Radio’s Revenue Bleed Continues
Yesterday Emmis released its Q1 Earnings, which included a 4% decrease in top line revenue. What makes this especially bad is that we’re in a political year, which usually gooses up radio’s growth by a few points every couple of years. Obviously pol revenue wasn’t enough to reverse Emmis’s slide.
One of the more novel excuses I’ve heard in a while about why revenue was down had to do with heavy rain falling on the day of their Summer Jam concert in NY, which decreased day of ticket sales. I’m sorry, but unless you’re a concert promoter one day’s worth of ticket sales shouldn’t make or break your entire quarter.
Since Emmis has a funky fiscal year (their Q1 is March-May), they’re usually a harbinger of things to come for the rest of the industry. What’s notable about Emmis’s -4% revenue performance is the markets they operate in, including NY and LA, we’re -6% over the same period. So mini-kudos to Emmis for “beating the market” by 2%, and prepare for a bloodbath as the rest of the broadcasters get ready to report their Q2 earnings. #yikes!