Salem Media Group Q2 Net Revenue Down 7.8%
Salem Media Group reports net revenue of $60.6 million during the second quarter of 2024, a decrease of 
7.8%. The company says net broadcast revenue was $47.1 million (-5.1%), while net digital media revenue was $11.9 million (+9.9%), and net publishing revenue was $1.56 million (-70.3%). It should be noted that Salem sold Regnery Publishing in December of 2023. The company reports net income of $2.3 million during the quarter, compared to that net loss of $7.1 million it reported in Q2 of 2023.
The company states, “Net broadcast revenue decreased 3.7%, or $7.6 million, principally due to a $7.3 million decline in national and local spot advertising revenue. Spot advertising revenue has been declining in the industry due to reduced time spent listening, particularly on AM radio stations. Also, the political revenue decreased $3.6 million, or 61.5% to $2.3 million from $5.9 million. This decrease was partially offset by an increase in our broadcast digital revenue which increased $1.5 million or 4.1% due to increases from Salem Podcast Network, Salem News Channel and digital marketing services through Salem Surround. On a Same Station basis, net broadcast revenue decreased 4.0%, or $8.2 million, which reflects these items net of the impact of stations acquisitions and dispositions.” On the digital side, the company reports, “Net digital media revenue increased 0.7%, or $0.3 million. Net digital advertising revenue decreased due to Facebook algorithms that limit political content, the growing use of browsers that block third-party cookies limiting advertising, and the overall state of the economy that has weakened demand for advertising resulting in a lower number of advertisements and a reduction in rates.”