Radio broadcasting industry trade magazine Radio Ink reports that the gains radio stations made over the last two years, from 2021 to 2022, coming out of the COVID-19 pandemic have been wiped out.
“The phrase economic headwinds just blew radio’s post-pandemic recovery off course with radio owners by revenue for 2023,” said Radio Ink.
Some of the country’s largest radio companies saw their earnings drop in 2023.
America’s largest radio operator, iHeartMedia remained the leader, with $2.15 billion in revenue from 870 stations, although it saw its revenue drop by 5.5% drop from 2022 and remains 2.8% lower than 2021.
Audacy, which owns 227 stations, made $1.3 billion in 2023, which is down 5.8% from 2022 and 3.9% from 2021.
The third largest radio company, Cumulus Media, was hit harder. In 2023, they saw their revenue fall more than during the pandemic. Cumulus ended up with $413.9 million from 404 stations, a 16% decrease from 2022. In 2020, the group earned $470.1 million.
Cox Media Group also saw its lowest point since 2019, dropping one spot to seventh.
Hubbard Radio owns WTOP, the highest billing station in the U.S., which alone generated nearly 28% of Hubbard’s total revenue. It fell 4.7% compared to 2021.
Beasley Media Group, with revenues of $232.2 million from 58 stations, dropped under 2021’s $241.2 million total revenue.
