Entravision Pushes Ahead In Q1 2024 As Meta Deadline Looms

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Despite an impending challenge from Meta’s end to its Authorized Sales Partner program, Entravision Communications reported a strong financial performance for the first quarter of 2024, while the company’s audio division saw a single-digit drop.

With net revenue rising 16% to $277.45 million, the company finished ahead of analyst expectations, but Entravision faced rising costs across the board, including a significant $49.44 million impairment charge. These escalated expenses contributed to a net loss of $48.89 million for the quarter, a stark contrast to the net income of $2.04 million reported in Q1 2023.

Digital remains the primary revenue generator for Entravision, with a 21% increase to $237.49 million, with audio division revenue down 7%, to $11.41 million. The broadcaster operates 46 Spanish-language radio stations and the Latino Radio Network.

Digital could face financial setbacks as the Meta ASP program has been a significant source of income, accounting for 53% of Entravision’s $1.107 billion in consolidated revenue in 2023. Entravision’s digital portfolio represents various clients including TikTok-owner ByteDance, X Corp., Spotify, Snap, and Pinterest across 31 countries.

Entravision CEO Michael Christenson commented, “We remain focused on our 2024 priorities: maximize our political revenue in a year in which our audience will be critical to determining the outcome of the 2024 U.S. elections, provide highly-rated news and content to our audience.”

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