In Q2 spot revenue, which includes local, for Cumulus was up 5.1%. Those strong numbers were pulled down by network revenue being down by 12%. Digital, which now makes up 16% of Cumulus’ total revenue was up 20%.
CEO Mary Berner said local advertising was up 8% for the company. The drag was national, which, Berner says, continues to look weak moving forward. She said pacing in Q3 is down in the low single digits. The third quarter is typically a strong quarter for radio.
Cumulus’ total revenue for Q2 was $236.7 million, compared to $224.7 million in the second quarter of 2021.
So far, Cumulus has banked $3.9 million in political revenue with expectations to finish the year around 2018’s total which was about $20 million.
The company has cut $25 million in expenses in the last year, including $5 million in Q2 of this year.
There was no mention of the second reported attempt by Jeff Warshaw to purchase the company during the Cumulus earnings call.