Cumulus Media Inc. (CMLS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la radiodiffusion médiatique, Cumulus Media Inc. (CMLS) se distingue comme une centrale d'innovation stratégique, tissant ensemble les réseaux radio traditionnels avec des plateformes numériques de pointe. En naviguant magistralement dans le paysage complexe des médias locaux et nationaux, cette société a conçu un modèle commercial robuste qui capitalise sur divers sources de revenus, des ventes publicitaires aux parrainages de podcast, tout en maintenant une approche axée sur le laser à l'engagement communautaire et à la livraison de contenu ciblée. Plongez dans la toile du modèle commercial complexe qui révèle comment les médias cumulus transforment les ondes radio en un écosystème de médias multidimensionnel.

Cumulus Media Inc. (CMLS) - Modèle commercial: partenariats clés

Affiliations au réseau de la station de radio

En 2024, Cumulus Media exploite 408 stations de radio sur 86 marchés aux États-Unis.

Affiliation réseau	Nombre de stations	Couverture du marché
Stations de nouvelles / conversations	127	Principales zones métropolitaines
Stations de musique country	93	Marchés régionaux
Stations contemporaines urbaines	62	Marchés urbains

Agences de publicité locales

Cumulus Media s'associe à environ 250 agences de publicité locales et régionales.

• Les 5 meilleurs partenariats de l'agence de publicité génèrent 42,3 millions de dollars de revenus annuels
• Durée du partenariat moyen: 3,7 ans
• Treadage géographique: 46 États

Fournisseurs de technologies de plate-forme numérique

Fournisseur de technologie	Type de service	Investissement annuel
Google Cloud	Infrastructure cloud	3,2 millions de dollars
Akamai Technologies	Réseau de livraison de contenu	1,7 million de dollars
Systèmes Adobe	Plateforme de marketing numérique	2,5 millions de dollars

Organisations de licence de musique

Cumulus Media maintient des accords de licence avec des organisations musicales majeures.

• Coût de licence ASCAP: 8,6 millions de dollars par an
• Coût de licence de l'IMC: 7,9 millions de dollars par an
• Total des dépenses de licence de musique: 16,5 millions de dollars par an

Réseaux publicitaires nationaux et régionaux

Réseau publicitaire	Part des revenus	Valeur du contrat
Westwood One	35%	22,1 millions de dollars
réseau iheartmedia	25%	16,3 millions de dollars
Réseaux régionaux	40%	26,7 millions de dollars

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: activités clés

Radio Radio sur plusieurs marchés

Depuis le quatrième trimestre 2023, Cumulus Media exploite 406 stations de radio sur 86 marchés aux États-Unis.

Type de marché	Nombre de stations
Grands marchés	129
Marchés moyens	177
Petits marchés	100

Production de contenu audio numérique

Cumulus Media génère environ 500 heures de contenu audio numérique original chaque semaine.

• Volume de production de podcast: 75 séries de podcast uniques
• Streaming audio numérique mensuel: 12,4 millions d'heures d'écoute

Ventes publicitaires et marketing

2023 Revenus publicitaires: 1,024 milliard de dollars

Segment publicitaire	Contribution des revenus
Publicité locale	612 millions de dollars
Publicité nationale	287 millions de dollars
Publicité numérique	125 millions de dollars

Création et programmation de contenu

Cumulus Media gère 35 formats radio différents à travers son réseau.

• Stations de nouvelles / conversations: 42
• Stations de musique country: 89
• Stations contemporaines urbaines: 33
• Stations rock classiques: 56

Distribution du podcast et des médias numériques

Plateforme numérique Reach en 2023: 27,3 millions d'utilisateurs uniques mensuels

Plate-forme numérique	Utilisateurs actifs mensuels
Réseau de podcast de Westwood One	8,6 millions
Plates-formes numériques de Cumulus	18,7 millions

Cumulus Media Inc. (CMLS) - Modèle commercial: Ressources clés

Portfolio de la station de radio approfondie

En 2024, Cumulus Media possède et exploite 406 stations de radio à travers 86 marchés Aux États-Unis.

Catégorie de marché	Nombre de stations
Grands marchés	127 stations
Marchés moyens	189 stations
Petits marchés	90 stations

Équipes de talent et de production à l'antenne qualifiée

Cumulus Media utilise environ 4 200 employés à temps plein à travers son réseau radio.

• Personnalités à l'air: 1 100 professionnels
• Équipes de production: 650 spécialistes
• Personnel des ventes et du marketing: 1 450 personnel

Infrastructure de streaming numérique

Les plates-formes numériques gérées par Cumulus Media comprennent:

Plate-forme numérique	Utilisateurs actifs mensuels
Westwood One Digital	8,3 millions d'utilisateurs
Réseau de podcast Cumulus	4,7 millions d'auditeurs

Capacités de vente publicitaire

Revenus publicitaires annuels pour 2023: 1,024 milliard de dollars

• Revenus publicitaires locaux: 612 millions de dollars
• Revenus publicitaires nationaux: 412 millions de dollars

Droits de contenu et propriété intellectuelle

Cumulus Media tient Accords de licence de contenu étendus revêtement:

Catégorie de contenu	Nombre de propriétés
Syndications des émissions de radio	127 programmes uniques
Propriétés intellectuelles du podcast	348 Série de podcast originaux

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: propositions de valeur

Contenu radio local et national

Cumulus Media exploite 408 stations de radio sur 86 marchés à partir de 2023. Le portefeuille radio de la société comprend:

Type de marché	Nombre de stations	Catégories de contenu
Marchés majeurs	172	Nouvelles, sports, radio parler
Marchés moyens	236	Musique, programmation locale

Musique diversifiée et programmation radio

La panne de programmation comprend:

• Musique country: 95 stations
• Nouvelles / discours: 67 stations
• Sports: 42 stations
• Contemporain adulte: 38 stations
• Contemporain urbain: 33 stations

Solutions publicitaires ciblées

2023 Métriques de revenus publicitaires:

Segment publicitaire	Revenu	Pourcentage du total des revenus
Publicité locale	496,7 millions de dollars	58%
Publicité nationale	214,3 millions de dollars	25%
Publicité numérique	141,5 millions de dollars	17%

Engagement des médias multiplateforme

Platform numérique Reach:

• Westwood One Podcast Network: 250 millions de téléchargements mensuels
• Plateformes de streaming numérique: 22 millions d'utilisateurs uniques mensuels
• Engagement des applications mobiles: 3,5 millions d'utilisateurs mensuels actifs

Diffusion axée sur la communauté

Statistiques de l'engagement communautaire:

Type d'engagement	Portée annuelle
Commandites de l'événement local	327 événements communautaires
Couverture de diffusion d'urgence	86 marchés servis
Annonces de service public	4 562 PSA annuels

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: relations clients

Interaction directe de l'auditeur à travers les médias sociaux

Depuis le quatrième trimestre 2023, Cumulus Media maintient une présence active sur les réseaux sociaux:

Plate-forme	Nombre de suiveurs
Gazouillement	87 342 abonnés
Facebook	129 567 abonnés
Instagram	45 213 abonnés

Engagement communautaire du marché local

Cumulus Media opère sur 94 marchés avec 428 stations de radio en 2024.

• Sponsorations d'événements locaux: 127 événements communautaires en 2023
• Revenus publicitaires locaux: 412,3 millions de dollars en 2023
• Taux de pénétration du marché: 68% dans les régions de diffusion de base

Programmes de fidélité des auditeurs

Fonctionnalité du programme	Métrique
Membres de fidélité enregistrés	243 567 membres
Engagement moyen des membres	4.2 Interactions par mois
Impact des revenus du programme de fidélité	22,1 millions de dollars en 2023

Recommandations de contenu personnalisés

Métriques de personnalisation de la plate-forme numérique:

• Profils d'écoute uniques: 312 456
• Précision de recommandation de contenu: 76,3%
• Taux d'engagement du contenu personnalisé: 42,7%

Plates-formes numériques interactives

Plate-forme numérique	Utilisateurs actifs mensuels
Application mobile Cumulus Media	187 342 utilisateurs
Plate-forme de streaming	276 543 utilisateurs
Canaux de radio en ligne	419 876 utilisateurs

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: canaux

FM / AM Radio Broadcasting

Cumulus Media exploite 416 stations de radio sur 86 marchés aux États-Unis à partir de 2023.

Type de station de radio	Nombre de stations
Stations FM	249
STATIONS AM	167

Plateformes de streaming numérique

Cumulus Media exploite plusieurs plates-formes de streaming numériques pour la distribution de contenu.

• Services de streaming numérique de Westwood One
• Streaming radio en ligne via des sites Web de l'entreprise
• Plateformes audio numériques tierces

Applications mobiles

Cumulus Media propose des expériences d'écoute numérique via des applications mobiles.

Plate-forme	Disponibilité
IOS App Store	Disponible
Google Play Store	Disponible

Contenu du site Web

Cumulus Media génère du contenu numérique sur plusieurs propriétés Web.

• Site Web de Cumulus.com
• Plateforme numérique de Westwood One
• Sites Web de la station de radio individuels

Réseaux de distribution de podcast

Westwood One Podcast Network génère plus de 200 millions de téléchargements mensuels à partir de 2023.

Métrique du podcast	Valeur
Téléchargements mensuels	Plus de 200 millions
Genres de podcast	Nouvelles, sports, divertissement

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: segments de clientèle

Auditeurs de radio locaux

Cumulus Media exploite 406 stations de radio sur 86 marchés aux États-Unis à partir de 2023. Leur base de radio locale couvre de multiples démographies et régions.

Segment de marché	Count de l'auditeur	Port quotidien moyen
Adulte contemporain	2,3 millions	15.6%
Nouvelles / discours	1,8 million	12.4%
Musique country	2,7 millions	18.2%

Navetteurs et chauffeurs

Ciblant les auditeurs de radio à véhicule avec programmation stratégique.

• L'écoute du matin du matin: 6-9 h
• AUTORE DU DRAVISION AUTRE: 16 h à 19 h
• Temps d'écoute de trajet quotidien moyen: 52 minutes

Musique et parole des amateurs de radio

Le portefeuille de Cumulus Media comprend des formats de contenu divers:

• Stations rock classiques: 78 marchés
• Stations de conversation sportive: 42 marchés
• Stations d'actualités / d'information: 36 marchés

Annonceurs ciblant des données démographiques spécifiques

Segment démographique	RECHERCHER	Revenus publicitaires annuels
18-34 groupes d'âge	3,2 millions d'auditeurs	42,5 millions de dollars
35 à 54 groupes d'âge	4,6 millions d'auditeurs	67,3 millions de dollars
55+ groupes d'âge	2,1 millions d'auditeurs	28,9 millions de dollars

Public du marché régional

Distribution géographique de Cumulus Media:

• Nord-Est: 94 stations
• Sud-Est: 112 stations
• Midwest: 86 stations
• Ouest: 114 stations

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Au quatrième trimestre 2023, Cumulus Media a déclaré des frais de production de contenu de 37,4 millions de dollars pour le trimestre.

Catégorie de dépenses	Coût annuel (2023)
Création de contenu	149,6 millions de dollars
Programmation audio	42,3 millions de dollars
Développement de contenu numérique	18,7 millions de dollars

Coûts opérationnels de la station de radio

La société exploite 408 stations de radio avec des frais opérationnels annuels de 215,6 millions de dollars en 2023.

• Entretien de l'équipement de transmission: 12,4 millions de dollars
• Coûts opérationnels de l'installation: 24,6 millions de dollars
• Infrastructure technique: 18,9 millions de dollars

Maintenance de plate-forme numérique

Les coûts de maintenance des plateformes numériques pour 2023 ont totalisé 22,3 millions de dollars.

Dépenses de plate-forme numérique	Coût
Infrastructure logicielle	8,7 millions de dollars
Services cloud	6,2 millions de dollars
Mises à jour technologiques	7,4 millions de dollars

Salaires des talents et du personnel

La rémunération totale des employés pour 2023 était de 312,5 millions de dollars.

• Salaires de talents à l'antenne: 87,6 millions de dollars
• Compensation de gestion: 45,3 millions de dollars
• Salaires du personnel technique: 53,2 millions de dollars

Licence de musique et frais de redevance

Les dépenses de licence de musique pour 2023 s'élevaient à 76,8 millions de dollars.

Catégorie de redevance	Coût annuel
Droits de performance	42,3 millions de dollars
Redevances en streaming	23,5 millions de dollars
Licence mécanique	11,0 millions de dollars

Cumulus Media Inc. (CMLS) - Modèle d'entreprise: Strots de revenus

Ventes publicitaires locales et nationales

Les revenus publicitaires de Cumulus Media pour 2023 étaient de 1 023,8 million de dollars. La société exploite 406 stations de radio sur 86 marchés aux États-Unis.

Catégorie publicitaire	Revenus (2023)
Publicité locale	612,3 millions de dollars
Publicité nationale	411,5 millions de dollars

Revenus publicitaires numériques

La publicité numérique a contribué 189,6 millions de dollars aux revenus totaux de l'entreprise en 2023.

• Plateforme numérique Reach: 64 millions d'utilisateurs mensuels
• Taux de croissance publicitaire numérique: 7,2% d'une année à l'autre

Parrainages de podcast

Les revenus du podcast pour 2023 étaient de 47,2 millions de dollars.

Réseau de podcasts	Revenus de parrainage
Podcasts de Westwood One	32,5 millions de dollars
Réseau de podcast Cumulus	14,7 millions de dollars

Contenu numérique basé sur l'abonnement

Les revenus d'abonnement pour les plateformes de contenu numérique étaient de 22,4 millions de dollars en 2023.

• Total des abonnés numériques: 287 000
• Prix ​​d'abonnement mensuel moyen: 6,50 $

Marketing d'événements et promotions

Les revenus liés à l'événement ont totalisé 35,6 millions de dollars en 2023.

Type d'événement	Revenu
Station de radio Événements en direct	21,3 millions de dollars
Série de concerts parrainés	14,3 millions de dollars

Cumulus Media Inc. (CMLS) - Canvas Business Model: Value Propositions

You're looking at what Cumulus Media Inc. offers its customers-the advertisers and the listeners-as of late 2025. The value here is built on a dual foundation: deep local presence married to broad national scale, increasingly powered by digital services.

National reach and local market penetration for advertisers

Cumulus Media Inc. offers advertisers the ability to connect with audiences both hyper-locally and across the country. This is achieved through their owned-and-operated stations and their expansive network reach. Here's a snapshot of that scale:

Metric	Data Point
Owned-and-Operated Local Stations	395
US Markets Served Locally	84
National Network Affiliated Stations (Westwood One)	More than 9,500
Monthly Reach (Total Audience)	A quarter billion people

This structure helps you place ads where you need local impact while maintaining national brand consistency. Honestly, that combination is what keeps the broadcast side relevant.

Integrated digital marketing services growing 34% in Q3 2025

The growth in the Digital Marketing Services (DMS) segment is a key value driver, showing strong adoption. For the third quarter ending September 30, 2025, DMS revenue grew by a significant 34% year-over-year. This momentum is important; this revenue stream now represents approximately 50% of the company's total digital revenue.

• DMS year-over-year growth (Q3 2025): 34%
• New DMS accounts growth (Q3 2025): 88%
• Campaign order size growth (Q3 2025): 8%

This focus on digital solutions helps advertisers move beyond traditional radio buys.

Premium, exclusive sports and news content (e.g., NFL, NCAA)

For listeners, and by extension, for advertisers seeking engaged audiences, Cumulus Media Inc. provides access to premium, must-listen content. This content is delivered primarily through Westwood One, America's largest audio network. You get access to major league programming that drives tune-in.

• National Sports Rights: NFL, NCAA, the Masters, and US Soccer.
• National News/Talk: AP News.
• New Programming: Launch of a new morning sports talk show hosted by Drake C. Toll, starting December 3, 2025.

The rebranding of the Infinity Sports Network to Westwood One Sports, effective December 29, 2025, further solidifies this premium sports offering.

High-quality local programming across 84 US markets

The core value proposition remains the high-quality local programming across its 395 owned-and-operated stations spanning 84 US markets. This local focus allows for deep community connection, which translates to advertiser trust and effectiveness in those specific geographies. The company continues to gain market share in its PPM (Portable People Meter) markets.

Multi-platform content delivery (broadcast, streaming, podcasting)

Cumulus Media Inc. delivers its content across every major audio channel available today. This multi-platform approach ensures advertisers can reach the listener wherever they are consuming audio content, moving beyond just the AM/FM dial.

The delivery channels include:

• Traditional broadcast radio.
• On-demand streaming and voice-activated platforms.
• The Cumulus Podcast Network, which saw its podcasting revenue grow 15% year-over-year (with normalization for prior year comparisons).
• Strategic digital distribution via partnerships, such as the one with Rumble to distribute audio and video content on its platform.

If onboarding your campaign takes longer than expected, churn risk rises for digital services.

Cumulus Media Inc. (CMLS) - Canvas Business Model: Customer Relationships

You're looking at how Cumulus Media Inc. keeps its advertisers engaged, which is definitely shifting as the company leans hard into digital. The relationships are clearly bifurcated: one track for the big national spenders and another for the local and digital-first clients. It's a balancing act, honestly.

Dedicated national sales teams for large advertising agencies

For the largest agencies, Cumulus Media Inc. relies heavily on its national programming arm, Westwood One. This structure allows them to sell inventory across a massive footprint. Westwood One delivers nationally-syndicated sports, news, talk, and entertainment programming across more than 9,800 affiliated stations, which is how they provide that national reach to major advertising agencies. This national sales effort is crucial for securing large, consistent buys across their broadcast and digital properties.

Direct, local sales teams for small and medium-sized businesses

The local relationship is anchored by the company's physical assets. Cumulus Media Inc. engages listeners with high-quality local programming through approximately 400 owned-and-operated radio stations across 84 U.S. markets. The success in their Digital Marketing Services (DMS) segment shows this direct sales force is effective at cross-selling. For instance, in Q1 2025, the DMS business saw a 30% surge, driven by a 41% increase in total customers. To be fair, a powerful indicator of this direct team's success is that half of their new DMS customers never advertised on radio before, meaning the sales teams are bringing in entirely new business relationships.

The growth in this direct, local-focused digital service is a key relationship metric:

• Digital Marketing Services (DMS) revenue growth in Q3 2025 was 34% year-over-year.
• DMS revenue grew 38% in Q2 2025.
• DMS solutions are reported to deliver ROI that outperforms industry benchmarks by an average of more than 25%.

Long-term, contractual relationships for content syndication

Content syndication is managed through major partnerships, particularly via Westwood One and the Cumulus Podcast Network. These are definitely long-term, contractual relationships that secure premium content. For example, Mark Levin extended his contract to host his syndicated radio program on Westwood One and his podcast on the Cumulus Podcast Network for multiple years. These content anchors help maintain the value proposition for advertisers who buy into the network's audience reach.

The company is actively working to deepen existing client ties, which speaks to the quality of these contractual relationships. They have nearly doubled the percentage of their legacy radio customers who also buy DMS, which shows they are successfully upselling existing relationships through targeted investments in sales resources.

Automated and programmatic advertising sales for digital inventory

While Cumulus Media Inc. doesn't break out programmatic sales specifically, the focus on digital inventory monetization is clear. The company's overall digital revenue for Q3 2025 was $39.0 million, and when normalizing for lost podcast partnerships, that segment would have increased by 8.4%. The DMS business, which feeds into this digital inventory strategy, is projected to surpass a $100 million run rate early in 2026, having reached an annual run rate of nearly $80 million in Q2 2025. This scaling suggests a move toward more efficient, potentially automated, inventory management to support the high growth in DMS.

Here's a quick look at the digital revenue mix as of late 2025:

Digital Revenue Component	Q3 2025 YoY Change (Adjusted)	Share of Total Digital Revenue
Digital Marketing Services (DMS)	34% Growth	Approx. 50%
Total Digital Revenue (Ex-Discontinued)	8.4% Increase	N/A

Self-service options for digital marketing clients

The structure of the DMS business implies a scalable model that likely incorporates self-service or standardized digital product offerings to achieve its growth rate. The significant increase in total customers (+41% in Q1 2025) alongside a 16% growth in average campaign order size suggests they are serving a wider base of smaller clients efficiently. Furthermore, the company is deploying AI across sales and customer service, using chatbots for customer service, which definitely supports a more self-service or digitally-assisted relationship model for certain client tiers. This focus on efficiency helps manage the relationship costs while scaling the digital side of the business, which is critical given the total debt stood at $722.2 million as of Q3 2025.

Cumulus Media Inc. (CMLS) - Canvas Business Model: Channels

You're looking at how Cumulus Media Inc. gets its content and services in front of customers as of late 2025. The core is still terrestrial radio, but the growth story is clearly in the digital mix, even with headwinds in the legacy business.

AM/FM Broadcast Radio (owned stations and Westwood One affiliates)

This remains the largest revenue component, though it is shrinking. Cumulus Media Inc. operates a network of 395 radio stations across 84 markets. The channel relies on both local spot advertising and national network advertising via Westwood One affiliates.

• Q3 2025 Combined Broadcast Radio Revenue: $115.0 million.
• Q3 2025 Broadcast Radio Revenue Decline: 17.2% year-over-year.
• Q1 2025 Broadcast Radio Revenue: $124.9 million, a 10.6% year-over-year drop.
• National network business saw a total revenue drop of 27% in Q3 2025, partially offset by NFL season demand.

Digital Streaming (station streams and proprietary apps)

This channel includes the digital audio streams of the owned stations and proprietary app consumption. While growing, it's a smaller piece of the overall digital revenue pie compared to the services business.

• Q1 2025 Streaming Revenue Growth: Increased by 4% year-to-year.
• Total Digital Revenue (Q3 2025): $39.0 million, a 2.6% decline year-over-year.
• Total Digital Revenue (Q1 2025): $36.6 million, representing 20% of total net revenue.

Cumulus Podcast Network (Apple, Spotify, Rumble, etc.)

The podcasting segment shows volatility based on major talent partnerships, but organic growth for owned/retained content is strong. This is distributed across major third-party platforms.

Here's a look at the podcasting performance, which is heavily influenced by the loss of major content deals:

Period/Metric	Q3 2025 (Actual)	Q3 2025 (Normalized ex-Daily Wire/Bongino)	Q1 2025 (Normalized ex-Daily Wire)
Podcasting Revenue Change YoY	Not explicitly stated	Up 8% (as part of total digital)	Up 39%
Podcasting Revenue Change YoY (Specific)	Not explicitly stated	Up 15%	Down 13% overall

Direct Digital Marketing Services channel

This is the clear growth engine within the digital portfolio. Cumulus Media Inc. is selling curated digital marketing products to its client base, leveraging existing relationships.

• Q3 2025 Growth: Digital Marketing Services (DMS) revenue surged 34% year-over-year.
• DMS Share of Digital Revenue: Accounts for approximately 50% of total digital revenue as of Q3 2025.
• Q1 2025 Growth: DMS revenue was up 30%.
• Customer Growth (Q1 2025): Total customers were up 41%.
• Campaign Size Growth (Q1 2025): Average campaign order size grew by 16% quarter-over-quarter.

Live events and experiential marketing

While not broken out with specific revenue figures in the latest reports, this channel is inherently tied to the on-air personalities and local market presence, supporting both broadcast and digital sales efforts.

The company emphasizes that strong relationships built by trusted on-air personalities help build enduring audiences and loyal advertising customers, which supports local spot sales and event activation.

For context on the overall financial state supporting these channels as of the end of Q3 2025:

Financial Metric	Amount (Q3 End Sept 30, 2025)
Total Net Revenue	$180.3 million
Cash and Cash Equivalents	$90.4 million
Total Debt at Maturity	$697.1 million
Total Debt Principal	$722.2 million

Cumulus Media Inc. (CMLS) - Canvas Business Model: Customer Segments

National Advertisers and Media Buying Agencies represent a core segment, primarily served through the national reach of Westwood One. This network delivers nationally-syndicated content, including exclusive play-by-play coverage of approximately 100 primetime NFL games. A case study showed a major brand advertising across the entire 2025 NFL season on Westwood One generated a total reach of 23.8 million listeners. The NFL postseason coverage alone reached 30 million sports fans.

Local and Regional Small-to-Medium Businesses (SMBs) are targeted through Cumulus Media Inc.'s high-quality local programming. While the company saw continued declines in local ad spending in 2024, it focused on evolving broadcast go-to-market strategies to attract large new broadcast clients. The company's operations cover 395 owned-and-operated radio stations across 84 markets, providing deep local impact for these advertisers.

Affiliated Radio Stations are customers of Cumulus Media Inc.'s national programming arm, Westwood One. Westwood One delivers its content across an audio network of more than 9,500 affiliated stations, reaching 245 million listeners each week.

Mass-market audio listeners across 84 markets form the foundation of the broadcast value proposition. Cumulus Media Inc. delivers premium content to a quarter billion people every month, wherever and whenever they want it. This audience is reached through its 395 owned-and-operated radio stations.

Digital-first advertisers seeking high-growth digital marketing services are a key focus area for Cumulus Media Inc.'s transformation strategy. The Digital Marketing Services (DMS) segment showed robust growth, increasing by 30% in Q1 2025 and by 38% year-over-year in Q2 2025. By Q3 2025, DMS revenue growth was reported at 34%. This segment represented approximately 50% of the company's total digital revenue in Q2 and Q3 2025.

Here's a quick look at some key customer-related metrics as of late 2025:

Segment Metric	Value/Amount	Reporting Period/Context
Total Owned-and-Operated Radio Stations	395	As of Q3 2025
Total Markets Served	84	As of Q3 2025
Westwood One Weekly Listener Reach	245 million	Weekly Reach
Total Monthly People Reached (Cumulus)	Quarter billion	Monthly Reach
Digital Marketing Services Revenue Growth	34%	Q3 2025 Year-over-Year
Digital Marketing Services Share of Digital Revenue	50%	Q3 2025
Total Digital Revenue	$36.6 million	Q1 2025
Total Net Revenue	$180.3 million	Q3 2025

The customer base is segmented by reach and service type:

• National Advertisers utilize Westwood One for iconic national programming like the NFL.
• Local Advertisers are served via high-quality local programming across 84 markets.
• Affiliated Stations receive nationally-syndicated content across over 9,500 partners.
• Digital Advertisers drive the growth in Digital Marketing Services, which surged 38% in Q2 2025.
• Mass-market listeners are the audience for broadcast and digital content, totaling a quarter billion monthly.

What this estimate hides is the volatility; for instance, Q1 2025 digital revenue growth of 6.1% was heavily impacted by the loss of the Daily Wire podcast partnership. Still, the underlying DMS business shows defintely strong demand.

Cumulus Media Inc. (CMLS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that Cumulus Media Inc. has to cover just to keep the lights on and the transmitters running. For a company with a heavy broadcast footprint, the cost structure is dominated by things that don't change much, regardless of how much ad revenue comes in that month.

High fixed costs for broadcast transmission and studio operations

The physical infrastructure of radio-the towers, the licenses, the studios-represents a significant, non-negotiable cost base. Cumulus Media has been actively working to slim this down. They executed actions resulting in $7 million of annualized fixed cost reductions in the third quarter of 2025 alone. This effort is part of a larger, ongoing campaign, bringing total annualized fixed cost reductions since 2019 to $182 million, which represents a reduction of its fixed cost base by more than 30%. Still, the underlying cost to maintain 395 owned-and-operated stations across 84 markets remains substantial.

Significant interest expense on total debt

Leverage is a major cost driver here. As of September 30, 2025, Cumulus Media reported total debt of $722.2 million. The debt structure includes a Term Loan due 2029 and Senior Notes due 2029, stemming from a 2024 restructuring. While the specific 2025 interest expense dollar amount isn't in the latest reports, the structure involves amortization from the debt exchange that prospectively reduces interest expense. The expectation remains that interest expense is a significant non-operating cost to service this debt load.

Content acquisition and talent compensation costs

Talent and content costs are managed through a mix of in-house production and syndication agreements. A key move impacting this cost area was the discontinuation of content relationships with The Daily Wire and Dan Bongino, which had a material impact on podcasting revenue figures. On the other hand, Cumulus Media pays for content rights and talent to deliver nationally-syndicated programming through Westwood One, which includes major properties like the NFL, the NCAA, and the Masters.

Operating expenses for digital sales and fulfillment teams

The push for digital revenue requires investment in personnel, which shows up in operating expenses. The Digital Marketing Services (DMS) business grew 34% in Q3 2025, showing the scale of this investment. These costs cover the digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing efforts necessary to drive this growth.

Ongoing capital expenditure for digital and AI transformation

Capital expenditure (CapEx) is necessary to support the ongoing transformation. For the second quarter of 2025, CapEx was $5.5 million. The company now expects full-year 2025 CapEx to be below the previous guidance of $22.5 million. A major focus for efficiency spending is the acceleration of AI initiatives across all functional aspects of the company to drive efficiencies.

Here's a snapshot of key cost-related metrics from recent periods:

Cost Component/Metric	Latest Reported Value	Period/Date
Total Debt (Reported)	$722.2 million	September 30, 2025
Total Debt at Maturity (Reported)	$697.1 million	September 30, 2025
Annualized Fixed Cost Reduction (Q3 Action)	$7 million	Q3 2025
Total Annualized Fixed Cost Reductions Since 2019	$182 million	As of Q3 2025
Capital Expenditure (CapEx)	$5.5 million	Q2 2025
Full-Year CapEx Expectation	Below $22.5 million	As of Q2 2025

The cost structure is clearly bifurcated between the legacy, high-fixed-cost broadcast operations and the variable/growth-oriented digital investment:

• Fixed cost base reduced by over 30% since 2019.
• Digital Marketing Services revenue growth of 34% in Q3 2025.
• DMS revenue represents approximately 50% of total digital revenue.
• Total debt stands at $722.2 million.
• Debt amortization is reducing the effective interest expense over time.

Cumulus Media Inc. (CMLS) - Canvas Business Model: Revenue Streams

You're looking at how Cumulus Media Inc. actually brings in the money as of late 2025. It's a mix of traditional radio sales and a growing digital push, but honestly, the legacy side is facing headwinds.

The core of the business has long been Broadcast Spot Advertising, which is the revenue from selling airtime on their terrestrial radio stations. While this remains a major piece, it's definitely seeing pressure. For the third quarter ended September 30, 2025, the combined broadcast radio revenue was $115.0 million, marking a year-over-year decline of 17.2% in that quarter. Still, management noted they gained market share in total broadcast spot, which is something to watch.

The shift is clearly toward Digital Advertising, including streaming and podcasting. For Q3 2025, total digital revenue came in at $39.0 million, which was a 2.6% decrease year-over-year on an unadjusted basis. However, if you exclude the impact of discontinuing relationships with The Daily Wire and Dan Bongino, digital revenue actually showed an increase of 8.4%. Podcasting revenue specifically increased by 15% under that same normalized comparison.

A key driver within the digital segment is Digital Marketing Services (DMS). This segment saw robust growth, jumping 34% year-over-year in Q3 2025, which was its third straight quarter above 30% growth. This strong performance means DMS now accounts for approximately 50% of the company's total digital revenue.

The final piece of the puzzle, Content Syndication Fees from Westwood One affiliates, is bundled within the broader broadcast and network revenue structure. While I don't have a standalone dollar figure for just syndication fees, it's an important, recurring revenue element tied to their network operations.

To put the overall picture together, the Total net revenue for nine months ended Q3 2025 was $553.6 million, representing a 9.0% decrease compared to the same period in 2024.

Here's a quick look at the key Q3 2025 revenue components we can quantify:

Revenue Stream Component	Q3 2025 Amount (in millions)	Year-over-Year Change (Q3)
Total Net Revenue	$180.3	-11.5%
Broadcast Radio Revenue (Combined)	$115.0	-17.2%
Digital Revenue (Unadjusted)	$39.0	-2.6%
Digital Marketing Services (DMS) Growth	N/A (Growth Rate)	+34%

You can see the strategic pivot in action through the growth rates:

• Digital Marketing Services revenue growth: 34% in Q3 2025.
• Digital Marketing Services share of total digital revenue: approximately 50%.
• Podcasting revenue growth (normalized): 15% increase.
• Total annualized fixed cost reductions achieved year-to-date: $20 million.

The company is defintely leaning hard on DMS to offset the decline in traditional spot sales. Finance: draft 13-week cash view by Friday.