Emmis’ fourth quarter includes December, January, and February, and CEO Jeff Smulyan reported revenue was down 6% to $36.4 million from $38.8 one year earlier. For the full year, radio revenues were $169.2 million, compared to $176.3 million in the prior year, a decrease of 4%.
The change in Los Angeles, with long-time morning man Big Boy moving to iHeart, played a big role in the revenue decrease at Emmis. Smulyan said last year was a very tough year for Emmis but “we now see brighter times ahead. We’ve made a number of cuts to address our issues.” Emmis’ first quarter (March, April, and May) is pacing up slightly.
Smuylan said “we’ve made a number of cuts to address the issue” ….that is precisely one of radio’s major problems these days. Radio group “leaders” and managers think primarily in terms of cutting back, cutting expenses, cutting personnel…that is horrible LACK of leadership. Absolutely no industry or business has survived long term, by retreating and cutting expenses. In fact, those businesses die. The fact is that radio groups’ top leaders are much more beholden and enslaved to the stockholders, much more, than they are committed to their station employees or committed to the station’s listeners (who cares if our listeners cannot tolerate 12 commerials in a row.