Beasley Media Group CEO Caroline Beasley reported pro-forma Q4 2018 revenue up nearly 10% for the company. Excluding political, revenue was still up 5.1%, which Beasley said “demonstrates strong core advertising growth.” Revenue increased at 10 of Beasley’s 13 clusters in the quarter.
Q4 political revenue grew by nearly $4 million which accounted for 5.6% of the Beasley increase in the quarter.
Beasley’s strongest markets in Q4 were Philadelphia, Boston, Las Vegas and Tampa.
Beasley specifically highlighted Philadelphia where the company picked up country outlet WXTU from Entercom back in the summer of 2018 for $38 million. WXTU revenue was up 13.8% in the quarter and, overall, the 7-station Beasley Philadelphia cluster saw its revenue jump 14.6%. Caroline Beasley said the company is getting very close to its goal in the market of capturing a 30% share of the total revenue. She says Beasley’s Philadelphia market share was 28% in 2018, according to Miller Kaplan.
And taking a 30% share of the revenue is Beasley’s goal in every market the company operates.
On a same station basis consumer services was Beasley’s largest revenue category in the quarter and increased 15%. That was followed by retail, which was up 8%. Entertainment was third and was up 10%. Automotive was Beasley’s 4th largest revenue category and was flat in the quarter.
Beasley says revenue diversification at the company continues to be a priority with over 15% of overall 2018 revenue now coming from sources other that core local audio spot revenue.
Beasley says Q1 revenue is pacing up low single digits. January finished up and February and march are pacing slightly up