Tag: "spot revenue"
Pending Business: Howdy Partner. Radio sales pro Steve Lapa writes today about the strange use of the word “partner” for the advertiser on a radio program. Lapa says, “Do our advertisers (customers) really want a partnership in the true sense of the word? Or do our advertisers want what everyone else wants: maximum value at the best price?” Aside from the inaccurate nomenclature, Lapa wonders if the “partner” designation affects the sales effort. Read his column here.
Monday Memo: “Gas cards? OR…Bitcoin?” “Imagine asking a contest winner to choose THAT?” consultant Holland Cooke asks. In this week’s column, he recalls “when radio stunts were fun,” and how a contest “will sound as big as you make it sound.” Read more here.
Audacy First Quarter Net Revenue Up 14%. For the first quarter of 2022, Audacy reports net revenue of $275.3 million, an increase of 14% over the same period in 2021. The company also saw its net loss shrink from $21.6 million in the first quarter of 2021 to $11 million in Q 1 of this year. Audacy provides financial data by segment and reports that spot revenue (national and local) was $173.9 million, while its digital segment (including podcasting) rose 16% to $53 million from the $41.6 million reported in the first quarter of 2021. Audacy also breaks down net revenue by format type and reports music radio revenue was $140.4 million; sports radio revenue was $53 million; and all-news & news/talk revenue was $48.3 million. Audacy president and CEO David Field comments, “I am pleased to report that Audacy posted strong first quarter results, delivering 152% growth in Adjusted EBITDA led by double digit revenue growth in both digital and spot radio. With our scaled, leadership position across broadcasting, podcasting and digital audio and our differentiated premium content offerings, we are well positioned to drive rapid evolution and innovation across the organization to capitalize on the outstanding growth opportunities in the dynamic audio marketplace. In Q1, we launched the Audacy Digital Audience Network, an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting. We are looking forward to a number of exciting additional product and content launches and enhancements over the course of 2022 that will accelerate our audience growth and bolster our advertiser appeal.”
Beasley Broadcast Group Reports Q1 Net Revenue Increase of 15.6%. Reporting its financial data for the first quarter of 2022, Beasley Broadcast Group – parent company of Beasley Media Group – states that net revenue was $55.7 million, an increase of 15.6% over the same period in 2021. The company is also reporting an operating loss of $2.7 million in Q1 compared to an operating loss of $2.5 million in the first quarter of 2021. The increase in operating loss is primarily the result of an increase in operating expenses, which reflects additional cost of sales related to the revenue increase, other expenses related to sports and marketing, and additional expenses related to the company’s digital agency build out. Beasley’s net loss for the quarter fell to $3.7 million compared to the net loss of $10.7 million reported for the same period a year ago. Beasley CEO Caroline Beasley states, “First quarter results highlight ongoing progress toward our goal of returning all of our revenue sources to pre-pandemic levels. Net revenue rose 15.6% inclusive of a 35.5% rise in digital segment revenue, which accounted for 14% of total net revenue in the quarter, marking further success of our digital transformation strategies. Comparing our revenue performance to the first quarter of 2019, revenue was down $2.0 million, or 3.4%, as the 2019 results benefited from events and other revenue that has not fully recovered from the effects of the COVID-19 pandemic. Total outstanding debt as of March 31, 2022 was $300 million, as we did not have any scheduled debt payments during the quarter, and we had $50.7 million of cash and cash equivalents on hand at quarter end. We made an interest payment of approximately $12.9 million in February and repurchased $5 million of our 8.625% senior secured notes at a discount early in the second quarter. Our strong liquidity position enables us to make debt repayments while providing us with increased financial flexibility to pursue a potential acquisition or investment within the digital space, should an opportunity arise that could accelerate our digital growth, provide synergies or improve financial results. Looking ahead to the second quarter and second half of 2022, our focus remains on driving further revenue diversification and audience expansion, improving margins, benefiting from the return of the political cycle, maintaining a strong and flexible balance sheet, reducing net leverage and growing free cash flow. We expect progress on each of these fronts as we continue to close the gap on our pre-pandemic revenue and SOI levels and grow from there. I am extremely proud of our team members across the company for everything they have done and are doing to help us move past the challenges presented by the pandemic. We have clearly accomplished a lot and I believe we have many more opportunities ahead to build the company and enhance stockholder value.”
Ramsey Solutions Wins Webby Award for Borrowed Future Documentary. The documentary film Borrowed Future – produced by Ramsey Solutions – will be recognized as the Best Video Documentary in the Longform category of the 2022 Annual Webby Awards. Known as the “best of the Internet,” the Webby Awards are presented by the International Academy of Digital Arts and Sciences, the leading international awards organization honoring excellence on the Internet. Borrowed Future was originally released as a podcast in 2019 and reveals the inner workings of the predatory student loan industry that keeps borrowers trapped in debt. Directed by David DiCicco, the story follows college graduates who owe between $9,000 and $1 million in student loans, a college graduate who paid cash for college, and a group of high schoolers who haven’t made their choice yet. Leading voices like Mike Rowe, Seth Godin and Dave Ramsey are also featured. For weeks, the film held top spots on multiple streaming platform charts: #1 documentary on Google Play, #2 documentary on Apple TV and #5 documentary (rent or buy category) on Amazon Prime Video. Dave Ramsey says, “There’s no doubt we stirred up a holy ruckus with this documentary, and I’m so proud of the team that put it together. The student loan industry is downright evil. We definitely can’t bank on student loan forgiveness, and it’s about time America said, ‘I’ve had it!’” Webby Awards executive director Claire Graves comments, “Borrowed Future has set the standard for innovation and creativity on the Internet. This award is a testament to the skill, ingenuity, and vision of its creators.” The 26th Annual Webby Awards will take place in New York City on May 16. See more about the film here.
Brandon Tatum Joins Salem Radio Network for Syndicated Radio Program. Conservative media figure and former Tucson police officer Brandon Tatum is joining the Salem Radio Network to fill the slot Larry Elder held until his retirement from radio in early April. He will assume duties as host of the 6:00 pm to 9:00 pm ET program on May 16. The third hour of the program will be repurposed into a podcast. Salem SVP of spoken word Phil Boyce says, “Salem conducted a nationwide search, and some very big names were interested in taking this important slot. Brandon brings a unique talent to Salem, and has a strong following among the nation’s youth, with his involvement with Turning Point USA. His compelling story is riveting.” Tatum has been serving as director of urban outreach for Turning Point USA and hosts the popular program “The Officer Tatum Show” on social media platforms including YouTube. Tatum says, “Words cannot describe what a blessing it is to be a part of the Salem family. I am incredibly humbled and honored to continue the legacy of the great Larry Elder. My mission in life is to serve God with the gifts he has given me. Being the voice of and for the people is one of those gifts.” Additionally, Tatum co-founded Blexit with Candace Owens, an organization “dedicated to changing the narrative in the black community through education, community outreach, and empowerment.” Carl Jackson, who has been subbing as guest host in Elder’s absence both last summer when he ran for governor, and more recently after Elder’s decision to retire from radio, will continue as a regular sub for Tatum.
TALKERS News Notes. Philadelphia sports media legend and Pro Football Hall of Famer Ray Didinger announces he’s retiring from his weekend radio program on Audacy’s WIP, Philadelphia. The station reports that Didinger said on yesterday’s program that he co-hosts with Glen Macnow, “Sunday, May 29th will be my final show. I am ready to transition from Ray Didi to grandpop.” Audacy says Didinger covered the NFL for The Philadelphia Bulletin and The Philadelphia Daily News for over 25 years and in 1995 his name was added to writer’s honor roll in the Pro Football Hall Of Fame. Didinger also worked as a senior producer at NFL Films, as an Eagles TV analyst on NBC Sports Philadelphia…..SiriusXM announces that Jessica Casano-Antonellis joins the company as SVP and head of communications, reporting to chief marketing officer Denise Karkos. In this role, she will be responsible for all aspects of the company’s communications function, including strategic communications, brand reputation management and media relations. Karkos adds, “Jessica is a valued and respected leader who brings a wealth of strategic communications experience in the media, entertainment and technology industries to SiriusXM. She will be an incredible asset to the company and will play a key role as we continue to tell the story of SiriusXM as a leader in audio entertainment.”…..Former KQQZ, St. Louis station owner Bob Romanik – whose self-given nickname was “The Grim Reaper of Radio” – has died at age 72 while in hospice. According to his obit in the Belleville News-Democrat, Romanik served as an East St. Louis police officer and chief of police in both Washington Park and Valmeyer, Illinois during his career. He was a notorious raconteur who liberally used racial epithets on the air and referred to his programming as W.A.R. or White Awareness Radio. In 2020, after attempting to conceal his ownership of KQQZ and failing to show up for FCC hearings on the matter, the Commission permanently dismissed his application for renewal.
The Economy, Roe v Wade, COVID-19, Russia-Ukraine War, Midterms/Trump & the GOP, January 6 Investigation, and Musk & Twitter Among Top News/Talk Stories Over the Weekend. The sinking Dow and NASDAQ, the high price of food & gas, and the ongoing supply chain woes; the reactions to the leaked draft of a Supreme Court decision to reverse Roe v Wade; the rising rate of COVID cases in some parts of the U.S., concerns about new variants, and the ongoing lockdowns in China; Russia’s war in Ukraine and Vladimir Putin’s propaganda; the November midterm elections and Donald Trump’s influence over the GOP; the Justice Department’s investigation into the January 6 Capitol attack; and Elon Musk’s attempt to acquire Twitter were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.
Audacy Third Quarter Net Revenue up 23%. Reporting its 2021 third quarter financial data, Audacy says net revenue was $329.4 million, an increase of 23% compared to the same period in 2020. Spot revenue was $220.6 million, up 21% compared to Q3 of 2020 and digital revenue was $61.4 million, up 30% compared to the same period a year ago. Operating income for the quarter was $29.2 million, compared to an operating loss of $0.3 million in the third quarter of 2020. Audacy president and CEO David J. Field says, “I am pleased to report that Audacy continues to rebound from the pandemic, as third quarter revenues grew 23% over the prior year and 8% sequentially over the second quarter, while EBITDA grew 58% year over year. While many ad categories remain highly impacted as a result of the pandemic, it is great to see an increasing number of categories back above 2019 spending levels. During October, we announced the acquisition of WideOrbit’s digital audio streaming and ad tech business, which we have relaunched as AmperWave, enabling us to accelerate our digital product roadmap and enhance our growth potential… And our podcast studios had a strong quarter of creative, premium original content development including the first release from our 2400Sports studio, our first C13 Features ‘movie for your ears’ in partnership with Endeavor, and the ‘Succession’ companion podcast hosted by Kara Swisher in partnership with HBO Max. We continue to rapidly evolve and fundamentally elevate the organization through a series of strategic acquisitions, organic growth initiatives, structural improvements, talent additions and premium content development and are well positioned to accelerate our growth and capitalize on the exciting opportunities in the dynamically growing audio marketplace.”
Cumulus Audio Active Group: October PPM Audiences Increase. This week’s Cumulus Media Audio Active Group blog focuses on recent information from Nielsen Audio that “as COVID infections fall, public concern over COVID wanes, and commutes to work and school resume,” American AM/FM radio listening “has increased to new highs in the October 2021 48 Portable People Meter markets.” Other noteworthy data includes: 1) Consumers are on the road in their cars; Geopath reports U.S. October 2021 miles traveled were 7% greater than October 2019; Apple Maps says October 2021 driving search volumes surged 59% past pre-COVID levels; 2) U.S. AM/FM radio had its strongest reach performance since COVID, recovering 99% of the March 2020 PPM cume audience in PPM markets; 3) Nielsen October 2021 PPM AQH audiences rose to 96% of March 2020 levels, the second best showing since the pandemic; and 4) Morning audiences exploded to their highest levels in 20 months; Versus a year ago, women 25-54 AQH increased 20% and teen AQH rose a massive 74%. See more from the blog here.
SiriusXM’s Joe Madison Announces Hunger Strike Over Voting Rights Bill. Morning drive talk host Joe Madison says he’s beginning a hunger strike in protest of voting rights not getting passed in the Senate. Madison – a.k.a. The Black Eagle – hosts the morning show on SiriusXM’s Urban View channel. He says, “As a political protest, I am beginning a hunger strike today by abstaining from eating until Congress passes, and President Biden signs, the Freedom to Vote Act or the John Lewis Voting Rights Advancement Act. Both bills were recently passed by the House of Representatives and both have stalled in the Senate. Madison adds, “I call it basically starving for voting rights. And that began on this date. And I repeat just as food is necessary to sustain life, the right to vote is necessary to sustain democracy. Yes, my life matters. My health matters, but our right to vote matters more.”
Hot Radio Guest Speaks at Major Libertarian Gathering. Emeritus finance professor Dr. Murray Sabrin of Ramapo College in New Jersey – one of conservative and liberty-minded talk radio’s most popular “go-to” guests for three decades – recently spoke at the Mises Institute “Supporters Summit” in St. Pete Beach, Florida and outlined his provocative and innovative strategy for medical freedom. Sabrin is the author of Universal Medical Care from Conception to End of Life: The Case for a Single Payer System, where the individual/family is the single payer not the government. In Sabrin’s proposal, medical freedom consists of cash payment for routine care, a super health savings account for more expensive treatment and a catastrophic insurance policy. Also, Sabrin advocates a massive expansion of nonprofit medical centers to replace the $700 billion Medicaid program. He also challenged U.S. Sen. Bernie Sanders (D-VT), who advocates Medicare for All, a government single payer system, to a debate so the American people can hear two diametrically opposing views on the future of medical care in America. To book Professor Sabrin as a hot guest, contact Victoria Jones of DC Radio Company at 917-865-3991 or firstname.lastname@example.org. To view Dr. Murray Sabrin’s 20-minute speech at the Mises Institute event, please click here.
Outkick Partners with Skyview Networks for Ad and Affiliate Sales, Content Distribution. The new relationship between OutKick’s sports talk network and Skyview Networks will have the latter providing network ad sales, affiliate sales and content distribution to Outkick, beginning with the “Outkick 360” program starring Jonathan Hutton, Chad Withrow and Paul Kuharsky. Outkick founder Clay Travis says, “We’re thrilled to work with Skyview to expand OutKick’s brand and reach. Beginning with the ‘OutKick 360’ show, we’re working with the best talent to bring authenticity, perspective and fun back to sports radio. Radio is at the core of OutKick, and we could not ask for better partners than Skyview to grow our network.” Skyview COO and president Steve Jones adds, “We’re excited to be working with the OutKick team in launching a new sports network that provides radio stations dynamic and entertaining programming that will drive ratings and revenue. OutKick’s engaging and knowledgeable hosts with their fan-first sports perspective matched with sports wagering analysis to capture gaming revenue sponsorships fit perfectly with Skyview’s #1 local play-by-play sports position in network radio.”
Audacy Names Brian Benedik Chief Revenue Officer. Media executive Brian Benedik is named chief revenue officer for Audacy, effective December 1. Benedik was most recently VP/global head of revenue for augmented reality developer Niantic. In his new role with Audacy, he’ll lead all aspects of revenue generation across corporate, national, regional and local levels and develop fully integrated, multiplatform sales solutions and breakthrough strategies to attract new revenue streams. Audacy COO Susan Larkin comments, “We’re thrilled to welcome Brian to Audacy and our executive leadership team. His resume speaks for itself, with key roles at audio publishers like Spotify, iHeart Radio, Audible and Katz Media, where his strategic vision enabled the former to quickly elevate from a newcomer in our industry to a multi-billion-dollar leader in the audio streaming space. Brian’s considerable expertise and experience will amplify our revenue generation efforts as Audacy continues its upward trajectory.” Benedik states, “The audio industry is booming with innovation and consumers are enjoying wonderful content experiences across a number of platforms. The Audacy re-imagination efforts are beyond impressive and the portfolio of assets across radio, streaming, podcast, live events, sports play-by-play and sports betting are best in class. I’m looking forward to working with David Field, Susan Larkin and the Audacy executive team to drive value to marketers and our loyal users.”
Biden’s Low Approval Ratings, Supply Chain/Inflation/Gas Prices, COVID-19, January 6 Investigation, COVID Travel Ban Lifted, China’s Military Aggression, and Astroworld Investigation Among Top News/Talk Stories Yesterday (11/8). President Joe Biden’s approval ratings slip to an all-time low of 38% with Americans saying he’s not focusing on the most important issues; the effects of the broken global supply chain, soaring retail prices and record high gas prices; the rate of COVID-19 cases in the U.S., the Appeals Court halt of Biden’s vaccine mandate, and the controversial case of Aaron Rodgers; the investigation into the January 6 Capitol attack; the U.S. lifts the international travel ban; China’s war games using U.S. ship mock-ups; and the investigation into the deadly Astroworld concert in Houston were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.