Cumulus Media has unveiled its second-quarter financial results, and while overall revenue was down slightly, digital revenue saw growth.
In total revenue, the company reported $205 million, which was down 2.5% compared to the same time period in 2023. Its total broadcast radio revenue saw a 7.3% decline, down from $146 million in 2023 to $136 million in 2024.
Despite the drop in broadcast radio and overall revenue, the company saw an uptick in digital revenue. Cumulus saw $39.3 million brought in from that sector during April, May, and June, which is 5% compared to the same window in 2023. Digital revenue now accounts for 19% of total revenue for the organization.
“In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas,” Cumulus Media President and CEO Mary Berner said. “During the quarter, we grew our digital marketing services business by 24%; reduced fixed costs by $4 million; and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt.
“Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels,” Berner continued. “Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.”
