ring, main-event professional wrestler to a promoter and company owner.” Cumulus Media EVP of marketing and president of Westwood One Suzanne Grimes says, “Conrad Thompson does it again, delivering another unmissable show with a wrestling superstar. Jeff Jarrett is wrestling royalty and has lived a fascinating life – our listeners will devour the stories he shares on his new podcast.”…..Edison Research is presenting “The Infinite Dial 2021 Canada” with and Triton Digital during next Thursday’s webinar. Webinar attendees will “learn about the latest trends among Canadians regarding media usage and consumption habits for streaming audio, podcasting, radio, mobile media, smart speakers, social media behaviors, and more.”
COVID-19, GOP Purge, Barr’s Trump-Mueller Memo, Giuliani Investigation, Border Crisis, Trump’s Facebook Fate, Chauvin Seeks New Trial, and Gates’ Divorce Among Top News/Talk Stories Yesterday (5/4). Concerns about vaccine reluctance, President Joe Biden’s pledge to get 70% of Americans vaccinated by July 4, and India’s soaring death rate; Republicans move to purge U.S. Rep. Liz Cheney and other officeholders who don’t support the stolen election mantra; a judge rules that former U.S. Attorney General William Barr’s memo regarding Donald Trump and the Robert Mueller investigation be made public; the FBI’s investigation of Rudy Giuliani and the mainstream press’ failure to accurately report the story; the migrant crisis at the U.S.-Mexico border and the Biden administration’s immigration policy; Facebook to decide the fate of Donald Trump’s suspended account; Derek Chauvin’s lawyer files a motion for a new trial after photos of a juror at BLM protest surface; and the intrigue over the divorce of Bill and Melinda Gates were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERSmagazine.