Cumulus Media has released its 2024 financial results and while the total revenue for the company was down, there was growth in other areas that the company found encouraging.
In total, the company featured $827.1 million in revenue during 2024. That represents a year-over-year decline of 2.1%.
Digital revenue accounted for 19% of total revenue for Cumulus last year, finishing with $154.2 million. The 5.3% year-over-year increase was accompanied by a 27% growth in digital marketing services. The strong finish in the digital sector can be attributed to the Cumulus Podcast Network ending 2024 as one of the top podcast networks overall. The company added that its digital marketing pacing for the first quarter of 2025 is up 30%.
“Though the industry environment remains challenging for now, our 2024 refinancing efforts provided us with the time needed to both execute our day-to-day blocking and tackling and, in parallel, continue to reimagine the ways in which we can get the most out of our key assets to create new revenue streams and build additional long-term value,” said Cumulus Media President and CEO Mary Berner.
Overall, Cumulus reported a net loss of $283.3 million during the year. It did execute actions that resulted in $43 million of annual reductions, with $28 million of those savings being realized in 2025. The Adjusted EBITDA was $82.7 in 2024 compared to $90.7 million in 2023.
“Since the pandemic’s onset, the radio industry has experienced tough economic and secular headwinds,” Berner added. “In the face of those, we outperformed our peers through the end of 2023 on key metrics including cost takeouts, EBITDA margin recovery, free cash flow generation, net leverage, and liquidity.”
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