Edison Research Reports Q3 Top 50 Podcasts
Nothing changes at the top of the Edison Research Top 50 Podcasts chart for the third quarter of 2024 –
“The Joe Rogan Experience,” “Crime Junkie,” and “The Daily” remain in the top three spots, respectively. This chart is based on total audience reach for weekly podcast listeners 13+ in the U.S. Other news/talk podcasts of note on this quarter’s chart include: “The Dan Bongino Show” at #17; “The Tucker Carlson Show” at #20; “The Ben Shapiro Show” at #22; “The Ramsey Show” at #30; and “The Megyn Kelly Show” at #50. See the complete ranker here.
decrease of 6.3% from the same period a year ago. Revenue from radio advertising was $36.4 million during the quarter, down 3.6% from the same period in 2023. Urban One reports a net loss of $31.4 million, a substantial decline from the $53.7 million net loss it reported in Q3 of 2023. Urban One owns and operates news/talk outlets WBT-AM/FM, Charlotte and WIBC-FM, Indianapolis. 
success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market. Digital revenue accounted for nearly 22% of total second quarter revenue, in-line with our full-year 2024 goal of 20% to 25% of total revenue. On the new business front, our dedicated sales teams are leveraging the audience reach and engagement of our platform to attract new advertisers. We have and will continue to see the benefit of political revenue through the end of year, and at the same time, we are taking aggressive action to address near-term challenges through expense management initiatives, which drove approximately $2 million in expense savings compared to the prior year. We expect to achieve $10 million in annualized expense savings.”
acquisition of five radio stations and one translator in Lafayette, Indiana on May 31, 2024, and that the stations were operated by Saga for one month during the second quarter of 2024. Saga paid a quarterly dividend of $0.25 per share on June 28, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. To date, Saga has paid over $132 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $24.1 million in cash and short-term investments as of June 30, 2024, and $26.2 million as of August 5, 2024.
$22.2 million, a decline of 26.7% from the same period in 2023. Urban One CEO and president Alfred C. Liggins III states, “On a same station basis our radio division finished Q2 -5.6% excluding political, and -3.0% with political. We saw a sequential improvement in national revenues vs. Q1, which was offset by weaker local revenues. Q3 core radio revenue is currently pacing down 6.9% on a same station basis, down 5.1% including political, and up 7.0% overall. We are starting to see a significant uptick in political advertising revenues, and remain optimistic for the remainder of the year, which should benefit both our radio and digital divisions. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, although we are seeing a bounce-back in ratings and delivery in Q3. Our digital business experienced weaker advertising demand than prior year but remains well positioned for the second half of the year, particularly with political and CTV advertising. During Q2 we repurchased an additional $35.5 million of our 2028 notes at 78.0%, and we ended the quarter with approximately $132.4 million of cash.”
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
show on FOX Sports 1 and the weekend program “Hello, My Name is Craig,” on WFAN, New York. Carton began his radio career on WGR-AM, Buffalo and rose to fame nationally as co-host of the WFAN, New York morning show alongside Boomer Esiason. Also being inducted this year is John Murphy, radio host, TV sports director and longtime radio voice of Buffalo Bills play-by-play. The induction ceremony will take place at the NYSBA’s gala luncheon in the Rainbow Room, 30 Rockefeller Plaza, New York City, on Wednesday, October 23, 2024.
who will be honored at the ceremony on September 19, at the Omni Nashville Hotel. Six of the inductees were elected by a voting participant panel comprised of more than 900 industry professionals and two inductees were voted on by the Radio Hall of Fame Nominating Committee. This year’s inductees are: “The Crook & Chase Countdown” (Lorianne Crook and Charlie Chase); Lee Harris; Phil Hendrie; Jaime Jarrin; Kraig Kitchin; Barry Mayo; Mary McCoy; and Matt Siegel. 
approximately $2.1 million compared to net income of $34.3 million for 2022. For the first quarter of 2024, net revenue was approximately $104.4 million, a decrease of 5% from the same period in 2023. Broadcast and digital operating income was approximately $32 million, a decrease of 18.5% from the same period in 2023. Net income was approximately $7.5 million compared to a loss of $2.9 million for the same period in 2023. Urban One CEO and president Alfred C. Liggins, III states, “Our Adjusted EBITDA for FY23 came in just above the high-end of our previous guidance at $128.4 million. As expected, we suffered a drop in radio division broadcast cash flow as a result of reduced political advertising compared to Q4 2022. Other divisions performed broadly in line with expectations, although the continuing churn in cable television subscribers remains an industry-wide concern. For Q1 our national radio revenues were hit by tough comparatives on a handful of large clients plus a general softness in the market. Second quarter radio pacing’s are sequentially better, with same station core revenues down mid-single-digits and low-single digits including political… We are optimistic about political advertising revenues for the remainder of the year, which should benefit both our radio and digital divisions. During Q1 we repurchased $75 million of our 2028 notes at 88.3%, and we ended the quarter with approximately $155.7 million of cash.”
consumers ages 13 and older in the U.S.) and the top three remain unchanged with “The Joe Rogan Experience” at #1, “Crime Junkie” at #2, and “The Daily” at #3. The Taylor Swift effect helped propel “New Heights with Jason and Travis Kelce” to the #4 position. Other podcasts of interest to the news/talk media industry include “The Ben Shapiro Show” at #13, “The Ramsey Show” at #16, “The Tucker Carlson Podcast” debuts at #24, and “The Dan Bongino Show” is at #27. 
revenue for its stations by general format and the company’s sports revenue was $56.6 million – an increase of 6.5% – while its news/talk revenue fell 5.5% to $40 million. Audacy chairman, president and CEO David J. Field comments, “Audacy delivered a solid start to 2024 with Q1 EBITDA increasing 173% vs the prior year. Second-quarter revenues are currently pacing up low-single 
digits, and we expect another quarter of substantial EBITDA growth, enhanced by our continuing work on expense reductions. Our improving results are predominantly attributable to a significant acceleration in digital revenue growth, continuing meaningful revenue share gains, and declining expenses as our transformational investments bear fruit. As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization, which will reduce our debt by 80%, and are now awaiting FCC approval to complete the process. I want to salute our team for their excellent work in driving financial and operating progress while simultaneously executing our reorganization plan, all without disruption to customers, listeners, partners, vendors or our staff.
Salem states, “Revenue growth from the sale of broadcast airtime is negatively impacted by audiences spending less time commuting, certain automobile manufacturers removing AM radio signals, increases in other forms of content distribution, and decreases in the length of time spent listening to broadcast radio as compared to audio streaming services, podcasts, and satellite radio. These factors may lead advertisers to conclude that the effectiveness of radio has diminished. We continue to enhance our digital assets to complement our broadcast content. The increased use of smart speakers and other voice activated platforms that provide audiences with the ability to access AM and FM radio stations offers potential sources for radio broadcasters to reach audiences. Our broadcast advertising revenue is particularly dependent on advertising from our Los Angeles and Dallas markets, which generated 15.3% and 18.4%, respectively, of our total net broadcast advertising revenue during the three-month period ended March 31, 2023, compared to 15.1% and 18.7%, respectively, of our total net broadcast advertising revenue during the three- month period ended March 31, 2024.” 
revenue was $102 million, down 5.5% from the same period a year ago. The company’s Digital Audio Group revenue was $239 million, up 7% over Q1 2023. Breaking that segment down, Digital (excluding Podcast) revenue was $148.3 million (up 1.2%), and Podcast revenue was $90.6 million (up 18%). iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever. Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”
first quarter compared to the net income of $920,000 it reported in Q1 of 2023. Saga adds that its balance sheet reflects $28.8 million in cash and short-term investments as of March 31, 2024 and $23.7 million as of May 6, 2024. The company expects to spend approximately $5.0 – $5.5 million for capital expenditures during 2024.
of $3.5 million for the same period in 2023, “primarily due to the $6 million gain on the sale of an investment in BMI holdings and lower interest expense.” Company CEO Caroline Beasley states, “Beasley continues to advance our core initiatives, which are focused on driving revenue and cash flow, including our digital transformation, revenue diversification and expense management initiatives. We expect digital to account for between 20% and 25% of total revenue in 2024, driven by the ongoing growth and success of our premium content creation and digital services. On the new business front, our dedicated sales teams are leveraging the tremendous audience reach and engagement of our platform to attract new advertisers. In summary, Beasley’s underlying fundamentals – mainly, our local audio and digital platforms and audience engagement – remain strong. We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success.”
continues to weigh on advertisers. With the advertising environment still unsettled, these new terms (spelled out in the preceding story) provide us additional time and flexibility to execute against our key business priorities – accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet – each of which is foundational to our ability to build long-term shareholder value.” The company took a net loss of $14.2 million in Q1, but it was far less than the net loss of $21.5 million it reported in Q1 of 2023. Cumulus breaks out its revenue in segments and the total broadcast revenue for Q1 of 2024 was $139.7 million, down 5.6% from Q1 of 2023. Spot revenue was $90.5 million (down 7.3%) and network revenue was $49.2 million (down 2.3%). The company’s digital segment reports revenue of $34.5 million, up 7.3% over the first quarter of 2023.
for participating podcasts) and, while not a lot changes from last month, NPR’s “NPR News Now” took over the #1 spot from The New York Times’ “The Daily,” which falls to #2. Cumulus Podcasts Network’s “The Dan Bongino Show” rises one spot to #10, and FOX Audio Network’s “FOX News Hourly Update” climbs two places to #12. 
January 2024 PPM Data – Information for the January 2024 ratings period (January 4 – January 31) has been released for New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union (New Jersey).
the automobile industry has intelligently responded. The issue however is much larger. As UNESCO’s chief of section for media development and society, Mirta Lourenco puts it, ‘The free flow and easily accessible information provided by terrestrial radio supports the spirit of the First Amendment via the concept of media pluralism and more. This expands to a valid concern about privacy rights – which is equally important to freedom and democracy. With GPS and internet platforms simultaneously in our cars, we are turning the enormous power to invade the privacy of individuals over to a mere handful of Big Tech giants. They know what and who we listen to, including where, when and how we travel.’” Harrison adds, “Finally, I am compelled as a lifelong radio broadcaster and publisher of a major trade journal to protect the viability of radio stations as a going concern and the well-being of their owners, employees, and listeners.”
nominees to be voted upon by industry personnel later this year, leading to the selection of the 2024 Radio Hall of Fame Induction Class. Kraig T. Kitchin, co-chairman of the Radio Hall of Fame, comments, “The input from fellow radio industry members and listeners alike helps our nominating committee contemplate so many more individuals worthy of a nomination. We’re grateful for the input and the ideas offered.”
The United Nations and its specialized agency, the United Nations Educational, Scientific and Cultural Organization (UNESCO) have given the radio industry all around the globe an invaluable gift. It’s called “World Radio Day 2024.” Now in its 13th installment, WRD takes place annually on February 13 with the purpose of spotlighting the accomplishments, importance, and ongoing relevance of the radio medium as it evolves deeper into the 21st century. This year’s WRD theme is “Radio: A Century Informing, Educating and Entertaining.” By officially designating the platform as worthy of its own officially sanctioned UN International Day, the august world body has recognized, spotlighted, and endorsed radio’s continuing relevance and potential for being a vital force for the betterment of humanity.
billion in total local advertising, only a 2.2% increase in local advertising year-over-year.” BIA VP of forecasting & analysis Nicole Ovadia adds, “As expected, 2024 will be driven by political spending, and, even in markets that are not highly contested there will be a large amount of political advertising. Local political advertising will be fueled by the presidential and senate campaigns as well as issue-based advertising. When we look at the forecast without political, we expect only a slight increase in ad spending due to both global and local economic trends that may create more cautious spending.”