Entravision Communications may have had to spin its digital advertising representation business due to the end of Meta’s Authorized Sales Partner program, but that didn’t stop the Hispanic broadcaster from reporting a 12% increase in net revenue in Q2 2024.
On paper, the impact of the discontinued operation – which accounted for 53% of $1.107 billion of the company’s consolidated revenue in 2023 – looks bleak. Entravision experienced a staggering 1,650% increase in its net loss compared to the same period last year.
The discontinued operations reported a net loss of $35.41 million, a drastic shift from a net income of $3.84 million in the previous year.
However, overall net revenue for the quarter climbed to $82.65 million from $73.72 million the previous year, while operating expenses also rose to $46.12 million from $41.47 million. Entravision’s net income from continuing operations, which improved to $3.73 million, recovering from a net loss of $5.83 million in Q2 2023.
The company’s radio segment saw a slight decline, with revenues falling to $13 million from $13.54 million. The broadcaster operates 46 Spanish-language radio stations and the Latino Radio Network. Television revenues also dipped to $28.58 million from $29.94 million, while digital operations notably increased by 36% to $41.07 million from $30.23 million.
Entravision CEO Michael Christenson said, “We remain focused on our 2024 priorities: maximize political revenue, provide highly-rated news and content to our audiences, strengthen our digital marketing solutions in combination with our television and audio offerings, and continue to grow Smadex, our programmatic ad purchasing platform.”
