Radio One Leads The Pack in First Quarter Revenue
Expectations are high for second quarter revenue after a flat Q1 that was confirmed by the Radio Advertising Bureau on Friday when it issued its quarterly report. The RAB reported radio revenue was up 1% which was consistent with how radio's public companies reported in the quarter. Radio One was the big winner in the quarter posting a 6.4% jump in revenue while Cumulus was down 3.5%, Emmis and Entercom were down 3% and Clear Channel was up 1%. Both Salem and Saga had quarters that posted 3% revenue gains. And while most companies, both public and private, are cautious about pacing, most seem optimistic about the second quarter.
The trend in the first quarter was to start off strong and see March revenue fall off dramatically. Looking forward, radio CEOs reported that Q2 was off to a strong start, with Radio One's Alfred Liggins more enthusiastic than most. He said May revenue was "off the charts," when he was asked about Q2 pacings.
Weak comps from 2011, a rebounding automotive industry and an uptick in political advertising should play a significant role in stronger sales for radio in the 2nd and 3rd quarters of 2012.
According to the RAB, the top ten Spot Radio advertisers for Q1 were:
1) Comcast Xfinity Cable - $89.7 mill.
2) McDonald’s - $87.6 mill.
3) Safeway - $59.3 mill.
4) Verizon Wireless - $48.5 mill.
5) GEICO - $46 mill.
6) AT&T - $45.5 mill.
7) T-Mobile - $42.2 mill.
8) Toyota Dealer Association - $41.7 mill.
9) Fox TV Network - $39.6 mill.
10) Honda Dealer Association - $32 mill.
Read the entire RAB Quarterly report HERE
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