On Tuesday, Beasley Media Group began layoffs that would affect 7% of its workforce. On Wednesday, the company announced its earnings for the first quarter, which saw a revenue decline.
The company reports that revenue was down by 5.9% compared to last year, dropping to $54.4 million.
The company saw digital revenue grow by 10% compared to the first quarter of 2023. Revenue from that sector accounted for 20% of the total revenue generated in the quarter.
“Beasley continues to advance our core initiatives, which are focused on driving revenue and cash flow, including our digital transformation, revenue diversification, and expense management initiatives,” said Beasley Media Group CEO Caroline Beasley. “We expect digital to account for between 20% and 25% of total revenue in 2024, driven by the ongoing growth and success of our premium content creation and digital services. On the new business front, our dedicated sales teams are leveraging the tremendous audience reach and engagement of our platform to attract new advertisers.
“In summary, Beasley’s underlying fundamentals—mainly, our local audio and digital platforms and audience engagement—remain strong. We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success,” she concluded.
