TelevisaUnivision was the first US radio company to release its second-quarter financials for 2024, but the talk from CEO Wade Davis veered away from Q2 into excitement for the upcoming election as the Presidential race heads into “uncharted” revenue.
Consolidated revenue for the company – which operates 35 radio stations in the US – rose by 3% to $1.258 billion from April through June, with US revenue up by 1% to $799.4 million. Mexico saw a more robust growth of 8%, amounting to $458.3 million. For ad revenue, the Spanish-language broadcaster reported a 6% rise in advertising revenue, reaching $785 million.
US advertising revenue growth was a modest 2%, totaling $462 million. In Mexico, ad revenue surged by 13% to $323 million.
Despite a 3% increase in total operating expenses, which climbed to $895.7 million, net income showed a significant improvement, rising to $14.1 million due to favorable tax provisions.
This was when Davis’ excitement for the future took center stage. Referencing the, “Historic recent change to the Democratic ticket,” the broadcaster anticipates a surge in political ad revenue, particularly due to the high stakes in the presidential and key congressional races. Davis noted the potential increase in fundraising and campaign messaging as crucial factors that will drive record political ad revenues for TelevisaUnivision – past even what was forecast after Q1.
Davis again pointed out the significant role that the growing Hispanic voter base, now at 36.2 million, will play in the upcoming election – a demographic he says TelevisaUnivision reaches effectively.
