Pending Business: March Madness 2024
By Steve Lapa
Lapcom Communications Corp
President
March is half over, and the Madness is just beginning.
Can you feel the social media buzz driven by countless fans from Florida and Iowa to California as they brag and bet on their favorite teams?
Advertising as well is turning to the tournament page and taking on the creative themes that talk to the millions of fans who will fill out their brackets in that new age science called “bracketology.” Is that basketball novice who wins the office money pool because the uniforms were just the right color still in the office? Or how about grandma beating a few experts because she really has been a fan for over 60 years. So much for the science behind “bracketology.”
Industry surveys project nearly $2.7 billion will be wagered during the madness as the dollars flow through legal venues. This year may be a little different as fans in Iowa play a unique role. More on that in a minute.
As a forever basketball fan and a fan of great marketing, March Madness is that rare intersection of high-level athletic performance and competitive marketing execution on full display in front of millions almost every day for nearly three weeks. The summer Olympics in Paris scheduled July 26-Aug 11, come close, but the Olympic games play to a multi-sport, truly global crowd. There is nothing else in sports and marketing that compares to the prolonged, daily intensity surrounding the “Big Dance,” and this year it is truly a dance.
Fans are in for a next-level experience as Iowa’s amazing Caitlin Clark puts Women’s March Madness on the sports map once and for all. This year the social media buzz will have the additional fandom buying every ticket in sight as Caitlin’s Iowa Hawkeyes sold out arenas around the country.
So, what does all this March Madness fandemonium have to do with what we do in sales and marketing? Let’s learn.
1. Watch for marketers who get the emotional connection with the core fans. This year’s messaging will broaden beyond what you might expect.
2. As demographics change, so will creative.
3. Although your marketing may be limited to your local market, watch for new categories that can open your thinking.
Nearly 133 years have passed since Dr. James Naismith grabbed a round ball and a basket. His goal was to invent a simple game to keep a group of young men active during those maddening winter months in Springfield, Massachusetts. If he could only have imagined what he started.
Steve Lapa is the president of Lapcom Communications Corp. based in Palm Beach Gardens, FL. Lapcom is a media sales, marketing, and development consultancy. Contact Steve Lapa via email at: Steve@Lapcomventures.com.
For spring break this year, Sarah and I revisited Sandals Grand Bahamian all-inclusive resort – NOT inexpensive, and very worth it. We’ve already booked same-week-next-year, and we think we know who we’ll see there then.
news/talk/sports WXLM-AM, New London. The first match aired last Saturday (3/16) versus New Mexico United. An additional nine matches will air on the two stations. Cumulus regional vice president Holly Paras says, “I am delighted that our stations will enter into this new broadcasting partnership with Rhode Island FC and help to bring the Southern New England community the passion and drama of this new team and exciting sport.”
weakness in the national and network marketplace, and first-time hurdles in our Subscription Digital Marketing Solutions segment. In total, Digital now represents 51% of Townsquare’s 2023 net revenue and 55% of our 2023 Adjusted Operating Income, and maintained a 30% Adjusted Operating Income margin, consistent with 2022’s margin. The strong cash generation characteristics of our assets allowed us to produce $68 million of cash flow from operations in 2023, an increase of $18 million, or +35%, as compared to the prior year. We could not be more pleased to share that given our strong cash position, we were able to repurchase and retire approximately $27 million of our Unsecured Senior Notes at a discount during the year. In addition, we repurchased $17 million of our common stock, and paid a high-yielding dividend while also investing in our business. We also ended the year with a strong cash balance of $61 million and net leverage of 4.43x, retaining financial flexibility moving forward. Despite the lack of tailwinds at our back in 2023, I am very pleased with how the Townsquare team navigated the progressively challenging economic landscape. We outperformed competitors and gained market share due to our local focus and our digital platform. I believe that our performance over the past several years has demonstrated the efficacy of our Digital First Local Media strategy and validated our focus on local markets outside of the Top 50 U.S. cities, reinvigorating my confidence in our business model and our path moving forward.”
firm to complete its audits of the consolidated financial statements and internal control over financial reporting included in the Form 10-K. Urban One expects its auditor will issue an unqualified opinion on the consolidated financial statements. The reason for the delay is that Urban One has identified material weaknesses in its internal control over financial reporting and as a result, expects some of its internal controls over financial reporting and disclosure controls will be ineffective as of December 31, 2023. The Annual Report on Form 10-K for the year ended December 31, 2023, will describe these material weaknesses, and the Company is implementing plans to remediate them. The company says it does not anticipate any changes to its previously audited financial statements, nor does it expect to report financial results for the fourth quarter and full year ended December 31, 2023 that are materially different from the financial guidance range previously provided by the company during its third quarter earnings call.
from 8:00 am to 10:00 am ET on 90 Audacy stations nationwide. Led by Nick Kostos and Ken Barkley, co-hosts of “You Better You Bet,” “BetQL Countdown to Tip-Off” will serve as breakdowns of the men’s college basketball tournament, featuring a mix of sports betting insight. The show will also welcome talent from across Audacy’s portfolio of sports stations.
and WEPN-AM), but Karmazin said the move had nothing to do with his company not renewing its lease on WEPN-FM (which ends later this summer) but that it’s a company decision. TALKERS noticed that news/talk WTMJ, Milwaukee did not appear in Nielsen’s January PPM survey and reached out to GKB for an explanation, but the company did not reply to our request. Karmazin told Best, “It’s outdated to use one form of media to measure a show, especially one that doesn’t reflect the entire listening audience and viewing audience across all the different ways we distribute our media now.” 
NBCUniversal News Group’s “Dateline NBC” jumps two spots to #2, bumping audiochuck’s “Crime Junkie” to #4. NPR’s “Up First” remains in the #3 position. Other radio-related podcasts of note include Cumulus Podcast Network’s “The Dan Bongino Show” rising one spot to #6, Salem Podcast Network’s “The Charlie Kirk Show” slipping two places to #17, and Cumulus Podcast Network’s “The Mark Levin Show” falling three spots to #27. 
started 29 years ago. Whether it’s helping the first-time gun buyer sort out what she needs to buy, or exposing politicians who claim to be supporters of the Second Amendment while putting restrictions on this right, there’s plenty to talk about. Responsible gun ownership is strong, and I’m glad to be part of movement.” The program – currently heard on more than 260 stations – airs live on Sundays from 2:00 pm to 5:00 pm ET. 
Sports,” on Monday (3/18). The program will cover the athletes, coaches, teams, and sports that have contributed to the explosive worldwide growth of women’s athletics in recent years. The rotating cast of female sports broadcasters includes Laura Okmin, Maggie Gray, Olivia Harlan Dekker, Amber Theoharis, and Amy Lawrence.
February 20.” Audacy awaits FCC approval to complete its restructuring and plans to file its 2023 10-K later this month. The company says it experienced revenue growth of 1% in January, led by a 1% increase in radio revenue and a 7% increase in digital revenue. Audacy chairman, president and CEO David Field comments, “Audacy is off to a strong start in 2024, driving accelerated financial and operating performance, including solid early growth in revenues, key digital metrics, and audience and revenue shares. We look forward to a bright future, capitalizing on our best-in-class balance sheet and our scaled leadership position in the dynamic audio market, distinguished by our exclusive premium content and top positions across the country’s largest markets.”
local political and other key local vertical ad spend, and significant ad growth for connected TV/over-the-top (CTV/OTT), TV OTA, and TV Digital. BIA VP of forecasting & analysis Nicole Ovadia states, “As expected, local political advertising will be substantial this year, and it’s fueling spend across the media landscape. Our slight adjustment down for this year is mainly due to mixed economic signals, a slowdown in certain consumer purchases, and lower than expected spending in Digital and Direct Mail advertising at the end of 2023 that may flow into this year. However, we still anticipate 2024 to be better for local advertising than 2023 and certain media like TV OTA, TV Digital, and CTV/OTT are growing substantially.”
community at-large. The 2024 Leadership Awards honorees are: Don Bouloukos, CBS and ABC Radio executive; Frank Comerford, chief revenue office, president, commercial operations, NBCU Local; Traug Keller, president, ABC Radio Network/SVP, ESPN Radio; Kathleen Kirby, partner, Wiley; Mike McVay, president, McVay Media Consulting; and John Rouse, EVP, ABC Affiliate Relations, Disney Platform Distribution. The Lowry Mays Excellence in Broadcasting Award is bestowed annually on an individual in broadcasting whose work exemplifies innovation, community service, advocacy, and entrepreneurship. The 2024 Lowry Mays Excellence in Broadcasting Award recipient is Erica Farber, president & CEO, RAB. The Broadcasters Foundation Breakfast is complimentary to all in broadcasting. 
at age 69 after suffering a heart attack. St. Pierre served with WABC, New York during his career but worked much of his career in Rhode Island radio and TV. He programmed talk outlets including WPRO-AM, WHJJ-AM, and sports talk WPRV-AM in Providence and anchored sports on WPRI-TV, Providence. He is a member of both the Rhode Island Radio and Television and the City of Pawtucket Halls of Fame. He is survived by his wife Patti. 
dramatically understate AM/FM radio’s shares; 2) AM/FM radio represents the dominant ad-supported audio platform with a 68% overall share and a massive 86% in-car share; 3) In a typical day in America, 95% of Americans never listen to ad-supported Spotify. 94% never listen to ad-supported Pandora; 4) Podcasts’ audience soars. At a 20% share of ad-supported audio, podcasts now represent one out of every five minutes of U.S. ad-supported audio; 5) Among registered voters, AM/FM radio leads in ad-supported audience share (68%) followed by podcasts (21%); 6) After a pandemic lull, the proportion of AM/FM radio listening occurring in-car roars back; and 7) Powered by podcasts, spoken word is on a tear: 40% of all time with ad-supported audio goes to spoken word, up from 27% pre-pandemic. 
last night (3/11). The event was also exclusively video streamed on iHeartRadio’s YouTube channel and broadcast across iHeartMedia radio stations nationwide and on the iHeartRadio app. Winners were named in 32 categories, including Podcast of the Year, which went to “New Heights.” Entertainer Lilly Singh presented the award to co-hosts Jason Kelce and Travis Kelce, who accepted the honor via video. 
director of sales with Cox Media Group. Audacy Houston VP of sales Alana Lujan comments, “Judy’s extensive experience in talent development, coupled with her recent involvement in business development, multi-media buying and digital innovation, makes her a powerhouse addition to Audacy’s sales leadership team. With her expertise, Judy is poised to make an immediate and substantial impact. Here’s to an exciting journey with someone who will bring so much to the table!” Lakin states, “I am thrilled to join the exceptional leadership team at Audacy. The Houston market’s wide variety of broadcast and digital products makes me eager for what will come. The local sales team’s incredible skills and high energy is a tremendous plus to this opportunity.”
WHO morning show. Today, Simon Conway – the station’s PM drive host – was part of the on-air team. Amy Sweet posted the following message to Facebook, “Our sincere appreciation goes out to every listener who has tuned in to WHO over the years, making it possible for us to build upon the rich tradition of excellent programming that sets us apart from other stations. We have truly enjoyed connecting with each one of you through various initiatives designed to foster deeper connections within our beloved community. As we move forward into unknown territories, we are filled with anticipation and hope for what lies ahead!”
audio experienced a 17% decline. The study identified radio app and voice users as super users who shared common traits and expectations. Audacy notes, “These highly engaged individuals demand seamless transitions for Audio across their home, phone, and car systems… Moreover, they exhibit readiness to spend, particularly in high-budget categories like home improvement and financial services, responding actively to targeted radio ads. For advertisers, crafting personalized ads targeted at these audiences presents an exceptional opportunity to guide listeners through all stages of the purchase funnel.” Other key findings of the study include: 1) Nearly half of radio app users sought information about advertised products online after hearing an ad in the car, compared to 22% of all listeners; 2) 31% of radio app users and 27% of voice users visited the store they heard about, doubling the rate of all listeners; and 3) 27% of radio app users purchased advertised products, more than doubling the rate of all listeners.