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Apple Music is doubling down on its commitment to fuel Latin music’s global presence with the launch of its brand-new Apple Música Uno radio station, which officially went live on Tuesday (Dec. 10). The station will be free, with no subscription needed.
Música Uno is one of Apple Music’s three new global radio stations, the other two being Apple Music Club and Apple Music Chill. They joined the previously launched Apple Music 1, Apple Music Hits and Apple Music Country radio stations.
Música Uno will have multiple on-air hosts — including radio personalities Evelyn Sicairos, who will host La Oficial Radio, and Lechero, who will helm ¡Dale Play! Radio — as well as exclusive special shows hosted by superstars Becky G, Rauw Alejandro and Grupo Frontera.
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“In the past we’ve been lucky to have the support of Zane [Lowe] and Ebro who’ve given us space in their shows, which aren’t necessarily Latin music shows, and that’s been great, but we need more spaces to tell the stories of many other Latin artists and for them to feel free to speak in Spanish or even Spanglish. Apple Música Uno is the place for that,” says Jerry Pulles, Latin music programmer at Apple Music. Over the past 10 years, Pulles has overseen the launch of several hosted shows, including the Apple Music 1 series La Fórmula Radio with El Guru, which is dedicated to Latin music.
Now, Música Uno will serve as a hub exclusively for all things Latin, covering every spectrum of the genre — from reggaetón to pop to Mexican music. “This radio station will allow us to continue building blocks with the artists we’ve supported since day one,” adds Marissa Lopez, Apple’s head of Latin music artist relations. “We’ve seen Latin music’s growth in real time, so this launch has been a long time coming.”
Rauw Alejandro
Apple Music Radio
The launch of Música Uno comes four years after Apple Music last launched a new radio station, when it introduced Apple Music Hits and Apple Music Country. In this way, it’s hoping to tap into the growing popularity of Latin music as it continues to hit record-high revenues — largely led by paid streaming subscriptions. Over the past two years alone, a total of 134 Latin songs have reached Apple Music’s Global Daily Top 100 — up from 88 the previous two years, according to Apple. In the same time range, the number of música mexicana songs on the chart have more than quadrupled, up from 12 to more than 50.
“This was such a natural evolution for us,” Juan Paz, Apple Music’s global head of Latin music business, says of launching Música Uno. “Radio has always been the heartbeat of Apple Music, where we showcase the best and most relevant music and give artists a space for their creative output. With Apple Música Uno, we will continue to do just that, but in our language and with an opportunity for people all over the world to tune-in for free. Having this available for free globally is a truly exciting opportunity to continue to amplify what we do best — supporting artists and being at the forefront of culture.”
Since launching in 2015, Apple Music has made a name for itself in the industry as an artist-first service, and the launch of Música Uno aligns with that identity, says Patty Flores, head of U.S. Latin, music business partnerships at the company.
“By creating a space like this, we are filling a void where the artist is in charge of their own narrative. And a space where we lead by culture and human curation,” Flores says. “Our tagline roughly translates to the culture that moves you, and we really want to make this station come to life through the voices of our hosts and artists. Whether that is sharing track-by-track commentaries explaining the process and story behind new songs, or checking in to share influences or a special story behind their latest release, we want to tell those stories.”
Becky G
Apple Music Radio
Hosted by the Latin pop hitmaker, The Becky G Show will “give people a real sense of what life on tour is like — from the encounters with my incredible fans to the challenges, the highs, and everything in between,” says Becky G. “This show captures a special moment in my career, where I get to fully represent my culture and all the different layers that shape who I am.”
On Grupo Frontera’s show, meanwhile, the band says that “people will get to see us in a more relaxed environment, hanging out, goofing around and talking about music which is what we do in our regular lives. I think people are going to see that we are just a bunch of regular guys living our dreams. We had a lot of fun with our surprise guests.”
For Krystina DeLuna, Apple Music’s head of música mexicana editorial, Música Uno is an opportunity to continue the growth of a genre that was long considered niche. But today, thanks to a new generation of música mexicana hitmakers, that has totally changed. “The fact that this station is going to be global and free, that’s only going to help continue the conversation of taking música mexicana to the next level, which is what we’ve been trying to do for many years,” she says. “That’s why it was important to have Grupo Frontera host a show and have our playlist música mexicana playlist La Oficial come to life with a hosted show that will be focused on the culture, creating a safe space for artists to speak about their craft.”
The first song played on Música Uno when it launched Tuesday was Bad Bunny’s “El CLúB.” That marks a full circle moment for Apple Music, as the superstar launched the streaming service’s first Latin playlist, ¡Dale Play!, in 2018. “It’s a testament to the building blocks I mentioned before,” says Lopez. “Being there from the beginning of his career and seeing that growth. It’s just so exciting all around.”
Stephen King is killing off his cluster of money-losing radio stations in Maine, announcing on Monday (Dec. 2) that WZON, WKIT and WZLO will cease operations in the Bangor area on Dec. 31 after 41 years under his and wife Tabitha’s ownership.
The wicked prolific author bought WLBZ in 1983, renaming it WZON in homage to his 1979 novel The Dead Zone. The station was sold in 1990 but re-acquired by the Kings three years later. Despite King’s passion for radio and his efforts to maintain local and independent stations, the three stations have consistently lost money, with King personally covering the deficits.
WZON is on the AM dial at 620 and plays “Retro Radio,” while WKIT 100.3 FM is branded as “Stephen King’s Rock Station” and WZLO, at 103.1 FM, is “Maine’s Adult Alternative.” The company operates under the name The Zone Corporation.
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King, who was in his mid-30 when he got into radio, cited financial losses and his advancing age — a healthy 77 — as reasons for the shutdown. He expressed pride in being a local owner and gratitude for the staff and local advertisers who supported the stations.
“While radio across the country has been overtaken by giant corporate broadcasting groups, I’ve loved being a local, independent owner all these years,” said King. “I’ve loved the people who’ve gone to these stations every day and entertained folks, kept the equipment running, and given local advertisers a way to connect with their customers. Tabby and I are proud to have been a part of that for more than four decades.”
General manager Ken Wood, who has been with the stations for 10 years, acknowledged the end of an era but appreciated the Kings’ commitment to local broadcasting.
“Independent, locally owned radio stations used to be the norm,” said Wood. “There’re only a few left in Maine, and we’re lucky we had these three as long as we did.”
A news release states that Zone Corporation is closing but doesn’t specify if they’re looking to sell the stations. This potentially means they could stop operations under a Special Temporary Authority from the FCC, which lets them follow regulations while possibly finding a buyer.
Since getting into the terrestrial radio business in 1983, King has written over 50 novels, including well-known works such as It, Misery, The Dark Tower series, Pet Sematary, Under the Dome, Skeleton Crew, The Green Mile and 11/22/63, among many (many) others.
Read the full announcement from Zone Corporation:
When internationally known author Stephen King first entered the radio business in 1983, it was with the enthusiasm and love of a lifelong rock and roll fan and as a listening member of the greater Bangor community.
He also was a young man of 36 with a lifetime of creativity ahead of him. Now, in good health but feeling his 77 years, King says it’s time to “get his business affairs in better order,” and that means saying good-bye to the radio stations that he personally has kept afloat and on the air all these years.
“While radio across the country has been overtaken by giant corporate broadcasting groups, I’ve loved being a local, independent owner all these years,” said King. “I’ve loved the people who’ve gone to these stations every day and entertained folks, kept the equipment running, and given local advertisers a way to connect with their customers. Tabby and I are proud to have been a part of that for more than four decades.”
In those four decades, however, the stations consistently have lost money. The amounts have varied from year to year but have been significant. King personally has covered those losses.
Flagship station WZON, which first went on the air in Maine in 1926 as WLBZ, was purchased by the Kings in 1983. The call letters were changed to WZON, a nod to Stephen King’s best seller The Dead Zone and a rock and roll format was instituted. The station never made money and for a time, even surrendered its commercial status to become a donor supported enterprise. In 1990, the station was sold, only for the Kings to re-acquire it three years later and bring back the commercial model.
Ken Wood, General Manager of the stations for the last ten years is certainly sad to see the end but said he’s grateful for the Kings’ ownership and proud of the local voices that have a place in Maine’s colorful broadcast history. “Independent, locally owned radio stations used to be the norm. There’re only a few left in Maine, and we’re lucky we had these three as long as we did,” said Wood.
The stations of The ZONE Corporation are WZON (620 AM), WKIT (100.3 FM), and WZLO (103.1 FM). Broadcasting operations are expected to cease on December 31st.
Damiano David is iHeartMedia’s latest “On the Verge” artist with his new solo single, “Born With a Broken Heart.” In a first for iHeart, he will be featured across three formats, with all iHeartRadio CHR, Hot AC and Alt stations participating in the promotion. Damiano, 25, is best-known as frontman for the Italian rock band Måneskin, […]
Kix Brooks is marking the end of an era, as he steps down from his nearly two-decade role as host of the national country music radio show American Country Countdown. Brooks’s final broadcast will air the weekend of Dec. 28-29, 2024.
Beginning the weekend of Jan. 4-5, 2025, country radio personality Ryan Fox will take over as host of American Country Countdown with Ryan Fox. Fox currently serves as on-air host, mornings, at Dallas country station KPLX/99.5 The Wolf.
Brooks took on the hosting role at American Country Countdown in January 2006, guiding listeners through each week’s top hits, while both entertaining them with his wit and humor, but also offering deep insights into artists, the country music genre and its rich history.
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“I never dreamed I would be asked to host a legendary international radio show like American Country Countdown,” Brooks said in a statement. “The fact that I have been supported by hundreds of affiliates and an amazing team of radio professionals for 18 years has made this one of the greatest experiences of my professional life. It’s time to turn my primary focus back to writing, recording and touring with Brooks & Dunn. It’s been an honor, to say the least, that I was trusted with a microphone that had such an iconic history. Special thanks to all the fans who listened and participated, to ensure that I was being the best that I could be. Keep counting ‘em down!”
Brooks’s work leading American Country Countdown, which is broadcast to more than 300 station affiliates nationwide through Westwood One, was honored with the Country Music Association’s national broadcast personality of the year in 2009, 2011 and 2013, making Brooks the first person to win a CMA award in both artist and broadcast categories. He also claimed the Academy of Country Music’s radio award for national personality in 2021.
Fox said in a statement, “To be given the opportunity to take the reins on one of the longest running, most successful, Country countdown shows in the world and sit in the same chair as Hall of Famers like the legendary Kix Brooks and the late, great Bob Kingsley, is a tremendous honor. This is a terrific era for country music, and I cannot wait to count down the biggest country hits from coast to coast!”
As part of Brooks & Dunn, Brooks just picked up a 15th win in the Country Music Association’s vocal duo of the year category during last week’s CMA Awards, held Nov. 20 in Nashville.
Brady Bedard has been appointed as the executive vice president of promotion for Atlantic Music Group, transitioning from a 26-year career at Sony Music and Columbia Records, where he most recently served as senior vp of pop promotion. In his new role, Bedard will take the lead on promotion strategies for the Atlantic, 300 and 10K Projects labels.
Bedard’s career has been marked by significant contributions to the success of high-profile artists such as Adele, Beyoncé, Harry Styles, Miley Cyrus, BTS, and many more. A native of the Twin Cities, he began his career as a college rep for Sony Music in 1998. Over the years, he progressed through roles in marketing and radio promotion, eventually landing his most recent position in 2018. His expertise spans multiple genres and a deep understanding of the evolving radio and music landscape.
AMG CEO Elliot Grainge praised Bedard’s extensive experience and strong industry connections, emphasizing his ability to navigate the complexities of promotion.
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“He’s expertly navigated the ever-shifting radio landscape for more than a quarter century, with a passionate devotion to the music and deep relationships across the industry,” said Grainge.
Bedard’s appointment is part of a broader leadership restructuring under Grainge, who recently also named Alana Dolgin as the label’s first president of digital marketing, underscoring AMG’s focus on digital innovation.
This leadership evolution aligns with broader strategic initiatives at Warner Music. In last week’s earnings call, Warner CEO Robert Kyncl commended Atlantic and Warner Records for driving growth through innovative talent discovery and promotion. He highlighted the success of 10K Projects, a joint venture between Warner and AMG, attributing its rapid growth to Grainge’s digitally driven strategies. Kyncl also lauded Grainge’s intensity — “I love that about him,” he said — and decisive leadership, which he believes attracts top talent.
Bedard expressed enthusiasm for his new role, citing Atlantic’s legacy of artist development and its strong reputation in radio promotion.
“Having spent my entire career so far at one company, the only other place I could ever imagine working is one with such a rich history of artist development and genre-spanning roster as WMG,” said Bedard. “Atlantic is a legend in the radio promotion business, and to join the company at this transformational moment is tremendously exciting. I want to thank Elliot for this amazing opportunity.”
When Jack and Jill went up the hill, they got more than just a pail of water. Or, at least, Jill did. Jack didn’t really stick around.
Jordan Fletcher, in the closing track on his Triple Tigers EP Classic (released Sept. 27), rewrites the centuries-old “Jack and Jill” nursery rhyme with a surprising, modern-day twist. “About Jill” is a sensitive, almost celebrant, portrait of a single mom raising a boy who looks very much like his father, an immature rich kid who leaves a pregnant girl to fend for herself.
But Jack isn’t really the story of “About Jill.”
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“No one likes Jack,” Fletcher allows, “but you don’t want to make him the focal point.”
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Fletcher didn’t know Jack would be the topic du jour when he showed up for a co-writing session with Nora Collins (“Leroy”) at Sea Gayle in Nashville on March 16, 2022. They ended up talking about how she was rebounding from the pandemic, and in the process, Fletcher started thinking about the challenges that single women face trying to succeed in a male-dominated world. He turned to his phone for an appropriate title.
“I think I’ve got 50,000 – that’s a real number – I think, 40,000 or 50,000 voice memos on the phone of partial songs, ideas, partial ideas, full songs, completely unorganized,” he says. “And I had this thing called ‘Jack and Jill.’”
They figured out pretty quickly that they could use that title to write about a woman finding her way.
“He said, ‘You know that everybody knows Jack, but they don’t know jack about Jill,’” Collins recalls. “That got me. He started playing a little guitar part, and then I started writing that first verse.”
The nursery rhyme gave them an obvious starting point, and they altered the rhyme just enough to change the story’s direction: “Jack and Jill had time to kill.” They make out on a back road, and things develop quickly: by the end of line three, she’s pregnant, he decides he’s “too young for kids,” and he leaves it to “Jill to choose.” It’s a subtle hint that she considered an abortion (they wrote that line three months before the Supreme Court’s Dobbs decision stripped many women of that choice). They broached the topic so gracefully that the controversy is all but eliminated.
“I think that that was important,” Collins says. “It was, you know, ‘Let’s lightly discuss a really hard topic, and let’s empower Jill.’”
The remainder of the verse and the chorus paint Jack as a playboy who eventually ends up living an easy life with a girl he meets in college. And it’s at the end of that chorus that the hook makes its debut: “Everybody knows Jack/ But they don’t know jack about Jill.”
Musically, “About Jill” disguises the serious nature of the story, using a light chord progression and breezy tempo, maintained by a strong upstroke, owing in part to Fletcher’s reggae appreciation.
Verse two contrasts Jill’s struggles with Jack’s good fortune. She works two jobs, drives a hand-me-down car and can’t look at her boy without seeing Jack’s reflection. But she still loves the kid. “She has a very, very difficult situation,” Fletcher says. “This turns out to be a lot of people’s story, and I didn’t realize that. It’s a story that wasn’t really told often.”
The bridge reiterated her ability to stay positive, concluding that life had given her lemons, but “she makes damn good lemonade.”
“You can’t predict what life’s gonna hand you,” Collins says. “It’s all a choice, how you choose to deal with things. Life by no means is easy for anyone, and if you’re a single mom or a single parent, you do the best that you can for your kid, and you got to make lemonade.”
Collins sang on the work tape at the end of the day as they considered several women – including Lainey Wilson, Ella Langley and Miranda Lambert – as potential matches. “About Jill” received good feedback, but no cuts. Meanwhile, Fletcher posted a back-porch video of the song a week after they wrote it, with the sounds of birds and traffic in the background. He finally decided to record it himself for the Classic EP.
“It honestly is sweeter coming from a guy, because it just seems more objective,” he reasons. “I could definitely see how a female would feel like it was a man-hating song, but if a guy’s singing it, it’s just a very observant song.”
Producer Austin Nivarel (Jelly Roll, Austin Snell) identified “About Jill” on first listen as a song they needed to cut, and he and Fletcher agreed that it should be presented as simply as possible. “We wanted it to just feel so real and raw,” Nivarel says.
They accomplished that by cutting it as a guitar/vocal track at the Black River studio complex on Nashville’s Music Row. Engineer Nick Autry set up two mics in the center of the studio and a couple more placed elsewhere to capture room noise. But after one or two test passes, Nivarel had the room mics shut down, deciding instead to make it authentic to Fletcher’s back-porch demos.
Fletcher played about two feet away from the mics, tracking the guitar at the same time as his vocal, which meant that his voice and the supporting instrument both appeared on every track. The performance itself had to be right, since Nivarel was unable to do much tinkering later – if he were to boost the low notes in Fletcher’s voice, for example, it would also boost the bass in the guitar notes.
“Since the vocal mic is picking up the guitar, you get what you get,” Nivarel says. “You can’t perfect performances. You can’t do too much to edit something like that. So everything the listener hears is very real.”
Fletcher also cut 3-5 minutes of environmental sound from his back porch, and the resulting atmospherics are used to present the singer even more authentically.
“About Jill” provides the clearest picture of Fletcher’s vocal sound and artistic sensitivity. But it also has increased value in the immediate aftermath of the election. Within days, misogynists began posting crude “Your body, my choice” threats on some women’s social media pages. As a result, “About Jill” rises from a well-crafted song to an important one about decency and real American values.
“I want to give light to it,” Fletcher says. “It just tells the positivity and the strength of this woman that [does what] so many women do daily. It’s the side of the coin people don’t want to look at, but it is right there.”
The Country Radio Broadcasters/Country Radio Seminar board of directors has made two significant updates to the eligibility and selection criteria for its annual New Faces of Country Music Show.
Billboard‘s Hot Country Songs chart has been introduced as a qualifying measure for New Faces eligibility, joining the existing Mediabase Country Chart published in Country Aircheck. The expanded chart criterion incorporates digital sales and streaming data alongside terrestrial radio airplay to offer a more comprehensive view of music performance metrics.
RJ Curtis, executive director at Country Radio Broadcasters, said in a statement: “The revised New Faces Show chart criteria more broadly reflects how our music is being exposed and consumed in 2024, and how its performance is measured. While radio airplay continues to be the critically important calculation for artist success, digital sales and streaming data are also important, accurate factors in identifying the rising New Faces and voices in country music.”
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The second update places the responsibility of determining artist eligibility and management of the submission process on record labels and artist representatives. Representatives will now confirm that artists meet the minimum criteria, submit their names for ballot inclusion, and verify artist availability and willingness to perform if selected.
This shift is also aimed at increasing the level of industry involvement and accountability, ensuring artists chosen reflect the current and future landscape of country music. The new criteria are in effect for the Nov. 1, 2024, to Oct. 27, 2025, qualification period, which will impact the New Faces of Country Music Show lineup for the Country Radio Seminar 2026.
Artists must have at least one but no more than five top 25 singles on Country Aircheck‘s Mediabase Country Chart or Billboard‘s Hot Country Songs chart during the qualification period. Voter eligibility requirements state that “voters must be full-time employees in programming, promotion, or distribution of country music, excluding those with vested interests in individual artists.”
The ballot will include all qualifying artists submitted by their representatives, with artists listed in alphabetical order. Ballots will be reported to and approved by the Country Radio Broadcasters executive committee before final selections are made.
The 2024 New Faces of Country Music Show, held during March’s Country Radio Seminar, featured artists Megan Moroney, George Birge, Dillon Carmichael, Corey Kent and Conner Smith. Since its inception in 1970, the show has put some of country music’s brightest new talents in the spotlight, including Tim McGraw, George Strait, Taylor Swift, Faith Hill, Keith Urban, Luke Combs, Miranda Lambert and Jelly Roll.
As iHeartMedia deals with weak advertising trends and another round of layoffs, the country’s largest broadcast radio company will save $200 million in 2025 compared with 2024 and has renegotiated 80% of its long-term debt, the company revealed on Thursday (Nov. 7) in its third-quarter earnings release.
The debt “exchange offers,” which are expected to close by the end of the year, will extend the majority of iHeartMedia’s debt maturities by three years, allow cash interest expense to “remain essentially flat,” and provide for “some overall debt reduction,” CEO Bob Pittman said during an earnings call. “The transaction support agreement marks an important step in our effort to optimize our balance sheet, and it provides the company with the flexibility to remain focused on iHeart’s transformation.”
The disclosure about cost savings and revamped debt comes days after news broke that iHeartMedia had laid off dozens — hundreds, according to one report — of staffers from radio stations around the country. Pittman called the layoffs part of iHeartMedia’s “modernization journey” that will create a flatter organization, eliminate redundancies and make it easier to do business with the company. Those cuts add to three rounds of layoffs in 2020 as the radio business struggled with an advertising slump during the first year of the pandemic.
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Throughout the earnings call, Pittman and CFO/COO Rich Bressler underscored the company’s embrace of technology to make improvements and cut costs. “Technology is the key to increasing our operating leverage and is a constant focus for us,” said Pittman. “It allows us to speed up processes, streamline legacy systems and it enables our folks to create more, better and faster.” Technology alone will reduce annual expenses by $150 million in 2025, he said, while measures taken earlier this year will bring the total annual savings to $200 million.
In explaining how iHeartMedia uses technology to save such a large sum of money, Pittman gave the example of expanding the reach of on-air talent. “What we’re able to do now, because we’ve got technology, is we can take talent we have in any location and put them on the air in another location,” he explained. “So it allows us to substantially upgrade the quality of our talent in every single market we’re in and allows us to project talent into the situations in which you’re going to have the best impact.”
As for the financial performance, iHeartMedia’s third-quarter revenue increased 5.8% to $1.01 billion, meeting the company’s prior guidance of mid-single-digit growth. Excluding political revenue, revenue was up 2.0%. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a common measure of operating profitability, was flat at $204 million and fell on the low end of the guidance range of $200 million to $220 million.
At iHeartMedia’s multi-platform group, which includes broadcast stations and radio networks, revenue fell 1.1% to $619.5 million and adjusted EBITDA dipped 20.1% to $129.9 million. Broadcast revenue dropped 1.4% due to lower spot revenue but was helped by an increase in political advertising.
The digital audio group, which includes podcasts and iHeartMedia’s digital service, saw its revenue jump 12.7% to $301 million and its adjusted EBITDA improve 6.8% to $100 million. Podcast revenue grew 11.1% to $114 million. Audio and media services revenue rose 45.3% to $90 million due to the political advertising spending for the recent national and local elections.
iHeartMedia’s Q3 2024 financial metrics:
Revenue: up 5.8% to $1.01 billion
Adjusted EBITDA: flat at $204 million
Net loss: up 360% to $41.3 million
Free cash flow: up 8.4% to $73.3 million
The world’s biggest broadcast company, iHeartMedia, has laid off another round of employees in recent days, as the debt-plagued radio industry continues to contract during the music-streaming era. “Right now, it seems like the business model they’ve had the last few years, of making one person do 40 people’s jobs, is where it’s going,” says Nick Jordan, an assistant program director of Raleigh, N.C., country station WNCB until he lost his iHeart job Monday (Nov. 4). “But we did a good job, for as long as we could, keeping everything local and community-oriented.”
A rep for iHeart, which owns 860 stations in 160 U.S. markets and advertises “there’s a local iHeartRadio station virtually everywhere,” would not specify the number of recent layoffs, which follows a wave of job cuts in March and others since the pandemic. Radio-news outlets such as Radio and Music Pros and Barrett Media have listed more than a dozen laid-off names this week, including morning-show hosts, promotion and programming execs and big-city regional directors. Jordan said he was watching a video Monday morning of Bill Squire, an iHeart colleague who lost his job in Cleveland, when “one of the big bosses” walked into his own station to deliver the news.
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“S— happens,” says Jordan, 31, a nine-year industry veteran. “It’s part of the radio business.”
Although radio listenership has declined, according to some studies, the business remains resilient, drawing 82% of adult Americans as of 2022. And while major labels such as Universal and Atlantic have correspondingly laid off radio-promotion employees over the past year, the medium is still important for breaking hits, especially in country and other genres.
According to Wendy Goldberg, an iHeart spokesperson, “very few jobs” have been affected in the 10,000-employee company. She rebuts data that suggests a decline in audience consumption.
“Our broadcast radio audience has more listeners than it did 10 years ago,” she says, citing a Nielsen study that shows that younger listeners increased slightly in the third quarter of this year. She adds that iHeart remains “the No. 1 podcast publisher, bigger than the next two combined, and we’re five times the size of the next largest digital-radio service.”
“We’ve been able to achieve this by modernizing the company and increasing our use of technology,” Goldberg says in a statement. “These changes are another step in that journey.”
Squire, a stand-up comedian who has co-hosted the Alan Cox Show on Cleveland rock station WMMR since 2013, received the news of his layoff by phone Monday a.m. “They assured me it’s not performance-based: ‘There are big cuts across the company and there’s nothing they can do,’” he recalls.
Squire, who plans to return to the road as a touring comic, promoting his album We’re Getting Famous, says the radio business is “cutting costs wherever they can.” While Jordan is hopeful the “pendulum will swing back a little bit,” Squire says of media cuts: “You see it in radio, you see it in TV, a lot of Hollywood is out of business right now. The entertainment field has changed so quickly with the Internet and YouTube and podcasts that legacy media is just trying to catch up and figure out how to adapt to it.”
SiriusXM reported a 4% decline in revenue and a nearly $3 billion net loss last quarter after it completed a financial maneuver that was aimed at simplifying its publicly traded stock, the company reported on Thursday.
The $2.96 billion quarterly net loss stemmed from a $3.36 billion non-cash impairment charge, a type of accounting expense the means an asset’s value on the company’s balance sheet was written down. When SiriusXM merged with Liberty Media’s tracking stock in September, Liberty Media valued the company’s goodwill based on a sustained lower stock price.
The charge does not impact on SiriusXM’s cash flow. However, lower subscriber revenue and softer-than-projected advertising revenue in the second half of this year caused the company to trim its 2024 revenue goal to $8.675 billion from $8.75 billion targeted earlier in the year.
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SiriusXM’s stock price was down 3.27% at $26.50 as of 11:20 a.m. in New York.
The company reported total third quarter revenue fell 4% to $2.17 billion, and adjusted earnings before interest, taxes, depreciation and assets (EBITDA) fell 7% to $693 million, representing a 32% margin, compared to the year-ago quarter.
Tom Barry, SiriusXM’s chief financial officer, described seeing green shoots from the company’s investments in its subscription business and content, including 14,000 more net self-pay subscribers and a 6% increase in podcast advertising revenue.
“We are focused on executing our long-term strategy of strengthening our subscription business, enhancing our advertising offerings, and optimizing costs as we reinvest in the business,” Barry said in a statement.
The growth in self-pay subscribers due to lower churn reversed the contraction the company saw in the third quarter last year when it lost 96,000 subscribers. SiriusXM’s average revenue per user fell $0.53 to $15.16 due to a “higher proportion of subscribers on self-pay promotional and streaming-only plans,” the company said.
Known for its in-car satellite radio subscriptions, SiriusXM launched a new in-car subscription priced at $9.99 for just SiriusXM’s music channels. The company reported seeing podcast and on-demand listeners increasing on the app it rolled out last year.
The company invests heavily in its content. In the third quarter, SiriusXM signed an exclusive deal with “Call Her Daddy” host Alex Cooper and launched shows with former U.N. Ambassador Nikki Haley, Gen Z political commentator Dylan Douglas, and the beloved former football coaches Jimbo Fisher and Bill Belichick.
Revenue from the company’s Pandora and off-platform business segment slipped 1% to $544 million as Pandora Plus and Pandora Premium’s self-pay subscriber-based declined by 76,000 to 5.9 million. The company said the decline stemmed from fewer trial starts and churn after the price of certain plans was hiked.
