As radio’s largest operators prepare to release their 2024 Q1 results, there will undoubtedly be plenty of talk about digital revenue and its growing share of broadcaster revenue. So what companies are leading the way in digital? Borrell Associates has the data.
Borrell’s latest 2024 Annual Benchmarking Report evaluates the digital revenue contributions of publicly traded US and Canadian media companies. With an industry average of 20.9%, radio’s digital cash pull outranks television’s 16.9% but is vastly, and predictably, overshadowed by newspapers at 45.5%
Entravision currently leads the pack, according to Borrell’s ranking, with a significant 84.3% of its total revenue stemming from digital channels. However, this status is under threat for the upcoming year due to the withdrawal of Meta from a major revenue deal, which could affect Entravision’s digital earnings substantially.
Townsquare Media finishes second, out of radio’s contenders. The company reported that digital formats accounted for 52.3% of its total 2023 revenue.
Salem Media Group finished third at 42.3%. This data may have changed in the last quarter of the year, as data from its radio segment was only release through the third quarter of 2023, now that the broadcaster has voluntarily delisted and no longer has to report earnings.
iHeartMedia rounds out the top five with digital making up 30.5% of its revenue in 2023.
This figure surpasses that of its competitors Urban One, Audacy, Cumulus Media, Beasley Media Group, and Saga Communications bringing up the rear with under 10% – that number is likely to grow as Saga continues its rollout of local online news products.
With reporting by Adam Jacobson
