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Beasley Broadcast Group has released its 3rd quarter financial results, and it reported a slight drop in revenue compared to the same window last year.
The company featured $58.2 million in total revenue during July, August, and September. That’s down 3.2% compared to the same period in 2023. However, it’s operating income was $1.2 million, up sharply from the $85.5 million in losses during the same quarter last year.
Beasley Broadcast Group shared that it generated just under $3 million in political revenue during the quarter, adding that new business revenue grew 1.9% year-over-year.
Digital revenue now accounts for 19.4% of all revenue for the company, as it claimed that 35% of its total audience listens via digital platforms.
“Beasley delivered third-quarter net revenue of $58.2 million and same-station revenue growth of 0.5%, driven by strong political advertising revenue and a 11.7% increase in same-station digital revenue,” said CEO Caroline Beasley. “The ongoing success of our digital transformation strategy continues to serve as an important offset to continued challenges in the audio advertising spot market. We remain intensely focused on leveraging our core market leadership across broadcasting, podcasting and digital audio to increase monetization.
“At the same time, we continued to take the necessary actions that we believe will transform our business and position the Company to deliver long-term success. During the third quarter and subsequent to quarter end, Beasley executed on several strategic actions to further streamline the organization, strengthen our capital structure, and improve our stock’s marketability.”
