Industry News

Townsquare Media Q4 2022 Net Revenue Up 8.8%; Full Year Up 10.8%

Townsquare Media reports operating results from the fourth quarter of 2022 and for the full year. Net revenue for Q4 of 2022 was $120.3 million, an increase of 8.8% over the same period in 2021. For the full year of 2022, net revenue was $463 million, an increase of 10.8% over the full year of 2021. While net income was up over 100% in Q4 of 2022 over Q4 of 2021, net income for the full year 2022 was $14.4 million, down 23.4% over the full year 2021. While Broadcast Advertising net revenue for the full year 2022 was up 3.8% over the full year 2021, Townsquare is upbeat about its Digital segment. CEO Bill Wilson says, “I am proud to report that Townsquare’s transformation into a Digital First Local Media Company allowed us to deliver record results in 2022 despite a progressively challenging economic landscape… 2022 was a significant inflection point for our company. It marked the first year where radio no longer comprised the majority of our revenue and profit, further separating Townsquare from our local media peers, and placing a spotlight on our world-class team and our unique and differentiated strategy, assets, platforms and solutions. Our growth engine has been and will continue to be our digital solutions, which were the primary driver of our 2022 growth. Total digital revenue increased +16% year-over-year (and +12% in the fourth quarter) to $231 million, and total digital Adjusted Operating Income increased +12% year-over-year to $69 million, representing a 30% profit margin. We believe Townsquare’s ability to drive profitable, sustainable digital growth is a key differentiator for our company, and we reaffirm our expectation that our digital revenue will grow to at least $275 million by 2024. We are uniquely positioned as a Digital First Local Media Company focused principally on markets outside of the Top 50 in the United States, with a resilient digital growth engine supported by both a recurring subscription digital marketing solutions business, with a large addressable market and limited competition, and a highly differentiated digital advertising technology platform. We believe that our business model and strategy position us to weather the current economic environment better than most… Our success has been and will continue to be the result of the Townsquare Team focusing on what we do best: creating high quality, local original content for our audiences and delivering creative and cost-effective marketing solutions for our local clients with strong return on investment.”

Industry News

Salem Q4 2022 Revenue Falls 0.5%; Full Year Revenue Up 3.4%

Salem Media Group’s total revenue during the fourth quarter of 2022 was $68.8 million, down 0.5% compared to Q4 of 2021. For the full year 2022, total revenue was $205.3 million, an increase of 3.4% over the full year of 2021. The company reports a loss of $2.2 million for Q4 of 2022 and a loss of $3.2 million for the full year of 2022. Salem reports in segments and for the fourth quarter of 2022, net Broadcast revenue increased 4.5% to $53.3 million from $51 million in the same period in 2021. However, Digital media revenue decreased 10.3% to $10.4 million from $11.6 million in Q4 of 2021. The Publishing segment decreased 21.3% to $5.2 million from $6.5 million in the same period a year ago. For the full year of 2022, net Broadcast revenue increased 7.2% to $205.3 million from $191.4 million in 2021. Digital media revenue decreased 1.2% to $41.7 million from $42.2 million, and Publishing revenue decreased 18.9% to $20 million from $24.6 million in 2021. Looking ahead, Salem offers guidance for the first quarter of 2023, saying, “The company is projecting total revenue to be between flat and a decline of 2% from the first quarter 2022 total revenue of $62.6 million.”

Industry News

Saga Communications Q4 2022 Revenue Up 3.3%; Full Year 2022 Up 6%

Reporting its operating results for the fourth quarter of 2022 and for the full year, Saga Communications reports net revenue increased 3.3% to $30.1 million for Q4 of 2022, compared to $29.2 million for the same period a year ago. It says net revenue increased 6% to $114.9 million for the full year of 2022 compared to $108.3 million for the full year of 2021. Although net income rose almost 16% to $4.27 million in Q4 of 2022, Saga’s net income dipped 17.5% to $9.2 million for the full year of 2022. The company adds, “Despite strong underlying performance the results were impacted by one-time payments during the 3rd quarter related to the passing in August of our founder Ed Christian. As a result of Ed Christian’s passing, the company was required to make several payments to his estate as outlined in his employment agreement. Without these expenses operating income would have increased 12.3% to $16.9 million, free cash flow would have been approximately flat with last year at $13.6 million and net income would have increased 16.8% to $13 million.”

Industry News

SiriusXM 2022 Q4 Revenue Flat; 2022 Up 4% Over 2021

SiriusXM reports results from the fourth quarter of 2022 as well as the year in full. For Q4, revenue was $2.28 billion, flat compared to the same period in 2021. For the full year of 2022, revenue was $9.0 billion, an increase of 4% over the full year of 2021. The company ended 2022 with 32.4 million self-pay subscribers, an increase of 348,000 for the year, aided by a growing base of streaming-only subscribers. Net income for Q4 of 2022 was $365 million, up from the $318 million posted in Q4 of 2021. For the year, net income was $1.2 billion, down from the $1.3 billion reported in 2021. CEO Jennifer Witz says, “2022 was a strong year for SiriusXM, as we continued to focus on bringing consumers the best in audio entertainment both in-car and on the go, reaching record high revenue and record low churn. Our strong operating and financial performance in 2022 are a testament to our resilient business model and growing contribution from streaming, which helped us deliver 348,000 net new self-pay subscribers. In 2023, we expect SiriusXM to deliver strong operating performance and generate significant cash, even as we face a challenging economic environment and continue to make material investments in our technology infrastructure.”

Front Page News Industry News

Thursday, March 10, 2022

Townsquare Media Reports 2021 Q4 Net Revenue Up 1.9%; Full Year Net Revenue Rises 12.6%. The 2021 fourth quarter and 2021 full year financial report from Townsquare Media reveals Q4 net revenue of $110.6 million, an increase of 1.9% over the same period in 2020. For the full year of 2021, net revenue was $418 million, up 12.6 % over the full year of 2020. Townsquare Media reports its financial information in three primary segments: 1) Subscription Digital Marketing Solutions, which includes the company’s subscription digital marketing solutions business called Townsquare Interactive. 2) Digital Advertising includes the digital advertising business sold as Townsquare Ignite, and 3) Broadcast Advertising includes the company’s local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, as well as other miscellaneous revenue that is associated with the broadcast advertising platform. Company CEO Bill Wilson says, “Beginning with our 2021 year-end reporting, we have re-segmented our business to provide greater visibility for our existing and prospective investors. Importantly, this re-segmentation will highlight the profit characteristics of our digital platform, which is essentially equal to those of our broadcast platform, each with profit margins of approximately 30%. Given this new and more detailed information, Townsquare should be viewed and valued as a Digital First Local Media Company, rather than being painted with a traditional broadcast radio brush. While we view local radio as an extremely valuable asset with significant and attractive cash flow properties, unparalleled consumer reach, and an important and trusted local connection to our audience, it is not our primary growth driver. Our growth engine is and will continue to be digital, which fueled our transformation into a Digital First Local Media Company. With nearly half of our total revenue and profit coming from digital today, we have a strong growth engine that will drive significant and consistent growth in the coming years. It is our hope and expectation that given this new more detailed information, Townsquare will be afforded a sum-of-the-parts valuation that gives credit to our digital assets, credit which to date we have not received.” For the full year of 2021, Townsquare reports net income of $18.8 million, compared to a net loss of $80.6 million reported for the full year 2020, which the company says was primarily driven by approximately $109.1 million of non-cash impairment charges, primarily related to its FCC licenses.

 

Saga Communications Q4 Net Revenue Flat; 2021 Full-Year Net Revenue Up 13.1%. The company reports 2021 fourth quarter net revenue of $29.2 million, basically flat compared to the $28.8 million reported for the fourth quarter of 2020. Net income for Q4 of 2021 was $3.7 million compared to $2.3 million reported for the same period in 2020. For the full year of 2021, Saga Communications reports net revenue increased 13.1% to $108.3 million compared to $95.8 million for the full year of 2020. The company reports net revenue for 2021 of $11.2 million compared to the net loss of $1.9 million reported for the full year of 2020. Saga says its balance sheet reflects $54.8 million in cash on hand as of December 31, 2021 and $56.2 million as of March 7, 2022.

 

KOA, Denver Morning Personality April Zesbaugh Announces Retirement. “Colorado’s Morning News” co-host April Zesbaugh announces that she’s retiring from iHeartMedia’s news/talk KOA, Denver in the coming months after a 30-year broadcast journalism career that includes 25 years with KOA. Zesbaugh has co-hosted “Colorado’s Morning News” since 1996 and is one of the longest running news personalities in Colorado. She comments, “Despite my 2:30 am wake-up call for the last 30 years, I feel very fortunate for every second in front of the KOA microphone. It’s time to hang-up my headphones to pursue more family time, play more tennis, travel in our RV and see what it feels like to sleep without an alarm clock.” Zesbaugh is the winner of one national and numerous regional Edward R. Murrow Awards for journalism excellence by the Radio Television Digital News Association, as well as countless awards for “Colorado’s Morning News” from the Colorado Broadcasters Association and the Associated Press. She has also been an influential member of the Denver community and has emceed numerous charity events, including those focused on mental health, Alzheimer’s disease, the challenges of single mothers and animal rescue. KOA program director Greg Foster says, “April is one of the most recognizable and popular voices in Colorado and has set a professional standard which has contributed to the success of KOA. While we will miss our friend and colleague, April has earned the opportunity to enjoy her retirement.” Zesbaugh adds, “I’m grateful to Jerry Bell, former news director of KOA, for hiring me – calling me during my honeymoon to offer me the job – and to the current news director, Kathy Walker, and the KOA news team who have been with me every step of the way in helping to make me a better broadcaster and journalist. I’m leaving our listeners in good hands with my co-host, Marty Lenz. He has great news chops and asks really smart questions.”

 

Chris Hansen is This Week’s Guest on Harrison Podcast. Multi-platform reporter and predator-hunter Chris Hansen is this week’s guest on the award-winning PodcastOne series “The Michael Harrison Interview.” For nearly four decades, Hansen has been on the front lines of crime, enterprise reporting, and breaking news all over the world. Most recently he was an executive producer and reporter for the “Onision: In Real Life” and “Unseamly…The Peter Nygard Investigation” series now on Discovery+ and the current top-rated podcast “Predators I Have Caught with Chris Hansen.” He has also been host and correspondent for the syndicated program “Crime Watch Daily” as well as “Killer Instinct on ID” and “Dateline NBC.” He created the groundbreaking investigations, “To Catch A Predator,” among others. These investigations are responsible for exposing some 400 men attempting to meet children online for sex. Hansen has been honored with 10 Emmys, five Edward R. Murrow awards as well as excellence in reporting by the Overseas Press Club. He also has a substantial digital presence including a YouTube channel, which has more than 375,000 subscribers and 25 million views. The deep-dive conversation between Harrison and Hansen covers two major areas – the rapid evolution of media (including the tenets of building a YouTube channel) to the scourge of crime on our city streets as well as the mean streets of cyberspace where sexual predators continue to prowl for children and young women. To listen to the podcast in its entirety, please click here.

 

 

SRN’s Eric Metaxas Broadcasts from National Religious Broadcasters Conference. Pictured above (at right) is Salem Radio Network host Eric Metaxas broadcasting his program live from the National Religious Broadcasters conference from the Gaylord Opryland Hotel in Nashville. Pictured with Metaxas are U.S. Congressman Allen West (left) and Rick Green, founder of Patriot Academy (center). NRB 2022 continues through this weekend.

 

PodcastOne Joins Top 10 Podcast Publishers. According to data from podcast metric company Podtrac, PodcastOne is ranked #8 on the list of Top Podcast Publishers. Podtrac ranks top publishers based on unique audience counts. PodcastOne president Kit Gray says, “Being recognized by Podtrac with inclusion on the Top Publishers list is a testament to the hard work of the PodcastOne team both behind the mic and behind the scenes. Our hosts are delivering top-notch entertainment and providing content that is resonating with listeners as is evidenced by the growth in audience numbers across the board.” PodcastOne says its growth “comes on the heels of the successes and strengths of tentpole podcasts ‘Baby Mamas No Drama’, ‘Off The Vine with Kaitlyn Bristowe,’ ‘The Jordan Harbinger Show’, ‘LADYGANG’ and ‘The Adam Carolla Show,’ as well as acquisitions of top-performing programs such as ‘Coffee Convos,’ ‘True Crime All the Time Unsolved,’ and ‘This Is MONSTERS,’ which all saw significant audience growth since joining PodcastOne.”

 

JVC Broadcasting: ‘Radio is Working and Radio Works!’ Long Island-based JVC Broadcasting is sending a message to the industry – and beyond – that its recent hiring spree shows that the radio market is a good place for job seekers. JVC says that this January, it began a massive recruitment campaign using its local radio stations and social media platforms and the response was overwhelming. JVC announces that is has hired or internally promoted 16 media and entertainment professionals companywide. JVC president and CEO John Caracciolo states, “The current radio market is great for employment. There was a lot of trepidation for media companies in 2020 and 2021. People wanted to see how things would work out and if the radio business would bounce back, and it did stronger than ever. The most important and most rewarding investment an entrepreneur can make isn’t a new client or a cool piece of equipment, it’s your team of employees. I have built this business by surrounding myself with fantastic people who are visionaries and leaders. If all your employees become entrepreneurially minded or leaders in their own right, your organization will grow even faster. And the coolest thing about this entire recruitment campaign is we did all the outreach using only our local radio station assets! So yes, radio is working and radio works!”

 

Russia-Ukraine War, House Omnibus Bill, Gas Prices/Inflation, Biden Cryptocurrency Order, COVID-19, Midterms/Trump & the GOP, and MLB Season Among Top News/Talk Stories Yesterday (3/9). Russia’s ongoing invasion of the Ukraine and the West’s reaction; the U.S. House passes an omnibus bill that would include $14 billion in Ukraine aid; the soaring price of gas at the pump and high consumer retail prices; President Joe Biden signs executive order to investigate risks and opportunities of cryptocurrency; the falling rate of COVID-19 cases and the rolling back of mask mandates; the battle for control of Congress in the November midterms and Donald Trump’s influence over the GOP; and the failing negotiations between MLB owners and players were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Front Page News Industry News

Thursday, March 3, 2022

NAB Takes Stand on Russian-Sponsored Programming. As Russia’s invasion of the Ukraine continues, the National Association of Broadcasters issues a statement from NAB president and CEO Curtis LeGeyt. He says, “The National Association of Broadcasters is a fierce defender of the First Amendment and the critical importance of the ability to freely express views, both popular and unpopular. While the First Amendment protects freedom of speech, however, it does not prevent private actors from exercising sound, moral judgment. To that end, given the unprovoked aggression exhibited by Russia against the free and sovereign people of Ukraine, NAB calls on broadcasters to cease carrying any state-sponsored programming with ties to the Russian government or its agents. While we know that airings of such programs are extremely limited, we believe that our nation must stand fully united against misinformation and for freedom and democracy across the globe.”

 

FOX Audio Network and Spotify’s Megaphone Partner for Advertising & Distribution. A new partnership is announced between the new FOX Audio Network, which combines all of FOX’s news, sports, and entertainment podcasts into a scaled, diverse portfolio of original audio content, and Spotify’s Megaphone for advertising and distribution as the exclusive hosting platform for their growing slate. FOX Corp says, “The outsized reach of the FOX Audio Network’s 60-plus podcasts creates a unique opportunity for advertisers to access the broadest possible audience across all of the hottest FOX original audio content efficiently and effectively.” FOX News Media SVP, digital ad sales Dan Realson states, “The establishment of the FOX Audio Network provides unique opportunities for advertisers to reach a broad audience of our loyal podcast listeners across a diverse range of programming genres from our entire portfolio. Podcasts continue to be a popular and rapidly growing medium and we’re excited to collaborate with Spotify’s Megaphone to bring this opportunity directly to the advertising marketplace.” The press release goes on to say that FOX Audio Network advertising will be managed by the FOX ad sales team with additional inventory being sold through the Spotify Audience Network. Podcast publishing platform Megaphone will empower FOX Audio Network to monetize, measure, and grow FOX’s podcast content and audiences through best-in-class publishing and monetization tools.

 

Urban One 2021 Q4 Net Revenue Rises 15.3%. 2021 Fourth quarter financial data from Urban One, Inc. is being reported and the company says net revenue for the period was approximately $131.0 million, an increase of 15.3% from the same period in 2020. Broadcast and digital operating income was approximately $44.1 million, a decrease of 14.9% from the same period in 2020. For the full year of 2021, net revenue was $441.4 million, an increase of 17.3% over the full year of 2020. For 2021, Urban One posted consolidated net income of $40.7 million compared to the consolidated net loss of $6.5 million it reported for 2020. Urban One CEO and president Alfred C. Liggins, III comments, “We had another very strong quarter, with revenue exceeding expectations, allowing us to significantly exceed our previous Adjusted EBITDA guidance for the year of $140-$145 million. There was some noise in the expenses, predominantly related to returning events, TV programming amortization and annual staff bonuses, all of which were anticipated and factored into our guidance. Demand for our audience remains extremely robust across the platform, and, excluding political, advertising revenues for the quarter were up double-digit percentages in all of our operating segments. Digital revenues were up 42.9%, and we exceeded $50 million in annual digital revenue for the first time. Cable TV revenues were up 43.6% helped by strong upfront demand and higher average unit rates across both TV One and Cleo. Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 25% compared to Q4 2019, and Adjusted EBITDA up 21%. We expect to continue to exceed pre-pandemic revenues and Adjusted EBITDA in 2022, and this is supported by first quarter 2022 core radio pacings up low double digits, and up mid-teens including digital revenues.”

 

100 Points! Impossible! Yesterday, March 2, marked the 60th anniversary of Wilt Chamberlain’s legendary 100-point game against the New York Knicks on March 2, 1962. The game has taken on a mythical quality, with the details seemingly lost in the mists of time. Talk radio host and voice artist Mark Wainwright discovered that the actual backstory of the game – and how the precious final minutes of the radio broadcast were discovered and preserved – is a long saga and even more remarkable than the myth and legend. It was once thought that all evidence of one of the greatest individual performances in the history of sport was lost forever, and it almost was…except for one Philadelphia radio station and two alert listeners. Read Mark Wainwright’s complete feature story here. Photo: Paul Vathis/Associated Press

 

TALKERS News Notes. A new iHeartRadio original podcast debuts as “The Important Things with Bobbi Brown and Anjali Kumar” joins the company’s podcast network. The new program asks the age-old question: how can you lead a life of fulfillment? The ongoing pandemic has required us all to reexamine what matters most and prioritize what brings us true contentment. Through candid conversations with friends, thought leaders, creators and entrepreneurs, beauty industry titan Bobbi Brown and best-selling author and attorney Anjali Kumar explore the strengths, skills, habits, and mindsets that have helped their guests live their most authentic and gratifying lives. The inaugural episode will feature renowned activist Gloria Steinem, followed by upcoming guests such as designer Jennifer Fisher, soccer legends Ali Krieger and Ashlyn Harris, philanthropist Christy Turlington Burns and “Jeopardy” champion Amy Schneider…..SiriusXM is recognizing Women’s History Month across SiriusXM, Pandora, and Stitcher with special themed programming and limited-engagement channels. SiriusXM will ensure “She’s Got the Mic” by raising the voices of both prolific and up-and-coming female artists in honor of Women’s History Month. Four limited-engagement music channels will launch in March, spanning genres and representing artists from across the decades, including channels curated and presented by Avril Lavigne and Maren Morris, as well as a full channel dedicated to the iconic Tina Turner. There will also be a channel devoted to the defining, female-led festival tour of the 90s, Lilith Fair…..The Freakonomics Radio network is expanding on its growth with the hiring of a new editorial director, Gabriel Roth, alongside consultant Jared Hohlt. Before joining the Freakonomics Radio team, Roth worked at Slate for seven years, where he oversaw podcasts and helped launch the groundbreaking series “Slow Burn,” along with many other shows. Roth says, “I’ve been a fan of the Freakonomics Radio team’s work for more than a decade, and I’m thrilled to get the chance to work on their terrific podcasts and help grow the network.” Hohlt, Slate’s former editor-in-chief, has also begun helping Freakonomics Radio as a part-time consultant. Roth will oversee all existing and future shows in the network, with a special concentration on the flagship show, and Hohlt is focusing especially on two new podcasts, one in the early stages and the other in piloting mode, while helping with the existing shows as well.

 

Russian Ukraine Invasion, COVID-19, January 6 Investigation, State of the Union, The Economy/Inflation, Midterm Elections/Trump & the GOP, and MLB Negotiations Among Top News/Talk Stories Yesterday (3/2). Russia’s continuing invasion of the Ukraine and the West’s reaction; the White House issues its National COVID-19 Preparedness Plan as the next step in dealing with the pandemic; the January 6 House select committee alleges that former President Donald Trump and attorney John Eastman took part in a “criminal conspiracy” to overturn the 2020 election; reactions to President Joe Biden’s State of the Union address; the turmoil in the world’s financial markets and the soaring prices of consumer goods and gasoline; the battle for control of Congress in November’s midterm elections and Donald Trump’s influence over the GOP; and the stalled negotiations between the MLB’s owners and players that’s put the 2022 season in jeopardy were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.