Gains in local spot revenue, digital sales and political advertising helped offset a steep decline in national and network revenue at Cumulus Media in fourth quarter 2022. The company reported total revenues of $251.3 million, roughly flat with Q4 2021. Total broadcast radio billings declined 2.9% with local spot up 1.9% and network down 10.9%. Digital growth slowed to 7.6% year-over-year.
Cumulus derives 45% of its revenue from national advertising and the ongoing trend of national ad cutbacks caused a double-digit decline in network revenue as most categories experienced weakness.
Total broadcast radio billings declined 2.9% to $187.6 million in Q4 with local spot up 1.9% to $124.1 million and network down 10.9% to $63.5 million.
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