“Throughout the second quarter, the resumption of advertising in key categories combined with the success of our content monetization strategies resulted in year-over-year revenue growth across all fifteen of our markets,” Beasley Media Group CEO Caroline Beasley noted ahead of her company’s Q2 2021 earnings call — scheduled opposite Saga Communications’ call on Thursday.
What drove Beasley’s financial success in the quarter? “Healthy double-digit revenue increases” were seen in its biggest markets.
Those markets include Boston, where Beasley owns such stations as Sports Talker WBZ-FM 98.5 — an important asset that also comes with big expenses. Beasley also enjoyed double-digit revenue gains in Detroit and in both Philadelphia and nearby Wilmington, Del., where WJBR is in a fresh battle with independently owned WSTW.
Net revenue surged to $59.6 million, from $30.4 million, as Beasley eeked out $200,000 in net income ($0.01), swinging from a net loss of $17.7 million (-$0.63) in the COVID-19 ravaged Q2 2020.
Station Operating Income of $11.1 million was seen, shifting from a Q2 2020 negative SOI finish of -$11 million.
According to Ms. Beasley, there’s more growth percolating today: Q3 is pacing up 30%, with July up 40%, August up 29% and September pacing at 23%.
And, assuming events continue to come back the company is hopeful to return to 2019 levels in the near-term. However, 2022 is more realistic, she believes.
Ms. Beasley also took care in highlighting the sports betting category during its earnings call. She said sports betting was the seventh largest category for the company in Q2. “Our second quarter sports betting revenue increased 340% year over year and represented over 5% of our total revenue,” she said. “This was driven by our Philadelphia, Detroit and New Jersey market clusters.”
Massachusetts and Florida are in the process of legalizing sport betting, she said.
— With reports from Radio Ink