Beasley Media Group reported Q2 net revenue of just under $60 million, an increase of 96.1% from Q1 2020, the hardest hit quarter of the pandemic. CEO Caroline Beasley says Q3 is pacing up 30%, with July up 40%, August up 29% and September pacing at 23%.
Beasley said assuming events continue to come back the company is hopeful to return to 2019 levels in the near-term but 2022 is more realistic. “In 2019 events accounted for about 5% of our total revenue, and that was a little over $12 million. Second quarter we had almost literally no event revenue. In second quarter of 19 that accounted for 2% of our total or abut $2 million, third quarter of 2019 accounted for almost $3 million in total revenue and fourth quarter of 2019 it was almost $4 million dollars. So assuming this revenue is able to come back, we see that gap being able to be reduced.”
Beasley also highlighted the sports betting category during the company earnings call. She said sports betting was the 7th biggest category for Beasley in Q2. “Our second quarter sports betting revenue increased 340% year over year and represented over 5% of our total revenue. This was driven by our Philadelphia, Detroit and New Jersey market clusters. Massachusetts and Florida are in the process of legalizing sport betting, which if passed will have a positive impact on our revenue; given the sports presence and the targeted demographics we have in those markets.”
Beasley said while the last 16 months presented unprecedented challenges, she’s extremely proud of how the Beasley team rose to the occasion. “Our strategic priorities remain focused on delivering exceptional content to our listeners, our advertisers, on-line users and e-sports fans while diversifying our revenue, grounding our cash flow and maintaining a solid and flexible balance sheet. We are making consistent progress on all fronts.”