iHeartMedia Inc reports its operating results for the first quarter of 2023 and revenue for the period was $811.2 million, a decline of 3.8% over the same period in 2022. After reporting operating income of $12.3 million in Q1 of 2022, the company posts an operating loss of $48.8 million. Also, iHeartMedia’s net loss increased from $48.7 million in the first quarter of 2022 to $222.4 million in Q1 of this year. The company’s Digital Audio Group segment’s total revenue was $223.4 million, up 4% over the same period in 2022. The company’s Multiplatform Group reports total revenue of $529 million (a decline of 7%) and that segment breaks down as follows: Broadcast Radio revenue was $383.2 million (down 7.7% from Q1 2022) and Networks reports revenue of $107.9 million (down 8.2% from Q1 of 2022). Chairman and CEO Bob Pittman comments, “We are pleased to report that our first quarter 2023 results were a bit above the high end of our Adjusted EBITDA and Revenue guidance ranges – and that more importantly, while both the macroeconomic climate and the advertising marketplace remain uncertain, the audio and digital advertising markets appeared to be stronger in the quarter than we had initially anticipated. We expect that our second quarter Adjusted EBITDA, while below 2022 levels, will be approximately double what we generated in the first quarter, and this, in combination with our Q1 first quarter performance relative to guidance, gives us confidence that our Adjusted EBITDA results will continue to improve throughout 2023, and that we will be well positioned to build further in 2024 in terms of revenue growth, profitability, and Free Cash Flow generation.”
iHeartMedia unveils a new B2B (business to business) Podcast Network “created for and hosted by advertising and marketing industry leaders.” The company calls it the “first ‘marketer to marketer’ audio network of its kind” that “gathers leading marketing and advertising podcasts under one umbrella, keeping media executives up to date with industry trends, and making it easier for brands to use audio to reach the largest addressable audience of media executives in audio.” iHeartMedia Digital Audio Group CEO Conal Byrne says, “We know that marketers are hot on podcasts with the majority planning on increasing their advertising spend in audio this year. While marketers are spending more, they’re also listening for longer, which is why we wanted to create a network of podcasts specifically for their industry with content that inspires and educates. iHeartMedia’s B2B Podcast Network brings this highly strategic audience into focus and provides the platform brands need to access them authentically.” Podcasts included on the network is “Math and Magic: Stories from the Frontiers of Marketing,” hosted by iHeartMedia chairman and CEO Bob Pittman.
NOW POSTED: This Weekend’s Installment of “The Michael Harrison Wrap: An Overview of the National Conversation.” The latest installment of the one-hour weekend special, “The Michael Harrison Wrap,” that looks back each week at the hottest topics discussed in American talk media per the research of TALKERS, is now posted. This new episode titled, “Mixed Messages,” looks back at this past week of 8/1 to 8/5. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERS; Harry Hurley, talk show host, WPG, Atlantic City; Jack Heath, talk show host, The Pulse of NH, New Hampshire; Richard Neer, talk show host, WFAN, New York; and Greta Van Susteren, talk show host, Newsmax TV. The show airs weekends (Friday evenings to Sunday nights) on almost 100 broadcast signals and networks across the U.S. and U.K as well as having developed a significant international following as a podcast. To listen to this week’s episode, please click here. To view the latest TALKERS topic research, please click here. “The Michael Harrison Wrap” is available in syndication via Talk Media Network to stations across America on a market exclusive basis. For affiliation information, please click here or call 616-884-8616.
iHeartMedia Q2 2022 Revenue Up 10.7%. The company reports that its 2022 second quarter consolidated revenue was $954 million, an increase of 10.7% over the same period in 2021. For the quarter, iHeartMedia posted net income of $15.2 million compared with the net loss of $32 million it reported for Q2 of 2021. iHeartMedia reports financial data in three segments: the Multiplatform Group (broadcast, networks, and sponsorships & events), Digital Audio Group, and Audio & Media Services Group. The company says revenue from the Multiplatform Group increased $27.5 million, or 4.5% year-over-year, primarily as a result of the continued recovery from the impact of the COVID-19 pandemic. Broadcast revenue grew $12.2 million, or 2.7%, driven by higher spot revenue and political advertising revenue as 2022 is a midterm election year, partially offset by lower trade and barter revenue due to the impact of the timing of the iHeartRadio Music Awards show, while Networks grew $3.9 million, or 3.2%. Revenue from Sponsorship and Events increased by $9.5 million, or 33.2%, primarily as a result of the return of live events. Revenue from iHM’s Digital Audio Group increased $54.6 million, or 27.6% compared to the same period in 2021. Digital, excluding podcast revenue, grew $22.4 million, or 15.5%, driven by increased demand for digital advertising. Podcast revenue increased by $32.3 million, or 60.4%, driven by higher revenues from the development of new podcasts as well as growth from existing podcasts. iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong free cash flow generation. The Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group continues to demonstrate that it is a growth engine for the company as well. As the #1 audio company in America across broadcast radio, digital radio and podcasting – and the largest consumer reach audio company in the U.S. by far, we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners.”
Audacy Q2 Net Revenue Rises 5%. Citing “declining macroeconomic conditions,” Audacy reports net revenue of $319.4 million, an increase of 5% over the same period in 2021. The company says that core spot revenue was $200.5 million – flat compared to the second quarter of 2021, and digital revenue was $69.3 million, up 19% compared to the second quarter of 2021. The company reports a net loss of $773,000 in Q2 of 2022 compared to the net income of $1.4 million it reported during the same period a year ago. Audacy breaks down its revenue by format categories and says that the news/talk category revenue (news/talk and all-news stations) was $51.8 million, an increase of 4.2% over the same period in 2021. Audacy president and CEO David Field comments, “After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%. While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today. Our transformational development over the past couple of years has meaningfully enhanced our competitive position, strengthening our capacity to serve listeners and customers and enabling a powerful set of opportunities for revenue and EBITDA growth in the dynamically growing audio market.”
Audacy Gets Listing Standards Notice from NYSE. The company received notification from the New York Stock Exchange that its Class A common stock is not in compliance with the exchange’s continued listing standard requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days. The notice does not result in the immediate delisting of the common stock from the NYSE. Audacy says it plans to notify the NYSE that it intends to regain compliance and is considering all available options that are in the best interests of the company and its shareholders. Audacy can regain compliance during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Salem Media Group Revenue Climbs 7.7% in Second Quarter of 2022. Reporting its financial data for the second quarter of 2022, Salem Media Group reveals total revenue of $68.7 million, an increase of 7.7% over the same period in 2021. The company also reports net income of $9.1 million, an increase of more than 300% from the net income of $2.25 million reported in the second quarter of 2021. Salem reports in three segments: Broadcast, Digital Media, and Publishing and for Q2 of 2022, net broadcast revenue increased 12.1% to $52.5 million. Digital Media revenue increased 4.5% to $10.8 million, while Publishing revenue decreased 18.5% to $5.4 million.
Saga Communications Second Quarter Net Revenue Up 6.3%. For the second quarter of 2022, Saga Communications, Inc posts net revenue of $29.8 million, an increase of 6.3% over the same period in 2021. Station operating income increased 10.6% to $9.3 million and operating income was $5.4 million compared to $4.6 million for the same quarter last year. Free cash flow was $3.2 million in Q2 of 2022 compared to $4.2 million for the same period last year. Capital expenditures for the quarter were $2.6 million compared to $921 thousand for the same period last year. Capital expenditures for the quarter included the $1.1 million purchase of a building in Norfolk, Virginia that will replace the company’s existing leased studio and office facility. Saga reports net income of $3.8 million for the second quarter of 2022 compared to net income of $3.3 million for the same period a year ago.
Audacy and CBS Sports Digital Patner for Content Distribution and Ad Sales. This exclusive, multi-year deal between Audacy and CBS Sports Digital makes Audacy the exclusive, ad sales and distribution partner for CBS Sports’ network of sports podcasts. The press release states that CBS Sports Digital has grown to reach more than 90 million monthly active users, making it the second-largest sports group in the U.S, and with more than 65 shows and nearly 100 million downloads in 2021. Audacy EVP of digital sales Ken Lagana says, “We are incredibly excited to be partnering with CBS Sports in the podcasting space – properties I know well from my time spent there. Adding this family of content to our roster provides Audacy with a number of the leading sports, fantasy sports and betting podcasts, areas we have enjoyed significant success to date and are important to our clients. This partnership could not come at a better time with football season fast approaching.”
TALKERS News Notes. The John Fredericks Media Network announces a programming agreement for the newest member of its growing portfolio of radio stations as the network’s programming is now airing on Chesapeake-Portsmouth Broadcasting Corporation’s WTJZ-AM, Portsmouth, Virginia. JFMN chief operating officer Anne Fredericks says, “The Norfolk market is critical to our Virginia network as it represents the biggest U.S. naval base in the world at a very uncertain time for our nation’s Navy personnel. The uncertainty of potential hostility in the Asian perimeter and the South China sea makes this opportunity more important than ever. We will continue to provide all our listeners with extensive and in-depth coverage of China’s military and economic moves in the area, as well as top-flight analysis of the evolving events.”…..FOX Sports Radio’s LaVar Arrington announces an addition to his Up On Game Presents podcast lineup as musician, songwriter and creative director Flash Garments launches the “Under Appreciated with Flash Garments” show. Arrington says, “We’re super excited to have Flash Garments join the Up On Game Presents lineup with the launch of his ‘Under Appreciated’ podcast. Flash knows everybody, is very well respected, and has a lot to say! I think listeners will really enjoy this inspiring and enlightening program, and we look forward to sharing it with our audience every Friday!”…..WNRI, Woonsocket, Rhode Island talk host John DePetro has been filling in this week for WPHT, Philadelphia’s Dawn Stensland on her 10:00 am to 12:00 noon program…..The GCN-syndicated program “Classic Radio Theater with Wyatt Cox” adds new affiliate stations as KVOE-AM, Emporia, Kansas and KGEZ-AM, Kalispell, Montana adds the show to their program schedules. Cox comments, “I grew up on Sunnyslope Street in Emporia and listened to KVOE, enjoying some of the great music of the 60s and the fun personalities like the late Roger Hartsook. It’s a source of pride to be back in Emporia, if just virtually, every weekday.”
Video Tribute to Rich Stevens. The radio personality died on July 30 after suffering a heart attack. Rich Stevens enjoyed a career in music radio as well as in the talk radio format, hosting a program on Hubbard Radio’s WFTL, Fort Lauderdale. “Radio’s Best Friend” Art Vuolo put together a tribute video that you can see here.
The Economy Top News/Talk Story for Week of August 1-5. The state of the U.S. economy – the still-high cost of food and gasoline and the threat of a recession – was the most-talked-about story on news/talk radio this week, landing atop the Talkers TenTM. At #2 this week was a tie between partisan politics, the elections, and abortion rights, followed by House Speaker Nancy Pelosi’s trip to Taiwan tied with the related U.S.-China relations at #3. The Talkers TenTM is a weekly chart of the top stories and people discussed on news/talk radio during the week and is the result of ongoing research from TALKERS magazine. It is published every Friday at Talkers.com. See this week’s complete chart here.