Two Consecutive Strong Quarters From Radio One
Despite his stated philosophy that radio is a flat-to-slow growth business, Radio One CEO Alfred Liggins has put up two pretty good quarters in 2012. On Thursday, Liggins reported that his radio division was up over 6 percent compared to the same three months in 2011. In the first quarter, Radio One also rose 6 percent. It's certainly not Apple- or Google-like numbers but it's at the top of the public radio pack. Liggins said, "I'm really pleased with how radio performed in Q2, and Q3 is pacing very well. We are now focused on 2013." Here are more details from the Radio One earnings call.
The top Radio One markets for Q2 were Baltimore (up 16.5%), Raleigh (up 16.3%), Atlanta (up 8.5%), Washington, D.C. (up 5.9%) and Houston (up 2.2%). The top-performing categories for the quarter were Retail (which made up 14 percent of the total Radio One business), Food and Beverage, and Entertainment. Liggins said Political was just starting to hit last week, earlier than expected. Radio One has budgeted for $4 million in political revenue. And, while Liggins plans to vote for Obama, he's hoping for a tight race. "I'm rooting for a very tight race. It's good for our business. We own almost every black radio station in the major markets of Ohio. We're in Raleigh and Charlotte. It's going to shape up very nicely for us."
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