Beasley Media Group saw a total revenue decline during the second quarter but did see encouraging results in its digital sector.
Beasley reported a revenue dip of 4.8% during April, May, and June. In total, the company brought in $60.4 million during the quarter.
Despite the total revenue decline, the company did see digital revenue increases of 5.7%. In that category, Beasley earned $13 million of revenue, marking 21.5% of its net revenue.
The company added that revenue declines were mitigated by that digital performance and also an influx of political advertising that is expected to continue through the third quarter.
“Beasley’s second quarter results highlight the ongoing progress we are making to position the Company for sustainable, profitable growth,” CEO Caroline Beasley said. “The continued success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second-quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market. Digital revenue accounted for nearly 22% of total second-quarter revenue, in-line with our full-year 2024 goal of 20% to 25% of total revenue.”
While revenue lagged behind in year-over-year comparisons, losses were exponentially less for Beasley Media Group during the second quarter. In 2023 the company lost $10.4 million. However, during the same timeframe in 2024, its net loss was estimated at $300,000.
