Salem Media Group has released its 2023 financial results, and the company saw a slight dip in broadcast revenue during the year.
Overall, the company reported revenue had declined $7.6 million compared to 2022, representing a drop of 3.7%. Nearly half of that figure was political advertising, as that sector dropped from $5.9 million to $2.3 million, a loss of $3.6 million.
However, digital revenue at the company was up 4.1% with increases from the Salem Podcast Network, Salem News Channel, and digital marketing.
In total, the company reported a rise in operating expenses during the year, ultimately reporting a net loss of $43.3 million in 2023 compared to the $3.2 million it lost in 2022.
Salem Media Group instituted several measures throughout 2023 to mitigate the losses, including selling its publishing and church products divisions. It also sold its former California headquarters for more than $6 million, while agreeing to lease the building for $500,000 per year.
