Salem Media Group total revenue for the second quarter of 2023 was $65.8 million, a decrease of 4.2% from Q2 of 2022. The company reports an operating loss of $4.1 million compared to operating income of $7.3 million reported in Q2 of 2022. Salem posts a net loss of $7.1 million for the second quarter of this year, compared to a net income of $9.1 million reported for Q2 of 2022. Looking at the company’s operating results by segment, Net Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
Cox Media Group announces that it is adding two professionals to its Tulsa digital media team. Ben Dreblow moves from the company’s Houston operations to become Tulsa’s digital media director. CMG says Dreblow “has a proven track record of driving success for digital clients across broad spectrum of media, including broadcast television, newspaper, and radio. He brings with him a passion for developing digital strategy that delivers results for local businesses.” Tyler Toti comes to Tulsa from CMG San Antonio to serve as digital client performance manager. CMG Tulsa VP and market manager Mark Shecterle comments, “Ben and Tyler have an impressive history of working collaboratively to develop successful digital media strategies for their client partners. Their expertise, coupled with CMG’s vast array of topline digital products, will create a powerful resource for Tulsa businesses. I’m thrilled to have them join our veteran team of market-leading media consultants.” CMG Tulsa operates news/talk KRMG-FM and three music-formatted stations.
Salem Media Group reports its operating results for the first quarter of 2023 and reveals consolidated revenue was $63.5 million, an increase of 1.4% over the first quarter of 2022. The company’s total operating expenses increased 17.4% to $67.7 million leading to an operating loss of $4.2 million as compared to operating income of $5 million posted in Q1 of 2022. Salem reports a net loss of $5.2 million, compared to Q1 2022’s net income of $1.7 million. Salem reports in three segments – Broadcast, Digital Media, and Publishing. Broadcast revenue for the quarter was $48.3 million (down 0.2%), Digital Media was $10.5 million (up 2%), and Publishing revenue was $4.6 million (up 19.7%). Looking ahead, the company is projecting total revenue to decline between 5% and 7% from the second quarter 2022 total revenue of $68.7 million and expects operating expenses to increase between 3% and 6% compared to Q2 of 2022.
Edison Research presented the result of its The Infinite Dial 2023 study during a webinar on Thursday (3/2). It represented the 25th anniversary of the study that Edison says is “the longest-running survey of digital media consumer behavior in America.” When the study debuted in 1998, 31% of Americans had internet access compared with 95% in 2023. In 1998, half of households had a computer, compared with 91% of Americans in 2023 who carry a computer – a smartphone – with them all the time. Other findings from this year’s edition of the study include: 1) 75% of Americans 12+ have listened to online audio in the last month; 2) Among U.S. adults age 18+ who have ridden in a car in the last month, 37% are listening to online audio in the car, up from 32% last year; 3) 42% of Americans 12+ have listened to a podcast in the last month, a new all-time high and up from 38% in 2022; and 4) 38% of U.S. adults age 18+ who have ridden in a car in the last month say they listen to podcasts in the car, up from 32% in 2022. Edison Research VP Megan Lazovick says, “After two previous annual studies that showed clear effects from the COVID-19 disruptions, the trends in audio and social media habits seem to be back on pattern. The growth of online audio and podcasting to record high levels is exciting to reveal.” See more about the study here.
NuVoodoo Media Services announces that it is releasing the results of its VoodooVision nationwide consumer study in a series of free webinars this month. The study of more than 5,300 respondents between the ages of 14 and 54 is intended to “guide marketers through the myriad options available in the digital media and audio entertainment space.” NuVooDoo says, “The VoodooVision consumer study findings reveal that despite the steady increase of Internet-connected infotainment systems in vehicles, broadcast radio continues to hold its own. It remains competitive with podcasts and DSPs (Digital Streaming Providers, such as Spotify, Apple Music, Pandora, and others) when consumers are in vehicles or public transit during the early morning and late afternoon commutes, and on weekends.” Respondents were asked to select a top preference from a list of audio entertainment choices and their top choices were (for morning commuters), broadcast FM/AM radio with 19% of the sample, followed closely by podcasts, with streaming coming in at third. The study indicates the competition is closer during the late afternoon commute, where podcasts and streaming barely eclipse radio as the top choice among commuters at 15% vs. 14% of the sample, respectively. And radio remains competitive as an audio entertainment favorite among listeners on the go during the weekend, sharing the top spot with DSP’s and eking ahead of podcasts. You can register now for one of the two remaining webinars here.
Edison Research says it will present the results of its “The Black Podcast Listener Report 2.0” – done in partnership with SXM Media and Mindshare during a webinar on Wednesday, February 22 at 2:00 pm ET. Edison says, “Forty-three percent of Black Americans age 18+ are monthly podcast listeners. Findings from the study illuminate how Black Americans consume podcasts, discover podcasts, why they listen, and more. The study is a follow-up to the original Black Podcast Listener Report. Then, on March 2, Edison Research with Amazon Music, Wondery, and ART19 will present “The Infinite Dial 2023.” The research firm says, “‘The Infinite Dial’ is America’s longest-running survey of digital media consumer behavior, tracked annually since 1998. The study provides important benchmark measures around usage and behavior around streaming audio, podcasting, radio, smart audio, social media, and more.”
The Alliance for Women in Media Foundation (AWMF) announces that the deadline to submit entries for the 48th Annual Gracie Awards is being extended through January 26, 2023 (11:59 pm ET). The regular deadline, with no additional fee, is January 19, 2023 (11:59 pm ET). The Gracie Awards, presented by AWMF, celebrate programming and individual achievement by, for and about women in television, radio/audio and digital media. Submissions from all facets of media are encouraged. A full list of the categories can be found here. AWMF president Becky Brooks says, “As our largest fundraiser of the year, the Gracie Awards empower the Alliance for Women in Media Foundation to deliver on its promise of advancing all women in media by strengthening their connection, education and recognition in our industry.” The Gracie Awards Gala will be May 23 at the Four Seasons Beverly Wilshire hotel and the Gracie Awards Luncheon will be held on June 20 at the Cipriani 42nd Street, New York.
By Holland Cooke
BLOCK ISLAND, RI — “Cumulative Audience” is radio’s version of what newspapers called “Circulation,” back when there were newspapers. It’s the number of people who tune-into your station during the week. Listeners, not listening. How many, not how many “Average Quarter Hours” (AQH) consumed.
We can’t get someone who doesn’t listen at all to listen more
By Steve Lapa
Lapcom Communications Corp
I guess we do need another study for the tidbit that is the premise behind hundreds of thousands of daily newscasts. This all started with a caveman pounding out the news on a log, then discovering fire, realized smoke signals attracted a bigger audience and the concept of results from a newscast was established. Maybe some of us are still at the campfire, or still selling like it.