Beasley Broadcast Group, Inc has reported its financial results for its fourth quarter of 2021 as well as the full fiscal year. In Q4, net revenue was up 3.3 percent to $70.7 million, which the company attributed to ” the continued recovery of the commercial advertising market from the effects of the COVID-19 pandemic, partially offset by a decrease in political revenue.”
For the full year 2021, net revenue was up from $206.1 million in 2020 to $241.4 million in 2021. Operating income in Q4 fell from $19.6 million in the fourth quarter of 2020 to $6.5 million. However, for the full year, operating income was up to $14.7 million vs. a $4.3 million loss in the year prior.
CEO Caroline Beasley said, “Beasley delivered a strong finish to a solid year of operating and financial performance, as the strength of our content and continuing improvement in advertising trends, combined with the ongoing success of our digital transformation and revenue diversification strategies, continue to fuel our recovery. Throughout the year, we made significant progress on our near-term goal of returning all of our revenue sources to pre-pandemic levels, as reflected by the 17% increase in full year net revenues to $241 million. Top-line growth was the primary factor contributing to a 75% year-over-year increase in SOI to $42.0 million. Overall, we believe these results demonstrate the strength and relevance of our industry-leading audio content and our teams’ extraordinary efforts to serve our listeners, customers and communities through challenging circumstances.
“Growing consumer and advertiser demand for Beasley’s digital audio content drove a 47.3% year-over-year increase in digital revenue, with digital accounting for 15% of total fourth quarter revenue. Notably, our digital network delivered record digital audience impressions for the third consecutive quarter, with total digital impressions growing 20% over third quarter 2021 levels and 39% over the prior year period.”
