Public radio revenue held mostly steady in 2024, but a new Corporation for Public Broadcasting report shows the divide between large and small stations is growing, as future funding now faces unprecedented threats from President Trump’s White House.
In the State of the System for Fiscal Year 2024, CPB-supported radio grantees reported $1.389 billion in total revenue for FY2024, just below FY2023’s $1.393 billion. But the surface stability conceals deeper systemic strain: while the largest stations posted collective gains, small and mid-sized operators lost ground.
The 164 CPB grantee stations earning less than $1 million annually altogether dropped $9.7 million compared to FY2020, while the 116 mid-sized outlets shed another $2.4 million in the past year alone. By contrast, the 106 larger grantees – those that have annual revenue of more than $3 million – have added nearly $94 million in revenue since FY2020. In FY2024, three in four of those stations reported revenue growth, while fewer than half of smaller stations did the same.
That growing disparity may be compounded by political turbulence. On May 27, NPR and three member stations filed a federal lawsuit to stop Executive Order 14290, which directs the CPB and all federal agencies to end funding to NPR and PBS. The lawsuit argues the order is a retaliatory act by former President Donald Trump, targeting the public media system for coverage he dislikes.
The executive order arrives as many public radio stations still rely on federal funding for stability. Among small grantees, CPB Community Service Grants account for up to 36% of total revenue. In FY2024, individual giving remained the top funding source systemwide at 40%, followed by CPB allocations at 12% and underwriting at 11%.
Yet individual giving is also showing signs of fragility. While average donations held steady, the number of donors fell for the third consecutive year, down to 3.01 million in FY2024 from 3.14 million in FY2021.
The CPB report also shows that many stations are underinvesting in fundraising infrastructure. Just $25 million was spent systemwide on development in FY2024 – a modest number considering individual giving makes up 40% of all revenue and remains one of the few areas where local stations can grow support organically.
There is subsequently an overall slowdown in hiring, particularly among smaller and rural stations. Systemwide job openings have dropped back to early-pandemic levels, and the total number of employees in public radio has slightly declined.
