Another sign of how brutal a national pandemic can be when businesses are forced to shut down and advertising dries up. Revenue for the months of April, May and June came in at $30.4 million for Beasley Media Group, down from $65.7 million for the same three months in 2019. April and May were down 60% and June was down 43%.
A more than 100% increase in political revenue in the quarter couldn’t stop the bleeding caused by COVID-19. Political revenue came in at $228,000, compared to $110,000 a year ago.
Local was down 61%, national was down 62%, digital declined 15%.
The company reporting an operating loss of $17.6 million for the second quarter. A year earlier Beasley reported net income of over $10 million
For the first six months of the year Beasley has banked $88 million in revenue, compared to $123 million in the first half of 2019. July revenue was down 32%. The company cut $26 million in expenses for the year to try to keep up with the revenue losses.
On the positive side CEO Caroline Beasley reported that August bookings so far are higher than where July finished.