And for the entire year, that will be remembered for a pandemic, more than anything else, Cumulus revenue was off by 26.7%. On the positive side, each quarter seems to be doing better than the previous quarter for Cumulus, digital revenue is up and podcasting is growing.
Excluding political Cumulus would have been down over 17%. The company took in a record $14.3 million in political in the 4th quarter, compared to only $3 million in the 4th quarter of 2019. For the full year, Cumulus took in $26.3 million in political revenue.
Digital was up 11.3% in Q4. CEO Mary Berner said podcasting now makes up 40% of Cumulus’ digital revenue line. She did not specify how much revenue podcasting was pulling in other than to say she expects steady and profitable growth to continue in that division. However, the Cumulus earnings release showed $24 million in Q4 digital. 40% of that total would be $9.6 million.
In 2020 over 1 Billion podcasts in the Westwood One Podcast Network were downloaded, a 40% increase over 2019.
The company slashed $143 million in expenses in 2020, at least $30 million of that will be permanent.
On Tuesday’s earnings call CEO Mary Berner said she was very proud of and grateful to Cumulus employees for how they’ve performed during the pandemic.