Salem Media Group has reported its 2024 financial results. The company saw a decline in revenue during the fiscal year.
Total revenue in 2024 decreased by 8.1%, down to $237.6 million compared to 2023’s total of $258.7 million.
In the broadcasting sector, revenue fell 5.9%, as that category accounted for $185.9 million of all revenues for the company. Digital media revenue, however, showed a steady increase of 7.2% as it hit $45 million in 2024.
Despite the revenue losses, Salem Media Group saw net income rise to $16.2 million during the year. That marked a significant increase compared to 2023, when the company featured a net loss of $43.3 million.
During the year, the company made several key business decisions, moving on from its music programming and selling assets like its publishing division which led to a marked income improvement.
“2024 was a transformative year for Salem as we streamlined operations and strengthened our balance sheet,” said Salem Media Group CEO David Santrella. “The strategic decisions made have begun to yield financial stability and redirect the company towards sustainable profitability.”
The company ended 2024 with no cash on hand, after ending 2023 with $284,000. The company restructured a large portion of its debt from $153 million down to $5.3 million.
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