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.”
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.”
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.”
iHeartMedia reveals operating results from the fourth quarter of 2022 and for the full year of 2022. The company says net revenue for Q4 was $1.12 billion, an increase of 6% over the same period in 2021, and full year net revenue for 2022 was $3.9 billion, up 10% over the previous year. The company reports net income of $80.6 million for Q4 of 2022 and a net loss of $262 million for the full year. iHeartMedia breaks its results into three segments. The Multiplatform Group (including broadcast stations, networks and sponsorships & events) reports Q4 revenue of $732 million – a 0.9% increase over Q4 2021. Broadcast revenue grew $3 million, while Networks declined $5.5 million (4.1%). Revenue from Sponsorship and Events increased by $8.1 million (12.1%). The Digital Audio Group reports revenue of $301 million in Q4 of 2022 – up 10.2% over Q4 of ’21. Podcast revenue increased by $16.4 million (16.9%). The Audio & Media Services Group reports Q4 2022 revenue of $94.5 million – an increase of 44.3% over the same period in 2021. iHeartMedia chairman and CEO Bob Pittman says, “We are pleased to report another quarter of solid operating results for iHeart in consumer usage, revenue, and earnings growth. The fourth quarter was our best quarter for Revenue and Adjusted EBITDA – and on a full-year basis, in 2022 we generated the highest revenue and the second highest Adjusted EBITDA and Free Cash Flow year in iHeart’s history. Even in this continuing challenging and uncertain economic environment, we continue to make strong progress in our transformation of iHeart into a true multiplatform audio company – driven by innovation, supported by data and technology, and powered by the largest sales force in audio – and we are positioning iHeart to take advantage of the coming economic recovery.”
Reporting its operating results for the fourth quarter of 2022 and for the full year, Cumulus Media says Q4 net revenue was $251 million, a decline of 0.4% over the same period in 2021. For the full year of 2022, net revenue was $953.5 million, an increase of 4% over all of 2021. While Cumulus reported a small loss for Q4 of 2022 ($54,000), the company is reporting net income of $16.2 million for the full year, a decline of 6% from the full year of 2021. For the full year of 2022, Cumulus’ broadcast radio revenue was basically flat (-0.1%) at $709.6 million and its digital revenue was $142.3 million, an increase of 12.2%. Breaking down the broadcast radio segment, spot revenue was $479.8 million – up 4.9% over 2021 – but network revenue was off 9% for the year at $229.7 million. Cumulus president and CEO Mary G. Berner says, “Despite considerable economic turbulence, we delivered fourth quarter financial performance in the upper half of our guidance range, continuing a multi-year period of significant accomplishments. Operating through a series of difficult macroeconomic environments, including the pandemic, we successfully executed a strategic plan under which we developed and drove new areas of growth, right sized the balance sheet, improved the company’s operating leverage and returned capital to shareholders. As a result, we have delivered consistent revenue growth, built several digital businesses to a $150+ million revenue run-rate, reduced our net leverage to its lowest level in more than a decade, and boosted our liquidity to give ourselves optionality regarding capital allocation.” Looking ahead to 2023, we continue to face substantial economic headwinds. However, our battle-tested skill in performing during challenging times, as well as our very strong financial position, gives us substantial confidence in our ability to not only weather this depressed ad environment but take full advantage of opportunities that may arise over the coming quarters.”
iHeartMedia, Inc. announces that it will report its financial results for the fourth quarter of 2022 and the full year on February 28. The company will also conduct a conference call at 4:30 pm to discuss its financial results and business outlook. A live audio webcast of the call will be available on the Investors homepage of iHeartMedia’s website.
FOX Sports Radio unveils its plans for its 23rd annual Super Week coverage that begins Monday (2/6). Its sports talk programming will emanate from Arizona during the week, with “The Dan Patrick Show” originating from Scottsdale Stadium, “The Herd with Colin Cowherd” live from State Farm Stadium (2/9-10), and the rest of its lineup broadcasting from Radio Row at the Phoenix Convention Center.
SiriusXM is also broadcasting from Arizona during Super Week and will also broadcast the game itself, with subscribers able to hear the Kansas City Chiefs team broadcast, the Philadelphia Eagles team broadcast, the Westwood One national radio broadcast and a Spanish-language broadcast. SiriusXM NFL Radio hosts will broadcast during the week from Radio Row at the Phoenix Convention Center.
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.