Salem Media Group, Inc. has released its first quarter 2024 Quarterly Report.
Despite a 7% revenue decline, Salem Media Group managed to hold its net revenue steady at $58.60 million for Q1 2024, compared to $63.48 million in the previous quarter.
The first quarter of 2024 brought in net revenue of $58.6 million, a decline of 8.3% from the same period in 2023 for Salem Media Group.The company’s broadcast revenue fell 4.6% to $46 million, while its digital media revenue rose 1.9% to $10.7 million.
The company reports a net loss of $5.1 million, basically the same as it reported in Q1 of 2023.
Regarding its revenue, Salem states, “Revenue growth from the sale of broadcast airtime is negatively impacted by audiences spending less time commuting, certain automobile manufacturers removing AM radio signals, increases in other forms of content distribution, and decreases in the length of time spent listening to broadcast radio as compared to audio streaming services, podcasts, and satellite radio. These factors may lead advertisers to conclude that the effectiveness of radio has diminished. We continue to enhance our digital assets to complement our broadcast content.
"The increased use of smart speakers and other voice activated platforms that provide audiences with the ability to access AM and FM radio stations offers potential sources for radio broadcasters to reach audiences.
"Our broadcast advertising revenue is particularly dependent on advertising from our Los Angeles and Dallas markets, which generated 15.3% and 18.4%, respectively, of our total net broadcast advertising revenue during the three-month period ended March 31, 2023, compared to 15.1% and 18.7%, respectively, of our total net broadcast advertising revenue during the three- month period ended March 31, 2024.”
Salem Media Group is a leading multimedia company specializing in Christian and conservative content, with media properties including radio, digital media, and book and newsletter publishing. Each day, Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally.
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