Q1 Earnings season for radio began on Wednesday with Beasley Media Group. Beasley experienced a net loss of $3.5 million in the first quarter of 2023. The company’s strongest arm was still broadcast radio, but digital touted strong improvements. Net revenue increased 3.7% year-over-year to $57.8 million, driven by double-digit digital revenue growth. Digital made up 17.3% of the quarter’s total revenue.
Eight of Beasley’s 14 market clusters experienced revenue growth in the quarter, surpassing Q1 revenue guidance. Audience growth was also seen on both digital and broadcast platforms, with digital accounting for 45% of the company’s total monthly audience. Despite the net loss, station operating income increased by 21% compared to Q1 2022.
CEO Caroline Beasley says the company aims to continue the digital trend with investments in expanding and enhancing its digital capabilities. Beasley’s goal is for digital to make up 20% of total revenue by the end of the year.
Caroline can’t get out of her own way. The company continues to take losses. 2 of their clusters are about to make BIG layoffs. Their payroll is out of control when workforce compensation is factored in.