Salem Media Group, Inc. has released its Year-End 2023 Annual Report.
Salem's total net revenue for the full year of 2023 was $258.6 million, a decrease of 3.1% from the full year of 2022, according to its just-released annual report. The company saw operating expenses rise from 2022 to 2023 and took a considerable impairment charge on its long-term assets that factored heavily into it reporting a net loss of $43.3 million in 2023, compared to the net loss of $3.2 million it posted in 2022. Salem operated three business segments: broadcast, digital, and publishing.im The company states, “Net broadcast revenue decreased 3.7%, or $7.6 million, principally due to a $7.3 million decline in national and local spot advertising revenue.
Spot advertising revenue has been declining in the industry due to reduced time spent listening, particularly on AM radio stations.
Also, the political revenue decreased $3.6 million, or 61.5% to $2.3 million from $5.9 million. This decrease was partially offset by an increase in our broadcast digital revenue which increased $1.5 million or 4.1% due to increases from Salem Podcast Network, Salem News Channel and digital marketing services through Salem Surround.
On a Same Station basis, net broadcast revenue decreased 4.0%, or $8.2 million, which reflects these items net of the impact of stations acquisitions and dispositions.”
On the digital side, the company reports, “Net digital media revenue increased 0.7%, or $0.3 million. Net digital advertising revenue decreased due to Facebook algorithms that limit political content, the growing use of browsers that block third-party cookies limiting advertising, and the overall state of the economy that has weakened demand for advertising resulting in a lower number of advertisements and a reduction in rates.”
Salem’s 2023 annual report can be found here.
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