Salem Media Group’s second quarter 2024 financial results demonstrate positive momentum.
Here are the key highlights:
Net Revenue: Salem reported net revenue of $69.7 million, a 4.5% increase from the previous year’s $66.7 million. This growth was driven by both digital and traditional media segments.
Digital Media: Digital media contributed $18.2 million, representing an 8% increase year-over-year. This emphasizes Salem’s strategic focus on digital platforms.
Broadcast Operations: Broadcast operations generated $45.1 million, showing a 3% rise compared to the same period in 2023. Traditional media remains a steady contributor. It comes as Salem continues to sell off some of its radio stations. During the second quarter, it sold three radio stations in Nashville, and one in Honolulu, pocketing $5.7 million in the process.
Adjusted EBITDA: Salem’s adjusted EBITDA reached $10.8 million, marking a 10% growth from Q2 2023’s $9.8 million. This reflects operational efficiency.
Net Income: Salem posted a net income of $2.4 million, a significant improvement over the net loss of $1.2 million in Q2 2023.
Digital Expansion: Salem continues to enhance its digital offerings, focusing on content and monetization strategies that resonate with its loyal audience.
Net Revenue: Salem reported net revenue of $69.7 million, a 4.5% increase from the previous year’s $66.7 million. This growth was driven by both digital and traditional media segments.
Digital Media: Digital media contributed $18.2 million, representing an 8% increase year-over-year. This emphasizes Salem’s strategic focus on digital platforms.
Broadcast Operations: Broadcast operations generated $45.1 million, showing a 3% rise compared to the same period in 2023. Traditional media remains a steady contributor. It comes as Salem continues to sell off some of its radio stations. During the second quarter, it sold three radio stations in Nashville, and one in Honolulu, pocketing $5.7 million in the process.
Adjusted EBITDA: Salem’s adjusted EBITDA reached $10.8 million, marking a 10% growth from Q2 2023’s $9.8 million. This reflects operational efficiency.
Net Income: Salem posted a net income of $2.4 million, a significant improvement over the net loss of $1.2 million in Q2 2023.
Digital Expansion: Salem continues to enhance its digital offerings, focusing on content and monetization strategies that resonate with its loyal audience.
Executive Vice President and Chief Financial Officer Evan D. Masyr expressed optimism about Salem's trajectory, stating, "Our Q2 results reflect the strength and resilience of our diversified media model. As we continue to expand our digital footprint, we remain dedicated to providing value to our listeners, readers, and shareholders. The positive shift in our financial outcomes is a direct result of the strategic initiatives we have implemented over the past quarters."
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