Like most other public radio companies, digital revenue was strong for Cumulus, up 51% in the third quarter. Cumulus C-Suite business (local digital marketing services and streaming) both reached milestones in September, each booking over $2 million of revenue that month. Collectively, these revenue lines grew 40% in the quarter. Podcasting was also a highlight for Cumulus.
Berner said the Westwood One Podcast Network is the fastest growing podcast network in the United States. Podcasting revenue grew 85% in the quarter for Cumulus and the company expects $25 million in podcasting revenue in 2019. Berner says the podcasting division has been profitable since day one. In 2016 Cumulus’ podcasting revenue was $100,000. In 2018 it grew to $12.5 million.
The Westwood One Podcast Network includes show from Ben Shapiro, Chris Jericho, Pat Mcafee, Dennis Miller and many others. In May Cumulus signed a partnership deal with Wondery and the company also recently moved all of it hosting over to Megaphone.