Tag: Cable Television Advertising

Second quarter 2024 net revenue for Urban One Inc. was $117.7 million, a decrease of 9.2% from Q2 of 2023. Breaking down Urban One’s report by segment, the Radio Advertising segment brought in revenue of $45.4 million, basically flat from one year ago. Digital Advertising revenue for Q2 of 2024 was $15.5 million, a decrease of 17.6%. The biggest change for Urban One was Cable Television Advertising, which brought in $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.”