Beasley Media Group Releases 2024 Year-End Earnings Report

Beasley Media Group unveiled its financial results for the fourth quarter of 2024 and the full year. The company reported a decrease in net revenue from $247.1 million in 2023 to $240.3 million in 2024. This decline was partially offset by a $8.3 million boost in political advertising revenue in the fourth quarter. The company attributed the overall decrease to challenges in the commercial advertising market, as well as revenue losses from the sale of the Wilmington station, the shutdown of the esports division, and Guarantee Digital.

Caroline Beasley, the CEO of Beasley Media, highlighted the significant changes that took place within the company in 2024. She emphasized that the year was marked by strategic initiatives aimed at fortifying the company’s financial position, streamlining operations, and setting the stage for long-term success. Cost management and capital projects led to approximately $20.0 million in annual expense savings, an improved leverage profile, and increased financial flexibility. Beasley also pointed out the growing contribution of the digital segment, which now accounts for almost 20% of total revenue. These measures, coupled with the ongoing strength of the digital business, have prepared Beasley Media to weather industry challenges and capitalize on emerging opportunities in the audio and digital media space.

Looking ahead to 2025, Beasley Media remains dedicated to executing its strategic plan, which includes optimizing operational efficiency, investing in growth areas, and leveraging its digital capabilities. The company’s continued focus on cost management and prudent capital allocation is expected to sustain its financial resilience and position it for sustainable growth in the evolving media landscape.

Beasley’s commitment to innovation and adaptation underscores its commitment to staying ahead of industry trends and ensuring continued success in a rapidly changing media environment. By aligning its business model with emerging opportunities in audio and digital media, Beasley Media Group is positioning itself for a bright future in the ever-evolving media landscape.