Spanish Broadcasting Q2 Revenue Rises 1% to $35.4 Million

RADIO ONLINE | Monday, August 28, 2023 | 6:41pm CT

Spanish Broadcasting System

Spanish Broadcasting System reported second quarter revenue grew 1% to $35.4 million from $35 million in 2022. The increase in net revenue was primarily due to other revenue, national, network and barter sales, partially offset by lower local and digital sales. Operating expenses climbed 8% to $25.5 million from $23.6 million, mainly due to increases in compensation & benefits. The company reported a net loss $8.5 million as compared to a net loss of $2.5 million in the year-ago period.

SBS said its operating expenses were impacted by investments in its Orlando and Tampa start-up stations purchased on April 29, 2022, unique Spanish-language programming talent and content for terrestrial and digital properties and digital infrastructure and capabilities.

"Our second quarter performance reflects further expansion of our Hispanic-centric revenue streams and our proven ability to leverage our leading heritage audio and digital brands and platforms," commented Chairman and CEO Raul Alarcon during a conference call. "At a time when the nationwide Hispanic population commands a purchasing power of over $2.5 trillion, there is no more effective vehicle in delivering the exposure, penetration and purchasing influence over this rapidly expanding audience group. Our audio footprint has grown meaningfully with the creation of our "trifecta" in Florida (Miami, Orlando, and Tampa) as our total aggregate audience continues to grow."

He added, "Moving forward, we remain focused on our 'Core-is-More' strategic initiative: targeted expansion of our successful audio and digital brands, unequalled market access for our brand partners and clients and a strictly disciplined adherence to operating efficiency - exclusively focused and dedicated to the rapidly expanding Hispanic constituency."