Salem Media Group is experiencing revenue growth as the company reported a total income of $68.7 million during the second quarter, a 12% growth from a year earlier.
CEO David Santrella stated that traditional spot advertising earnings increased 9.5% in the quarter, led by a 17.4% kick in nationwide billings and a 6.9% boost in local sales from last year.
“While we continue to see growth in advertising revenues, local spot is still not back to its pre-pandemic levels, especially now with concerns over inflation and fears of a recession,” Santrella said.
“For the quarter, we had $1.5 million of political revenue compared to only $400,000 in Q2 of last year. The $1.5 million is more than we had in Q2 of 2020, which was $600,000, and more than we had in Q2 2018, which was $1.1 million.”
The results and prospects sent Salem’s stock price soaring 9% after-hours trading late Thursday.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
