Esports Helped Beasley 'Make Lemonade Out of Lemons,' Says CEO
Beasley Broadcast Q4 net revenue fell about 5% to $68.5 million from Q4 2019. That “primarily reflects a year-over-year decrease in commercial advertising revenue due to the impact of the COVID-19 pandemic, partially offset by growth in digital, esports and…
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political revenue,” the radio station owner reported Wednesday. “Esports allowed us to make lemonade out of lemons last year,” CEO Caroline Beasley told investors. Operating income was $19.6 million vs. $11.2 million, the result of lower operating and corporate expenses, lower impairment losses and a land sale, the release said. The Q4 “results reflect the ongoing recovery of our business,” said the CEO in a release. The company has continued to generate month-over-month revenue growth if political ads are excluded from the calculation, she said. Caroline Beasley expects revenue from events to “hopefully” begin returning at the end of 2021 and continue into 2022. She said the company is focused on digital and attracting new advertisers in the coming year.