Media Business
Spotify Announces Massive Companywide Cuts
“The decision to reduce our team size is a hard but crucial step towards forging a stronger, more efficient Spotify for the future.”
Published
5 months agoon
By
BNM Staff
Spotify has announced it is reducing its workforce by a whopping 17% in a round of cost-cutting measures.
“I recognize this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us,” CEO Daniel Ek wrote in a letter published to the company’s website.
Ek admitted the company considered making smaller job cuts in 2024 and 2025, but decided it was more feasible to make wide-ranging job eliminations now.
“Considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives,” he wrote. “While I am convinced this is the right action for our company, I also understand it will be incredibly painful for our team.”
The cuts from Spotify come after a 6% reduction in force earlier this year eliminated the jobs of 600 within the digital audio company.
Ek argued the decision to eliminate so many jobs was a strategic one for the company, with an eye toward different goals.
“The decision to reduce our team size is a hard but crucial step towards forging a stronger, more efficient Spotify for the future. But it also highlights that we need to change how we work. In Spotify’s early days, our success was hard won. We had limited resources and had to make the most of every asset,” he concluded. “Our ingenuity and creativity were what set us apart. As we’ve grown, we’ve moved too far away from this core principle of resourcefulness.
The Spotify of tomorrow must be defined by being relentlessly resourceful in the ways we operate, innovate, and tackle problems. This kind of resourcefulness transcends the basic definition – it’s about preparing for our next phase, where being lean is not just an option but a necessity.”
Media Business
Entravision, Townsquare, Salem Media, iHeartMedia Top Digital Earners in Radio, Borrell Report Reveals
According to the Borrell Associates report, 20.9% of radio revenue was from digital aspects, on average.
Published
2 days agoon
April 26, 2024By
BNM Staff
Some radio companies have been quicker than others to adapt to the changing digital landscape. According to a new report from Borrell Associates, companies like Townsquare Media, Salem Media Group, and iHeartMedia are the radio industry leaders.
In a report detailing digital revenue contributions of media companies, the Borrell report shows that Entravision — a company featuring mostly Spanish language radio and TV stations — derives 84.3% of its revenue from digital.
Meanwhile, Townsquare Media sees 52.3% of its revenue from the digital realm. In 2023, the company reported $454.2 million in total revenue. While the company saw a 1.9% decrease in total revenue, but saw a 7% increase in digital.
Salem Media Group, through the third quarter, saw 42.3% of its revenue come through digital endeavors like the Salem Podcast Network, Salem News Channel, and traditional digital advertising. In 2023, Salem’s digital revenue grew 4.1%.
iHeartMedia (30.5), UrbanOne (28.4%), Auduacy (24.7%), Cumulus (19.8%), Beasley Media Group (18.5%), and Saga (9.3%) rounded out the list of radio companies that saw significant portions of their revenue come from digital.
According to the Borrell Associates report, 20.9% of radio revenue was from digital aspects, on average. That pales in comparison to newspaper companies (45.5%) and Yellow Pages (58.4%), while TV lagged behind at 16.9%.
Media Business
NAB Announces Latest Board Election Results
The new members will serve two-year terms that begin in June 2024.
Published
3 days agoon
April 25, 2024By
BNM Staff
The National Association of Broadcasters (NAB) has announced the newest members of its Radio and Television Board of Directors.
The new members will serve two-year terms that begin in June 2024.
Beasley Media Vice President and Market Manager Mary Menna has been elected to the New York/New Jersey district.
Saga Communications President and CEO Chris Forgy will serve the North Carolina and South Carolina district (District 6).
Jerry “J” Chapman, the President and majority owner of Woof Boom Radio, has been named to take over the 10th district (Indiana), that was previously held by Mike Hulvey before he departed Neuhoff Media for the RAB.
Townsquare Media CEO Erik Hellum has been elected to serve District 12, which holds Missouri and Kansas.
Finally, Bonneville International Executive Vice President of Strategy and Technology Tim Swift was elected to represent Arizona, Nevada, New Mexico, and Utah (District 22).
Additionally, Radio One Regional Vice President and General Manager Eddie Harrell Jr. will be appointed to a designated seat that had been held by Urban One CEO Alfred Liggins.
The following executives were re-elected and will continue to serve on the NAB Radio Board:
- Leonard Wheeler, President of Mel Wheeler Inc. (District 4: DE, DC, MD, VA)
- Flynn Foster, President/Owner of Guaranty Media (District 8: LA, MS)
- Jeanna Berge, President of iHeartMedia Multi-Platform Group (District 14: IA, WI)
- Andrew Sutor, Executive VP and General Counsel of Audacy (District 16: CO, NE)
- Ben Downs, Vice President of Bryan Broadcasting (District 18: Southern TX)
- Larry Patrick, Managing Partner of Legend Communications (District 20: ID, MT, WY)
- Bob Proffitt, President/CEO of Alpha Media (District 24: Southern CA, Guam, HI, American Samoa, Northern Mariana Island)
The following executives will make up the NAB Television Board:
- Lynn Beall, Executive VP and COO of TEGNA
- Amy Liz Pittenger, Executive Vice President of Bahakel Communications
- David Griffin, CEO of Griffin Communications
- Nicholas Radziul, SVP of Distribution and Government Affairs at Hearst Television
- Deb McDermott, CEO of Standard Media Group
- Pam Teague, COO of Sarkes Tarzian Inc.
Media Business
RAB Names O’Reilly Auto Parts 2024 Radio Marketer of the Year
The Radio Marketer of the Year award will be presented to O’Reilly Auto Parts at the 2024 Radio Mercury Awards on June 6 at Sony Hall in New York City.
Published
3 days agoon
April 25, 2024By
BNM Staff
The Radio Advertising Bureau (RAB) has announced O’Reilly Auto Parts has been named the winner of the 2024 Radio Marketer of the Year Award.
The honor coincides with the 25th anniversary of the “Oh, Oh, Oh, O’Reilly” jingle. The company has made radio central to its marketing plan.
“O’Reilly Auto Parts continues to be an incredibly valuable partner to the radio industry,” noted RAB President/CEO Mike Hulvey. “Their ongoing dedication to the use of radio as a lead medium to drive their local business forward is truly a collaborative effort to be celebrated by the entire radio industry.”
“Thank you to RAB for recognizing O’Reilly Auto Parts with this incredible award,” said O’Reilly Auto Parts Vice President of Marketing and Advertising Hugo Sanchez. “I’m really proud of our entire marketing team, as well as the more than 90,000 team members across the United States, Mexico, and Canada.
“This award is a testament to the work of all of our team members, who provide excellent customer service each and every day. Our marketing and advertising work, and the jingle, mean nothing without our team members delivering this great service to all of our customers day in and day out.”
The award will be presented at the 2024 Radio Mercury Awards on June 6 at Sony Hall in New York City.
