Cumulus Media Inc., a leading audio-first media company, has announced its selected preliminary operating results for the first quarter of 2024. The company expects to report net revenue ranging from $199.0 million to $201.0 million, a net loss of $(14.9) million to $(13.4) million, and Adjusted EBITDA in the range of $7.65 million to $9.15 million for the three months ended March 31, 2024.
These preliminary results reflect a slight decline in net revenue compared to the same period in the previous year. However, it is important to note that these figures are subject to change as additional information becomes available.
The three-month period ending March 31, 2024, was positively impacted by a non-operating gain of $14.8 million from the sale of Broadcast Music Inc. in February 2024. In comparison, the same period in 2023 saw a $7.1 million gain from the sale of WFAS-FM.
Cumulus Media will be releasing its official first quarter 2024 operating results on Friday, May 3rd, at approximately 8:00 AM EDT. A press release containing detailed financial information will be issued at that time.
To discuss these results further, the company will be hosting a conference call at 8:30 AM EDT on the same day. Conference call details can be found on the company’s investor relations website. Participants can register in advance to receive access details and a unique PIN for the call.
Cumulus Media is an audio-first media company that delivers premium content to millions of listeners across various platforms. With its extensive network of radio stations and partnerships with renowned brands, the company provides a wide range of high-quality programming to its audience. Additionally, Cumulus Media offers digital marketing services, influencer partnerships, and live event experiences to help advertisers reach their target markets effectively.
While the preliminary operating results for the first quarter of 2024 reported by Cumulus Media indicate a slight decline in net revenue compared to the same period in the previous year, it is important to note that these figures are subject to change as more information becomes available. The company expects to report net revenue ranging from $199.0 million to $201.0 million, a net loss of $(14.9) million to $(13.4) million, and Adjusted EBITDA in the range of $7.65 million to $9.15 million for the three months ended March 31, 2024.
One key event that positively impacted the three-month period ending March 31, 2024, was the non-operating gain of $14.8 million from the sale of Broadcast Music Inc. in February 2024. This gain contributed to the overall financial results for the quarter. In comparison, the same period in 2023 saw a $7.1 million gain from the sale of WFAS-FM.
It is worth noting that the official first quarter 2024 operating results will be released by Cumulus Media on Friday, May 3rd, at approximately 8:00 AM EDT. Detailed financial information will be included in the press release issued at that time.
To further discuss these results, Cumulus Media will be hosting a conference call at 8:30 AM EDT on the same day. Conference call details can be found on the company’s investor relations website, where participants can register in advance to receive access details and a unique PIN for the call.
Cumulus Media, as an audio-first media company, delivers premium content to millions of listeners across various platforms. With its extensive network of radio stations and partnerships with renowned brands, the company offers a wide range of high-quality programming to its audience. Additionally, Cumulus Media provides digital marketing services, influencer partnerships, and live event experiences, allowing advertisers to effectively reach their target markets.
As for the current market trends in the audio-first media industry, the digital transformation of the radio industry has led to the rise of podcasting and streaming services. These platforms have gained popularity among consumers, providing a convenient and personalized listening experience. The demand for audio content on mobile devices and smart speakers continues to grow, presenting new opportunities for companies like Cumulus Media to expand their reach and attract a larger audience.
Furthermore, the integration of data-driven advertising in the audio industry has become a key trend. Advertisers are increasingly looking to target specific audience segments and measure the effectiveness of their campaigns. Cumulus Media’s digital marketing services and partnerships with influencers provide advertisers with the tools to reach their target markets and gain insights into the performance of their ads.
However, the audio-first media industry also faces some challenges and controversies. One ongoing challenge is the fragmentation of the audience across multiple platforms and devices. With consumers having more choices in terms of where and how they consume audio content, companies need to adapt and ensure their content is easily accessible and tailored to different platforms.
Another controversy in the industry revolves around the measurement and reporting of listenership. Traditional radio ratings systems may not fully capture the audience listening habits on digital platforms, leading to debates about the accuracy of measurements and the value provided to advertisers.
In summary, Cumulus Media’s preliminary operating results for Q1 2024 indicate a slight decline in net revenue, subject to change as more information becomes available. The company’s official first quarter results will be released on May 3rd, and a conference call will be held to discuss further details. Cumulus Media operates as an audio-first media company, offering premium content across various platforms and providing digital marketing services and influencer partnerships. Current market trends include the rise of podcasting and streaming services, the demand for audio content on mobile devices and smart speakers, and the integration of data-driven advertising. Challenges and controversies in the industry include audience fragmentation and debates over measurement and reporting of listenership.