Salem Media Reports Significant Revenue Drop

Salem Media Group, Inc. Friday released its financial results for the fiscal year ending December 31, 2024. The report, filed with the Securities and Exchange Commission, offers a comprehensive look at the company’s performance amid a shifting media landscape, highlighting both challenges and strategic successes.

For FY2024, Salem reported total net revenue of $237.56 million, an 8.1% decline from $258.65 million in 2023. This decrease was driven largely by a 5.9% drop in net broadcast revenue, which fell to $185.9 million from $197.6 million the previous year, reflecting ongoing softness in traditional radio advertising markets. However, the company saw brighter spots in its digital segment, with digital media revenue climbing 7.2% to $45 million, up from $42 million in 2023. This growth underscores Salem’s ongoing pivot toward digital platforms, including its Salem Podcast Network and Salem News Channel, as key drivers of future revenue.

On the profitability front, Salem made significant strides. The operating loss narrowed sharply to $5.46 million in 2024, a marked improvement from the $46.31 million loss recorded in 2023. This reduction was aided by cost-cutting measures and operational efficiencies. Even more notably, the company swung from a net loss of $43.31 million in 2023 to a net income of $16.18 million in 2024. A major contributor to this turnaround was a $28.66 million gain from troubled debt restructuring, which bolstered the bottom line. As a result, diluted earnings per share reached $0.58, reversing the prior year’s loss of $1.59 per share—a clear sign of financial recovery.

David Santrella, CEO of Salem Media Group, commented on the results: “2024 marked a pivotal year for Salem as we streamlined our operations and fortified our financial foundation. The tough but necessary strategic choices we made—reducing debt, enhancing our digital footprint, and optimizing our asset portfolio—are starting to pay off. We’re now on a clearer path toward sustainable profitability, better equipped to serve our audience and stakeholders in an evolving media environment.”