Beasley Media Group reported lower revenue in the second quarter as traditional advertising remained under pressure. The company also highlighted progress in its push toward digital and higher-margin revenue.
What We Know: Beasley Media Group generated $44.1 million in net revenue during the second quarter, a 9.6% decline from the prior year. Meanwhile, digital revenue accounted for 26% of total revenue, while local advertising represented 74%. National advertising contributed another 13% of the company’s total revenue. Beasley has continued shifting its business toward digital and direct revenue as traditional advertising faces ongoing challenges.
What the Numbers Show:
| Metric | Q2 Revenue | Change | Direction |
|---|---|---|---|
| Net Revenue | $44.1 million | 9.6% ↓ | ▼ |
| Audio Net Revenue | $32.5 million | From $39.8 million | ▼ |
| Digital Revenue | $11.7 million | 11.6% ↓ | ▼ |
| Adjusted EBITDA | $5.3 million | From $4.7 million | ▲ |
What They Said: “While second quarter results continued to reflect pressure across portions of the traditional advertising marketplace, we are encouraged by the progress we’re making in transforming Beasley into a more diversified, higher-margin media company. Our digital and local direct spot businesses continue to build momentum, our cost structure is significantly more efficient than it was a year ago, and we remain focused on improving the quality of our revenue. We believe these initiatives are creating a stronger operating foundation and positioning the Company for more consistent financial performance over the long term.” -Beasley Media Group CEO Caroline Beasley
What It Means: Beasley’s results underscore the continued weakness facing traditional radio advertising. However, the improved adjusted EBITDA gives the company a positive point amid declining revenue. At the same time, digital now represents more than one-quarter of total revenue, reinforcing management’s strategy to diversify beyond traditional audio advertising.
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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.