Beasley Broadcast Group, Inc. (BBGI): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde dynamique de Beasley Broadcast Group, Inc. (BBGI), une société de radiodiffusion de radio puissante qui transforme le divertissement audio grâce à des stratégies médiatiques innovantes. Des ondes radio locales aux plates-formes de streaming numériques, BBGI fabrique un modèle commercial convaincant qui relie les communautés, fournit du contenu ciblé et pilote des solutions publicitaires sur plusieurs marchés. Découvrez comment cette entreprise médiatique navigue dans le paysage complexe de la radiodiffusion, de l'engagement numérique et de la programmation centrée sur le public à une époque de consommation de médias en évolution rapide.

Beasley Broadcast Group, Inc. (BBGI) - Modèle commercial: partenariats clés

Réseaux de station de radio et partenaires de syndication

Beasley Broadcast Group entretient des partenariats stratégiques avec plusieurs réseaux radio et plateformes de syndication:

Partenaire	Type de partenariat	Nombre de stations
Westwood One	Syndication du réseau radio national	12 stations
Réseaux de radio ABC	Syndication des nouvelles et du contenu sportif	8 stations
Radio ESPN	Droits de diffusion sportive	6 stations

Agences de publicité locales et acheteurs de médias

BBGI collabore avec des partenaires publicitaires régionaux et nationaux:

• Média horizon
• Groupe
• Publicis Media
• Groupe de médias Omnicom

Fournisseurs de technologies de plate-forme numérique

Les partenariats technologiques comprennent:

Fournisseur de technologie	Service	Valeur du contrat annuel
Google Cloud	Infrastructure en streaming	1,2 million de dollars
Triton Digital	Streaming audio numérique	$750,000

Organisations de licence de musique

BBGI maintient les accords de licence avec:

• Ascap
• IMC
• SESAC

Contenu sportif et titulaires de droits de diffusion

Détails du partenariat sportif:

Organisation sportive	Droits de diffusion	Durée du contrat
NFL	Difficultés de jeu local	3 ans
NBA	Couverture de jeu local	2 ans

Beasley Broadcast Group, Inc. (BBGI) - Modèle d'entreprise: Activités clés

Programmation de la station de radio et création de contenu

Depuis le quatrième trimestre 2023, BBGI exploite 64 stations de radio sur 15 marchés. La société gère 44 stations sur 10 marchés et possède 20 stations sur 5 marchés.

Segment de marché	Nombre de stations	Types de contenu
Sportif	12	Discours sportif local et national
Rocher	18	Formats rocheux classiques et alternatifs
Urbain	10	Programmation hip-hop et R&B
Pays	14	Musique country contemporaine

Ventes publicitaires locales et nationales

En 2023, BBGI a généré 252,4 millions de dollars de revenus totaux des ventes publicitaires.

• Revenus publicitaires locaux: 187,6 millions de dollars
• Revenus publicitaires nationaux: 64,8 millions de dollars

Streaming numérique et distribution de médias en ligne

Les plateformes numériques de BBGI ont enregistré 8,2 millions d'utilisateurs numériques uniques mensuels en 2023.

Plate-forme numérique	Utilisateurs mensuels	Temps d'écoute moyen
Application mobile	3,6 millions	47 minutes
Streaming de site Web	2,8 millions	35 minutes
Conférencier intelligent	1,8 million	28 minutes

Production et gestion des événements en direct

BBGI a produit 124 événements en direct sur ses marchés en 2023.

• Événements liés au sport: 62
• Concerts musicaux: 38
• Événements communautaires: 24

Bradiodiffusion sportive et gestion des droits des médias

BBGI détient les droits de diffusion pour plusieurs franchises sportives avec une valeur de contrat totale de 42,3 millions de dollars.

Franchise sportive	Valeur du contrat	Durée
Football universitaire	18,7 millions de dollars	3 ans
Équipe NBA	15,6 millions de dollars	2 ans
Sports de lycée locaux	8 millions de dollars	4 ans

Beasley Broadcast Group, Inc. (BBGI) - Modèle commercial: Ressources clés

Licences de radiodiffusion et spectre

En 2024, Beasley Broadcast Group possède 64 stations de radio sur 14 marchés. Valeur du spectre de diffusion total estimé à 187,3 millions de dollars.

Marché	Nombre de stations	Type de licence
Philadelphie	5	FM commercial / am
Boston	4	FM commercial
Las Vegas	6	FM commercial / am

Réseau de station de radio

Distribution géographique des stations de radio:

• Nord-Est: 22 stations
• Sud-Est: 16 stations
• Côte ouest: 12 stations
• Midwest: 14 stations

Ressources humaines

Compte total des employés: 687 auprès du quatrième trimestre 2023

Catégorie des employés	Nombre d'employés
Personnalités à l'antenne	156
Personnel technique	98
Équipe de vente	127
Gestion	54

Infrastructure médiatique numérique

Investissements de plate-forme numérique: 4,2 millions de dollars en 2023

• Plates-formes de streaming
• Applications mobiles
• Infrastructure publicitaire numérique
• Technologie de production de podcast

Reconnaissance de la marque

Valeur de marque estimée à 62,5 millions de dollars en 2024

Classement du marché	Score de force de la marque
Philadelphie	8.7/10
Boston	8.4/10
Las Vegas	8.2/10

Beasley Broadcast Group, Inc. (BBGI) - Modèle d'entreprise: propositions de valeur

Divertissement audio local et ciblé

Beasley Broadcast Group exploite 64 stations de radio sur 15 marchés à partir de 2023. Le portefeuille radio de la société comprend:

Type de marché	Nombre de stations	Formats primaires
Marchés majeurs	42	Urbain, rock, country, sports
Marchés de taille moyenne	22	Contemporain adulte, nouvelles / discours

Musique diversifiée et programmation radio

La panne de programmation comprend:

• Formats de musique 35%
• Radio de 15% parole
• Radio sportive à 20%
• 30% de contenu mixte

Contenu et engagement axés sur la communauté

Métriques de contenu local:

Métrique de l'engagement	Valeur annuelle
Heures de couverture des nouvelles locales	5 200 heures
Commanditaires des événements communautaires	387 événements

Options de consommation de médias multiplateformes

Platform numérique Reach:

• Plateformes de streaming numérique: 7
• Téléchargements d'applications mobiles: 1,2 million
• Écouteurs mensuels de flux numériques: 650 000

Solutions publicitaires localisées pour les entreprises

Répartition des revenus publicitaires:

Canal de publicité	Revenus annuels	Pourcentage du total
Publicité radio traditionnelle	89,4 millions de dollars	62%
Publicité numérique	35,6 millions de dollars	25%
Publicité du parrainage de l'événement	17,2 millions de dollars	13%

Beasley Broadcast Group, Inc. (BBGI) - Modèle d'entreprise: relations avec les clients

Interaction directe du public à travers les médias sociaux

Depuis le quatrième trimestre 2023, Beasley Broadcast Group gère 54 stations de radio sur 15 marchés avec une présence active sur les réseaux sociaux.

Plateforme de médias sociaux	Nombre de suiveurs	Taux d'engagement
Facebook	327,456	4.2%
Instagram	215,789	3.7%
Gazouillement	186,543	2.9%

Programmes d'engagement et d'appel de l'auditeur à l'antenne

BBGI Stations moyennes 42 Call-in en direct par programmation quotidienne.

Programmes de fidélité et événements de l'auditeur

Type de programme	Participants annuels	Revenus générés
Adonnances du club VIP	18,275	$672,000
Événements de concert en direct	87,456	1,4 million de dollars

Expériences de contenu numérique personnalisés

• Téléchargements d'applications mobiles: 276 543
• Abonnés au podcast: 129 876
• Utilisateurs de la plate-forme de streaming: 345 212

Parrainage et implication de la communauté locale

BBGI a investi 1,2 million de dollars de parrainages communautaires locaux en 2023.

Catégorie de parrainage	Investissement total
Événements caritatifs locaux	$425,000
Programmes éducatifs	$375,000
Sports communautaires	$400,000

Beasley Broadcast Group, Inc. (BBGI) - Modèle d'entreprise: canaux

Fréquences de diffusion radio traditionnelles

En 2024, Beasley Broadcast Group exploite 64 stations de radio sur 15 marchés aux États-Unis.

Marché	Nombre de stations	Formats primaires
Philadelphie	5	Rock, Sports, urbain
Boston	4	Rock alternatif et classique
Las Vegas	6	Pays, top 40, sports

Plateformes de streaming numérique

Beasley Broadcast Group distribue du contenu via plusieurs plates-formes de streaming numériques.

• IHEARTRADIO
• Mélo
• Spotify
• Pomme de musique

Applications de smartphone mobile

Beasley maintient des applications mobiles dédiées pour les principales stations de marché.

Plate-forme d'application	Téléchargements totaux	Utilisateurs actifs mensuels
ios	275,000	87,500
Androïde	193,000	62,000

Services de streaming sur le site Web et en ligne

Beasley exploite 64 sites Web spécifiques au marché avec des capacités de streaming en direct.

• Trafic Web mensuel total: 1,2 million de visiteurs uniques
• Temps moyen sur place: 7,3 minutes
• Revenus publicitaires en ligne: 4,2 millions de dollars par an

Plateformes de médias sociaux

Beasley maintient une présence active sur les réseaux sociaux sur plusieurs canaux.

Plate-forme	Total des abonnés	Taux d'engagement
Facebook	890,000	3.7%
Instagram	456,000	4.2%
Gazouillement	312,000	2.9%

Beasley Broadcast Group, Inc. (BBGI) - Modèle d'entreprise: segments de clientèle

Auditeurs de radio locaux à travers diverses données démographiques

Depuis le quatrième trimestre 2023, Beasley Broadcast Group exploite 63 stations de radio sur 15 marchés. Dépression de la démographie de l'auditeur:

Groupe d'âge	Pourcentage
18-34 ans	32%
35 à 54 ans	41%
Plus de 55 ans	27%

Les navetteurs et les consommateurs audio à véhicule

Statistiques hebdomadaires de consommation radio-véhicule:

• Écoute hebdomadaire moyenne en voiture: 11,5 heures
• Temps de pic de trajet: 6 h à 9 h et 16 h à 19 h
• Reach du marché primaire: zones urbaines et suburbaines

Annonceurs locaux et régionaux

Distribution des revenus publicitaires pour 2023:

Catégorie des annonceurs	Part des revenus
Commerce de détail local	38%
Concessionnaires automobiles	22%
Soins de santé	15%
Divertissement	12%
Autre	13%

Fans de sport et amateurs de contenu spécifiques

Engagement de l'auditeur de genre de contenu:

• Radio de la conversation sportive: 18% du public total
• Actualités / discours: 25% du public total
• Musique rock: 22% du public total
• Musique country: 20% du public total
• Urbain / hip-hop: 15% du public total

Consommateurs de médias numériques

Métriques d'utilisation de la plate-forme numérique pour 2023:

Plate-forme	Utilisateurs actifs mensuels
Application mobile	1,2 million
Site web	2,5 millions
Services de streaming	850,000

Beasley Broadcast Group, Inc. (BBGI) - Modèle d'entreprise: Structure des coûts

Station de radio Frais opérationnels

En 2023 rapports financiers, les dépenses d'exploitation totales de Beasley Broadcast Group étaient de 159,7 millions de dollars. Répartition des coûts opérationnels clés:

Catégorie de dépenses	Coût annuel ($)
Entretien d'installation	6,3 millions
Services publics	3,8 millions
Entretien de l'équipement	4,5 millions

Production de contenu et acquisition de talents

Dépenses annuelles de production de talents et de contenu:

• Total des frais d'acquisition de talents: 22,6 millions de dollars
• Salaires de personnalité à l'air: 12,4 millions de dollars
• Compensation du personnel de production: 5,2 millions de dollars

Technologie numérique et maintenance des infrastructures

Investissement dans les infrastructures technologiques en 2023:

Dépenses technologiques	Coût annuel ($)
Maintenance de plate-forme numérique	3,9 millions
Technologie de streaming	2,7 millions
Infrastructure réseau	4,1 millions

Licence de musique et paiements de redevances

Dépenses annuelles sur les licences de musique: 8,3 millions de dollars

• Paiements des organisations de droits de performance: 5,6 millions de dollars
• Auteur-compositeur et éditeur Royalités: 2,7 millions de dollars

Activités de marketing et de promotion

Répartition des dépenses de marketing pour 2023:

Catégorie marketing	Dépenses annuelles ($)
Marketing numérique	2,1 millions
Publicité traditionnelle	3,4 millions
Commandites d'événements	1,8 million

Beasley Broadcast Group, Inc. (BBGI) - Modèle commercial: Strots de revenus

Ventes publicitaires locales et nationales

Selon le rapport annuel de Beasley Broadcast Group en 2022, les revenus publicitaires étaient de 232,8 millions de dollars.

Catégorie de revenus publicitaires	Montant ($)
Publicité radio locale	156,4 millions
Publicité radio nationale	76,4 millions

Revenus publicitaires numériques

La publicité numérique a représenté 37,5 millions de dollars en 2022, ce qui représente 16,1% des revenus publicitaires totaux.

• Publicité d'affichage numérique: 22,3 millions de dollars
• Annonces en streaming audio numérique: 15,2 millions de dollars

Contenu sponsorisé et partenariats de marque

Les revenus de contenu parrainé ont atteint 18,6 millions de dollars en 2022.

Production d'événements et ventes de billets

Les revenus liés à l'événement étaient de 12,4 millions de dollars en 2022.

Services d'abonnement en streaming numérique

Les revenus d'abonnement en streaming numérique ont totalisé 8,7 millions de dollars en 2022.

Service d'abonnement	Abonnés	Revenus ($)
Streaming numérique premium	48,000	6,2 millions
Abonnements au podcast	22,000	2,5 millions

Total des sources de revenus pour 2022: 307,5 ​​millions de dollars

Beasley Broadcast Group, Inc. (BBGI) - Canvas Business Model: Value Propositions

You're looking at the core value Beasley Broadcast Group, Inc. (BBGI) delivers to its advertising clients as of late 2025. The focus is clearly on driving higher-quality revenue through digital scale and local integration.

The high-margin digital solutions are a major draw. For the third quarter of 2025, the digital segment delivered an operating margin of 21% overall. More importantly, on a same-station basis, that margin hit 28%, which management noted was the highest in the company's history. This segment is growing its share of the pie, making up 25% of total net revenue in Q3 2025.

For advertisers seeking broad local impact, Beasley Broadcast Group, Inc. (BBGI) combines its on-air presence with digital capabilities. Local revenue, which includes digital packages sold locally, accounted for a significant 79% of net revenue in Q3 2025. This integration is supported by offerings like Audio Plus, a unified streaming solution that management stated will triple inventory availability and consolidate buying for advertisers.

Here's a quick look at the key financial metrics underpinning these value propositions from the third quarter of 2025:

Metric	Value	Context
Digital Revenue Share of Net Revenue	25%	Q3 2025 Total Net Revenue
Digital Segment Operating Margin (Same-Station)	28%	Q3 2025 Highest in Company History
Digital Segment Operating Margin (Total)	21%	Q3 2025
Year-over-Year Digital Revenue Growth	14.6%	Q3 2025
Local Revenue Share of Net Revenue	79%	Q3 2025 (Includes Digital Packages)

To simplify access for smaller advertisers, Beasley Broadcast Group, Inc. (BBGI) is building out its direct-sell capabilities. The company is developing a product designed to allow advertisers to buy digital, and eventually over-the-air, inventory entirely online. This move aims to streamline transactions and capture more value through automation, which is crucial as they pivot the sales organization toward direct, data-driven relationships.

The digital ecosystem provides advertisers with a wide array of tools to achieve marketing objectives. These capabilities include:

• Streaming audio and podcast advertising inventory.
• Display and social media advertising placements.
• Geo-targeting and geo-fencing activation.
• Search and e-mail marketing services.
• Integration with Quu-enabled in-car visuals.

Also, the growth in specific digital products is notable; Audio Plus revenue reached over $1.2 million in Q3, representing over 200% growth from Q2. That's a clear signal of advertiser adoption for consolidated digital audio buys.

Finance: draft 13-week cash view by Friday.

Beasley Broadcast Group, Inc. (BBGI) - Canvas Business Model: Customer Relationships

You're looking at how Beasley Broadcast Group, Inc. (BBGI) connects with the businesses that buy ad time and the listeners who tune in. The focus has clearly shifted to making digital relationships durable and profitable, which means changing how the sales team operates.

Direct, relationship-based sales model with local businesses

The core of the traditional relationship remains rooted in local direct sales. For the third quarter of 2025, local revenue, which includes digital packages sold alongside broadcast, accounted for a significant 79% of net revenue. This shows that direct, face-to-face or dedicated account management is still the primary way they secure advertising dollars from local entities. To be fair, the local direct revenue stream showed some resilience, actually growing by 1.7% year-over-year in the second quarter of 2025, indicating that this relationship-based approach is the majority of their local sales mix.

However, the pipeline for new customer acquisition seems to be under pressure. Revenue from new business remained flat at 14% of net revenue in Q3 2025, the same percentage as in Q3 2024. This flatness, coupled with a 7.5% year-over-year decline in total revenue to $51.0 million for Q3 2025, suggests the relationship focus needs to be more aggressive on new logos.

Here's a quick look at the revenue composition as of Q3 2025:

Revenue Category	Q3 2025 Amount/Percentage	Comparison/Context
Total Net Revenue	$51.0 million	A 7.5% year-over-year decline.
Local Revenue (incl. digital packages)	79% of Net Revenue	The core relationship-driven segment.
Digital Revenue Share	25% of Net Revenue	Up from 19% at this time last year.
New Business Revenue Share	14% of Net Revenue	Flat compared to Q3 2024.
Digital Segment Operating Margin (Same-Station)	28%	The highest in company history as of Q3 2025.

Dedicated digital Account Executives (AEs) for digital-first solutions

Beasley Broadcast Group is actively retooling its sales organization to align with a digitally led marketplace. Management stated they are 'aggressively retooling our sales org' and specifically 'adding dedicated digital AEs and digital sales managers in markets to accelerate adoption and execution.' This structural change is meant to pivot the sales approach towards direct, data-driven relationships, moving away from older, agency-driven models. The growth in the digital segment validates this push; same-station digital revenue grew approximately 28% year-over-year in Q3 2025.

Self-service digital platform for automated, transparent campaign management

A key action point to enhance this relationship is the planned launch of a self-serve digital platform in Q3 2025. This platform is designed to empower advertisers with real-time campaign management and analytics, which directly addresses the need for transparency and automation in digital ad buying. The goal here is to capture more value from the digital advertising chain. This focus on owned-and-operated platforms is driving the high margins seen in the digital segment, which reached 26.8% in Q2 2025 and improved to 28% on a same-station basis in Q3 2025.

Listener engagement via social media, apps, and live events

The relationship with the end-user-the listener-is crucial as it underpins the inventory sold to advertisers. Beasley radio stations reach nearly 19 million unique consumers weekly across all platforms, including over-the-air, online, and mobile devices. The company is seeing success in digital engagement efforts; as of the Q2 2025 report, their social media audience had grown over 8% compared to the previous year. Furthermore, the total team, covering broadcast, streaming, and podcasting, was up 7% year-over-year, reflecting an ability to attract and engage listeners across these varied touchpoints. The 'Audio Plus' revenue stream, which likely includes digital/event tie-ins, also showed strong sequential growth, reaching over $1.2 million in Q3, representing over 200% growth from Q2 2025.

Finance: draft 13-week cash view by Friday.

Beasley Broadcast Group, Inc. (BBGI) - Canvas Business Model: Channels

You're looking at how Beasley Broadcast Group, Inc. (BBGI) gets its value proposition-local content and advertising reach-into the hands of its customers as of late 2025. The channel strategy is clearly split between the legacy over-the-air presence and the rapidly growing digital ecosystem.

Over-the-air broadcast via 54 AM/FM radio stations

The core of Beasley Broadcast Group, Inc. (BBGI)'s channel strategy still relies on its terrestrial radio footprint. As of the third quarter of 2025, the company owned and operated exactly 54 AM and FM radio stations across the US. These stations serve specific geographic markets, which is key for local advertising sales. The markets include places like Boston, MA, Philadelphia, PA, Detroit, MI, and Tampa-Saint Petersburg, FL. This physical presence is the foundation for their traditional revenue stream, even as digital takes a larger share.

Here's a quick look at the scale of the broadcast component relative to the overall revenue picture in Q3 2025:

Metric	Value (Q3 2025)
Total Net Revenue	$51.0 million
Total AM/FM Stations Operated	54
Local Revenue (Including Digital Packages) Share	79% of Net Revenue

Digital streaming and podcasting platforms (bPod Studios)

The digital side is where Beasley Broadcast Group, Inc. (BBGI) is actively pushing for growth and margin improvement. This includes digital streaming, which is likely tied to their station brands, and dedicated podcasting efforts, such as those coming out of bPod Studios. The success of this channel is evident in the financial reporting. Digital revenue is a significant and growing portion of the total.

The performance of these digital channels in the third quarter of 2025 shows clear momentum, even with overall revenue softness. You can see the financial impact clearly here:

• Digital revenue for Q3 2025 hit $13.0 million.
• This digital revenue represented 25% of the total net revenue for the quarter.
• Same-station digital revenue showed year-over-year growth of 28.5%.
• The digital segment operating margin reached 21%, or 28% on a same-station basis.
• Audio Plus revenue specifically surpassed $1.2 million in Q3 2025.
• This Audio Plus segment saw growth of over 200% compared to Q2 2025.

Owned-and-operated websites and mobile applications

These digital properties are the direct conduits for the streaming and podcasting content, and they are critical for capturing local direct digital advertising spend. They serve as the primary owned platform for audience engagement outside the traditional radio dial. The $13.0 million in digital revenue for the quarter is the aggregate result of these platforms working alongside social media efforts.

Social media platforms (Facebook, X) and email marketing

While specific direct revenue figures attributed solely to Facebook or X engagement aren't broken out separately from the overall digital bucket, these platforms are essential for driving traffic to the owned digital properties and for direct marketing campaigns. The focus on pivoting the sales organization towards direct, data-driven relationships suggests these channels are heavily used for targeted advertising and audience segmentation via email marketing lists cultivated from website and app usage. Revenue from new business, which is often digitally sourced, accounted for 14% of net revenue in Q3 2025, remaining flat year-over-year.

Finance: draft 13-week cash view by Friday.

Beasley Broadcast Group, Inc. (BBGI) - Canvas Business Model: Customer Segments

You're looking at the core audience Beasley Broadcast Group, Inc. (BBGI) serves with its media assets as of late 2025. This is where the revenue actually comes from, and the mix is definitely shifting.

The company's reach into the local market remains substantial, though the composition of that local spend is evolving rapidly toward direct digital relationships, which management sees as key to future margin improvement.

The traditional radio listener base is still massive, providing the foundation for all advertising inventory, but the growth story is clearly in the digital segment, which now commands a significant portion of the total revenue pie.

Here's a breakdown of the key customer segments based on the latest reported figures from the 2025 fiscal year:

Customer Segment	Key Metric/Data Point	Latest Reported Value (2025)
Mass Market Listeners	Unique Weekly Consumers Reached	Nearly 19 million
Local Direct Advertisers	Local Revenue Share (including digital packages)	79% of net revenue (Q3 2025)
National and Local Agency Advertisers	Local Agency Revenue Year-over-Year Change	Fell roughly 17% (Q3 2025 context)
Political Advertisers	Example of Political Revenue Impact	Q3 2024 revenue included $2.7 million of political revenue

The shift in advertising spend is evident when you look at the performance of the agency-driven channels versus the direct and digital focus.

• Mass Market Listeners engage via over-the-air, online, and smartphone platforms.
• Digital revenue reached 25% of total net revenue in Q3 2025.
• Digital segment operating margin was reported at 21% for Q3 2025.
• New business revenue remained flat at 14% of net revenue in Q3 2025 compared to Q3 2024.
• Agency revenue declines were a primary driver of the Q1 2025 net revenue decrease of 10.1% year-over-year.

The company is actively retooling its sales organization to align with a modern, digitally led marketplace, adding dedicated digital Account Executives and sales managers to accelerate adoption.

For the first quarter of 2025, local revenue, which includes digital packages sold locally, accounted for 71% of net revenue. The focus on direct relationships is a stated strategic priority to strengthen the quality of earnings.

Political advertising revenue is a segment that can significantly impact quarterly comparisons, as seen when Q3 2025 revenue was compared excluding the $2.7 million from political in Q3 2024.

The decline in agency revenue has been persistent, with Q1 2025 net revenue down 10.1% year-over-year, and same-station revenue down 8.5%.

Beasley Broadcast Group, Inc. (BBGI) - Canvas Business Model: Cost Structure

The cost structure for Beasley Broadcast Group, Inc. (BBGI) is heavily influenced by the fixed and semi-fixed costs associated with operating a traditional broadcast platform, even as the company aggressively pursues efficiency gains.

Significant operating expenses for station and corporate overhead remain a major component. Management has been actively tackling this, reporting that total station operating and corporate expenses were reduced by $15 million year-to-date through the nine months ended September 30, 2025. This reduction reflects durable structural efficiency gains, not just temporary measures. Specifically, corporate expenses were nearly 50% lower than the prior year period in the third quarter of 2025. Station operating expenses saw an 8% decrease year-over-year in Q3 2025. The company recorded an operating loss of approximately $300 thousand in the third quarter of 2025.

The burden of financing remains a significant, non-operating cost. High interest expense on long-term debt totaled $3.3 million in Q3 2025. This figure was consistent with prior periods.

While specific figures for content licensing and talent costs for on-air programming are not explicitly detailed in the latest public reports, these costs are inherently part of the station operating expenses that the company is working to manage alongside other overhead. The company acknowledged the passing of a legendary voice, Pierre Robert, which underscores the importance and associated costs of key on-air talent.

Investment in the future platform is reflected in capital spending. Capital expenditures for digital and engineering projects totaled approximately $2.2 million in Q3 2025. This CapEx was primarily tied to the build-out of a combined centralized engineering center and studio relocation project in Charlotte, North Carolina, which is expected to reduce annual operating expenses by nearly $1 million in 2026.

Here's a quick look at the key expense and profitability metrics from the third quarter of 2025:

Metric	Amount (Q3 2025)
Net Revenue	$51.0 million
Interest Expense	$3.3 million
Capital Expenditures (CapEx)	$2.2 million
Operating Income (Loss)	($0.3 million)
Station Operating Income (SOI)	$4.9 million
Adjusted SOI (Excluding one-time items)	$5.9 million
Adjusted EBITDA (Non-GAAP)	$3.9 million

The company's focus on structural efficiency is evident in the cost-cutting initiatives, which aim to generate higher returns on every dollar of revenue.

• Total station operating and corporate expenses reduced year-to-date: $15 million.
• Projected full-year 2025 expense reduction target: $25-30 million.
• Digital segment operating margin: 21%.
• Digital revenue share of total net revenue: 25%.

Finance: review the impact of the $2.2 million Q3 CapEx on the Q4 cash flow forecast by next Tuesday.

Beasley Broadcast Group, Inc. (BBGI) - Canvas Business Model: Revenue Streams

You're looking at how Beasley Broadcast Group, Inc. (BBGI) actually brings in the cash as of late 2025, which is definitely a story of transition. The core business is still advertising, but the mix is shifting fast.

The total net revenue for the third quarter ended September 30, 2025, was reported at $51.0 million. That figure reflects continued softness in the traditional agency advertising market, but it's being partially offset by growth in the digital and local direct sales channels.

Traditional Radio Advertising (local and national spot sales)

While the overall revenue base is still heavily reliant on broadcast, the company is seeing weakness in the agency channels, both national and local. The CEO described the pace of revenue decline as unacceptable, signaling a stronger push toward direct advertiser relationships to stabilize this segment.

Digital Advertising Revenue

This is where Beasley Broadcast Group, Inc. is seeing clear validation of its strategy. Digital revenue showed strong year-over-year growth of 14.6% in Q3 2025. This segment is now a significant portion of the overall pie.

• Digital Advertising Revenue (Q3 2025): $13.0 million.
• Digital Revenue as a Percentage of Net Revenue (Q3 2025): 25%.
• Digital segment operating margin (Q3 2025): 21%.
• Same-station digital revenue growth (YoY): Approximately 28%.

Local Direct Sales (including digital packages, accounting for 79% of Q3 net revenue)

The pivot to direct relationships is evident in the sales mix. Local direct sales, which importantly include the digital packages sold directly to local businesses, represent the largest component of the revenue base. This focus is intended to strengthen the quality of earnings by moving away from volatile agency spending.

Here's a look at the Q3 2025 revenue composition based on the reported sales mix:

Revenue Component Category	Percentage of Net Revenue (Q3 2025)	Notes
Local Revenue (including digital packages)	79%	The core direct sales effort.
Revenue from New Business	14%	Flat compared to Q3 2024.
Digital Revenue (as a segment)	25%	This figure overlaps with Local Revenue as packages are included.

Proceeds from Asset Sales (e.g., $8.0 million from WPBB-FM sale in Q3 2025)

Beasley Broadcast Group, Inc. is actively managing its balance sheet through divestitures. These transactions provide non-operational cash flow used to reduce debt and strengthen the financial footing. You can definitely see this in the quarterly results.

• Proceeds from WPBB-FM sale (closed September 29, 2025): $8.0 million.
• Agreements entered for the sale of Ft. Myers market assets: Pending FCC approval.

Event marketing, sponsorship, and non-traditional revenue

Beyond the core advertising sales, there is a growing stream from non-traditional sources, often bundled with digital offerings. This area is showing explosive growth off a smaller base, which management is keen to scale.

For example, the Audio Plus revenue stream hit over $1.2 million in Q3 2025, which was more than a 200% growth rate compared to Q2 2025. That's the kind of high-margin growth they are targeting across the board.