Urban One CEO Alfred Liggins is very happy with the performance of his radio stations, and why not, Urban One’s second quarter revenue came in 6.2% higher than a year ago. Much of that increase is due to strong national business which was up 6.6% in April, May and June. More importantly, perhaps, is that there seems to be momentum going forward, and 2019 is not a political year.
Retail was a big category for Urban One in the quarter and auto, which makes up just over 10% of Urban One’s business, was up 5%. Telecom has also been strong. Liggins also said there have been a couple of new advertisers that have come to the table that he was personally involved in bringing onboard.
Liggins says the third quarter is pacing up as well.
While local business was down in Urban One’s radio division, digital was very strong in the quarter. In Q2 last year the company lost $3 million. This year, in Q2, digital turned in a $900,000 profit.
Overall Urban One generated $121.6 million in the second quarter, an increase of 5.5%.
Liggins said he is very happy with the results for Q2 and with the momentum. “The radio business has become a real bright spot. I’m particularly happy with the radio industry overall.”
