National advertising revenue was down 18%, while local spots dropped 6%.
Pittman added that he "remains confident that both the advertising marketplace and our company will be back in growth mode in 2024."
Broadcast radio was the largest revenue driver, but also saw a decrease, dropping 8.6% to $54,2 million.
"Our net revenues for the 2023 third quarter decreased 5.8% year-over-year, or 3.2%, when excluding the year-over-year decrease in political advertising revenue of $1.9 million. "
"Despite the challenging environment, we maximized performance by continuing to focus on areas we can control."
“One of our statements at Emmis is we ought to take $20 million and short Spotify.”
“Its latest model estimates call for $16.57 billion in radio industry revenues this year, up from $16.09 billion in 2021.”
Urban One reported second quarter revenue rose 10.4% to $118.8 million. The company saw $107.5 million in revenue during the same time period in 2021.
Salem Media Group is experiencing revenue growth as the company reported a total income of $68.7 million during the second quarter.
The company's revenue went from $28.0 million in 2021 to $29.8 million year-over-year.