Cumulus has announced its 2023 operating results, and while there were gains in some areas, overall, the company saw a decline in total revenue.
In 2023, the company saw $844.5 million in total revenue. That represents a decline of 11.4%, and a decline of 10% when you compare it to other non-politically dominant years.
However, the company did see a 2.9% year-over-year increase in digital revenue, with that sector rising to $146.4 million. Digital revenue accounted for 17% of the company’s total revenue. Cumulus directly attributed the uptick to an increase in audience growth from its relationship with the NFL and its primetime package with Westwood One.
In total, the company recorded a net loss of $117.9 million, compared to a $16.2 million net income in 2022.
“While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas. Specifically, we grew our digital businesses, meaningfully reduced fixed costs, and improved our balance sheet,” said Cumulus President and CEO Mary Berner.
“Looking ahead, though national advertisers are expressing interest in increasing their radio buys, as of yet, ad demand remains choppy, reducing our visibility into the rest of 2024. That said, our industry-leading performance during similarly weak macro environments gives us significant confidence in our ability to navigate through this one and rebound strongly when the advertising market improves.”
Cumulus reported total debt of $675.8 million at the end of the calendar year, with a net debt of $595.1 million.
