Cumulus Q3 Total Revenue Down 3% to $203.6 Million

RADIO ONLINE | Friday, November 1, 2024

Cumulus Media

Cumulus Media reported third-quarter results for 2024, highlighting a slight decline in overall revenue paired with substantial growth in its digital sectors. For the quarter ending September 30, the company posted a total revenue of $203.6 million, marking a 1.8% decrease compared to the same period last year. This dip was primarily attributed to a decrease in broadcast radio revenue, which fell by 5% year-over-year.

Despite the overall downturn, the company saw significant advancements in its digital initiatives. Digital revenue climbed to $40 million, a 7.5% increase from the previous year, driven by a robust 38% growth in digital marketing services. This growth was fueled by new customer acquisitions, improved customer retention and an increase in average order size. Cumulus also reported that 32% more radio-only customers added digital services compared to last year.

Cumulus Media President and CEO Mary G. Berner commented on the results, stating, "We are navigating through market challenges by focusing on our digital growth and enhancing our operating efficiencies." Berner pointed out that the company's strategy to diversify its revenue streams and strengthen digital service offerings is proving effective, even as traditional broadcast revenues face headwinds.

The company posted a net loss of $10.3 million for the quarter, a stark contrast to the net income of $2.7 million recorded in Q3 2023. Adjusted EBITDA also saw a downturn, falling 10.7% to $24.1 million. This financial backdrop was mirrored in the company's year-to-date figures, which exhibited a net loss of $52.2 million and a 2.4% slide in revenue to $608.5 million for the nine months ended September 30, 2024.