Beasley Media Group has unveiled its 2024 financial results, and the company saw an uptick in the fourth quarter, but was down overall for the year.
Net revenue dropped by 2.7% in 2024 to $240.3 million, down from the $247.1 million it featured in 2023. Beasley was buoyed by $121 million in political advertising during the contentious 2024 election.
“2024 was a transformative year for Beasley as we took decisive actions to strengthen our balance sheet, streamline our operations, and position the company for long-term success,” said CEO Caroline Beasley. “Through disciplined cost management and strategic capital initiatives, we achieved approximately $20.0 million in annualized expense reductions, improved our leverage profile, and enhanced our financial flexibility.
“These efforts, combined with the continued momentum of our digital business—now representing nearly 20% of total revenue—have reinforced our ability to navigate industry challenges while capitalizing on new growth opportunities in audio and digital media,” she concluded.
Digital revenue for the company grew by 2.9% year-over-year, up to $46.7 million. That sector accounted for just under 20% of total revenue for Beasley Media Group in 2024.
Local revenue, including local digital packages, represented 76% of all revenue for the company.
“As we enter 2025, we remain focused on executing our strategy to drive sustainable revenue growth, expand our digital offerings, and optimize our sales approach. We see substantial opportunities in harnessing data-driven insights, enhancing direct-to-consumer engagement, and providing our advertisers with cutting-edge marketing solutions,” Caroline Beasley added. “With a refined portfolio of premium brands, a leaner and more agile cost structure, and a strengthened financial foundation, Beasley is well-positioned to accelerate our digital evolution and deliver long-term value for our shareholders, audiences, and partners.”
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