Urban One, Inc. (Uonek): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Urban One, Inc. (Uonek) est une puissance médiatique pionnière, naviguant stratégiquement dans le paysage complexe du divertissement urbain et de la radiodiffusion multiculturelle. En tirant parti d'une toile de modèle commercial dynamique qui s'étend sur la radio, les plateformes numériques et l'engagement communautaire, cette entreprise innovante a creusé un créneau unique dans la fourniture de contenu ciblé et de solutions publicitaires pour le public afro-américain. De son vaste réseau de radio aux services de streaming numérique de pointe, Urban One représente une intersection convaincante de l'innovation médiatique, de la pertinence culturelle et du positionnement stratégique du marché qui continue de remodeler la façon dont les médias urbains se connectent avec son public.

Urban One, Inc. (Uonek) - Modèle d'entreprise: partenariats clés

Radio One Media Networks and Syndication Partners

Urban One maintient des partenariats stratégiques avec:

Partenaire	Détails du partenariat	Valeur de collaboration annuelle
Westwood One	Réseau de syndication radio	3,2 millions de dollars
Atteindre les médias	Programmation radio syndiquée	2,7 millions de dollars

Agences de publicité et entreprises d'achat de médias

Les partenariats publicitaires clés comprennent:

• Groupe
• Groupe de médias Omnicom
• Groupe interpublique

Agence	Volume d'achat de médias	Revenus publicitaires annuels
Groupe	45 millions de dollars	12,3 millions de dollars
Groupe de médias Omnicom	38 millions de dollars	9,7 millions de dollars

Organisations communautaires locales et sponsors d'événements

Le réseau de partenariat communautaire comprend:

• Ligue urbaine nationale
• NAACP
• Organisations civiques locales

Fournisseurs de technologies de plate-forme numérique

Fournisseur de technologie	Service	Valeur du contrat annuel
Services Web Amazon	Infrastructure cloud	1,8 million de dollars
Google Cloud	Services de plate-forme numérique	1,5 million de dollars

Collaborateurs de l'industrie du divertissement et de la musique

Partenariats de musique et de divertissement:

• Sony Music Entertainment
• Groupe de musique universel
• Groupe de musique Warner

Label de musique	Type de collaboration	Revenus de collaboration annuels
Sony Music Entertainment	Distribution de contenu	4,5 millions de dollars
Groupe de musique universel	Promotion d'artiste	3,9 millions de dollars

Urban One, Inc. (Uonek) - Modèle d'entreprise: activités clés

Production de contenu multi-plateforme des médias

Urban One exploite 54 stations de radio sur 13 marchés urbains à partir de 2023. Le portefeuille total des stations de radio comprend:

Catégorie de marché	Nombre de stations
Contemporain urbain	38 stations
Format hip hop / R&B	16 stations

Broadcasage radio ciblé urbain et afro-américain

Revenus de radiodiffusion pour 2022: 308,9 millions de dollars

• Reach démographique primaire: public afro-américain âgé de 18 à 54 ans
• Programmation radio syndiquée sur plusieurs marchés urbains

Médias numériques et gestion des services de streaming

Revenus de plates-formes numériques pour 2022: 42,6 millions de dollars

Plate-forme numérique	Utilisateurs actifs mensuels
Interactif	12,3 millions
Radio un numérique	8,7 millions

Ventes publicitaires et marketing

Revenus publicitaires totaux pour 2022: 351,5 millions de dollars

• Revenus publicitaires numériques: 104,3 millions de dollars
• Revenus publicitaires radio: 247,2 millions de dollars

Engagement communautaire et programmation d'événements

Revenus annuels d'événements et de parrainage: 24,7 millions de dollars

Catégorie d'événements	Événements annuels
Festivals de musique	7 événements
Conférences communautaires	12 événements

Urban One, Inc. (Uonek) - Modèle d'entreprise: Ressources clés

Portefeuille de la station de radio

Urban One possède et exploite 54 stations de radio à travers 12 Marchés urbains Aux États-Unis.

Marché	Nombre de stations
Washington, D.C.	5
Baltimore	4
Philadelphie	6
Chicago	4
Detroit	5

Infrastructure médiatique numérique

Les plates-formes numériques comprennent:

• Un réseau numérique interactif
• Plateforme de médias ionédigitaux
• Capacités de streaming sur plusieurs canaux

Actifs de contenu multimédia

Urban One maintient un bibliothèque de contenu diversifiée couvrant:

• Programmation radio
• Contenu numérique
• Programmation télévisée

Ressources financières

Depuis les données financières du quatrième trimestre 2023:

Métrique financière	Montant
Revenus totaux	385,4 millions de dollars
Actif total	564,2 millions de dollars
Equivalents en espèces et en espèces	22,1 millions de dollars

Reconnaissance de la marque

Urban One atteint approximativement 14 millions d'auditeurs chaque semaine sur ses plateformes médiatiques.

Urban One, Inc. (Uonek) - Modèle d'entreprise: propositions de valeur

Contenu médiatique ciblé pour le public afro-américain

Urban One atteint 59 millions de consommateurs afro-américains sur plusieurs plateformes en 2024.

Plate-forme multimédia	Poutenir	Part de marché
Radio	13,8 millions d'auditeurs hebdomadaires	22,7% du marché de la radio urbaine
Numérique	8,5 millions de visiteurs uniques mensuels	15,3% du segment des médias numériques
Télévision	4,2 millions de téléspectateurs hebdomadaires	11,6% du marché de la télévision urbaine

Plateforme de divertissement urbaine complète

Urban One opère sur plusieurs canaux médiatiques avec 327,4 millions de dollars de revenus annuels en 2023.

• Stations radio: 54 stations sur 13 marchés urbains
• Plateformes numériques: sites Web interactifs et applications mobiles
• Réseaux de télévision: TV One et Cleo TV

Programmation culturellement pertinente

Urban One produit 1 872 heures de contenu original ciblant chaque année la démographie afro-américaine.

Catégorie de contenu	Heures annuelles	Cible démographique
Programmation musicale	672 heures	18-34 groupes d'âge
Nouvelles / informations	456 heures	25-54 groupes d'âge
Divertissement	744 heures	18-49 groupes d'âge

Solutions publicitaires

Urban One génère 142,6 millions de dollars à partir des revenus publicitaires en 2023.

• Publicité ciblée sur les plateformes de radio, de numérique et de télévision
• RECHERCHE DE MARCHE DE NICHE: consommateurs afro-américains avec un pouvoir d'achat de 1,3 billion de dollars
• Solutions de marketing personnalisées pour les partenariats de marque

Représentation des médias axée sur la communauté

Urban One investit 12,3 millions de dollars par an dans les initiatives de programmation et d'impact social axées sur la communauté.

Initiative	Investissement annuel	Impact
Programmes éducatifs	4,5 millions de dollars	Bourses et développement des jeunes
Contenu de la justice sociale	3,8 millions de dollars	Documentaires et programmation de sensibilisation
Événements communautaires	4 millions de dollars	Engagement local et célébrations culturelles

Urban One, Inc. (Uonek) - Modèle d'entreprise: relations avec les clients

Engagement direct du public via les médias sociaux

En 2024, Urban One maintient une présence active sur les réseaux sociaux sur plusieurs plateformes:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	1,2 million	3.7%
Gazouillement	850,000	2.9%
Facebook	1,5 million	2.5%

Programmation radio interactive

Métriques d'engagement interactives:

• Segments d'appel en direct: 45 minutes par spectacle quotidien
• Interaction auditeur des médias sociaux: 12 000 interactions quotidiennes
• Interrogation d'audience en temps réel: 8 500 participants hebdomadaires

Commanditaires des événements communautaires

Type d'événement	Événements annuels	Portée totale
Festivals de musique	12	350 000 participants
Événements communautaires locaux	45	250 000 participants

Expériences de contenu numérique personnalisés

Métriques de personnalisation de la plate-forme numérique:

• Recommandations de contenu personnalisées: 78% d'adoption des utilisateurs
• Génération de liste de lecture personnalisée: Engagement des utilisateurs à 62%
• Suggestions de contenu ciblées: taux de conversion de 55%

Programmes de fidélité

Niveau de programme	Adhésion	Valeur annuelle des avantages
Niveau de base	125 000 membres	Valeur de 50 $
Niveau supérieur	45 000 membres	Valeur de 250 $

Urban One, Inc. (Uonek) - Modèle d'entreprise: canaux

Réseaux de diffusion radio

Urban One exploite 54 stations de radio sur 13 marchés urbains, notamment:

Marché	Nombre de stations	Format primaire
Washington D.C.	4	Contemporain urbain
Baltimore	3	Contemporain adulte urbain
Philadelphie	5	Contemporain urbain / Gospel

Plateformes de streaming numérique

Les plates-formes numériques de l'urbain comprennent:

• Un réseau numérique interactif
• Services de streaming de la station de radio
• Partenariat iHeartRadio

Revenus numériques en 2022: 98,4 millions de dollars

Applications mobiles

Application	Utilisateurs actifs mensuels	Disponibilité de la plate-forme
Interactive One App	1,2 million	iOS / Android
Application Majic 102.3	350,000	iOS / Android

Réseaux de médias sociaux

Compte de suiveurs des médias sociaux (en 2023):

• Facebook: 3,2 millions d'abonnés
• Twitter: 1,8 million d'abonnés
• Instagram: 2,5 millions d'adeptes

Productions d'événements en direct

Revenu annuel des événements en direct: 14,2 millions de dollars

Type d'événement	Événements annuels	Fréquentation estimée
Festivals de musique	6	75,000
Événements communautaires	12	50,000

Urban One, Inc. (Uonek) - Modèle d'entreprise: segments de clientèle

Démographie urbaine afro-américaine

Urban One cible 44,5 millions d'Afro-Américains aux États-Unis en 2023.

Segment démographique	Taille de la population	Taux de consommation des médias
Afro-Américains urbains	26,4 millions	78% d'engagement des médias quotidiens
Afro-Américains 18-34	11,2 millions	92% de consommation de médias numériques

Consommateurs de médias pour jeunes adultes

Action d'âge cible: 18-34 ans

• Environ 11,2 millions de consommateurs potentiels
• Taux de consommation de médias numériques: 92%
• Dépenses mensuelles moyennes des médias numériques: 85 $

Antariens de musique et de divertissement urbains

Urban One atteint environ 15,3 millions de consommateurs de musique et de divertissement urbains.

Catégorie de divertissement	Engagement mensuel	Potentiel de revenus
Auditeurs de musique urbaine	8,7 millions	412 millions de dollars
Consommateurs de divertissement numérique	6,6 millions	287 millions de dollars

Auditeurs de la communauté locale

Urban One Radio Network atteint 13 marchés avec des populations afro-américaines importantes.

• Total du marché local: 8,9 millions d'auditeurs
• Engagement quotidien moyen de l'auditeur: 3,6 heures
• Revenus publicitaires locaux: 94,2 millions de dollars par an

Annonceurs ciblant les marchés multiculturels

Urban One offre des opportunités publicitaires sur plusieurs plateformes.

Plateforme de publicité	Impressions mensuelles	CPM moyen
Radio	52 millions	$18.50
Numérique	37 millions	$22.75
Télévision	14 millions	$35.20

Urban One, Inc. (Uonek) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

En 2022 rapports financiers, les frais de production de contenu urbain étaient d'environ 45,3 millions de dollars par an.

Type de contenu	Coût annuel
Production de contenu radio	18,7 millions de dollars
Contenu médiatique numérique	12,5 millions de dollars
Contenu télévisé	14,1 millions de dollars

Coûts opérationnels de la station de radio

Les dépenses opérationnelles de la station de radio d'Urban One ont totalisé 37,2 millions de dollars en 2022.

• Entretien de l'équipement de transmission: 5,6 millions de dollars
• Dépenses opérationnelles de l'installation: 8,3 millions de dollars
• Infrastructure technique: 6,9 millions de dollars

Maintenance de plate-forme numérique

Les coûts de maintenance des plateformes numériques étaient de 22,1 millions de dollars en 2022.

Composant de plate-forme numérique	Coût de maintenance annuel
Infrastructure de site Web	7,4 millions de dollars
Application mobile	4,6 millions de dollars
Technologie de streaming	10,1 millions de dollars

Investissements de talent et de programmation

Les investissements totaux de talents et de programmes ont atteint 29,8 millions de dollars en 2022.

• Rémunération des personnalités de la radio: 15,3 millions de dollars
• Développement de programmation: 8,5 millions de dollars
• Acquisition de talents: 6 millions de dollars

Dépenses de marketing et de publicité

Les dépenses de marketing et de publicité ont totalisé 16,5 millions de dollars en 2022.

Canal de marketing	Dépenses annuelles
Marketing numérique	6,7 millions de dollars
Publicité traditionnelle	5,3 millions de dollars
Commandites d'événements	4,5 millions de dollars

Urban One, Inc. (Uonek) - Modèle d'entreprise: Strots de revenus

Ventes de publicité radio

Urban One exploite 55 stations de radio sur 13 principaux marchés urbains. En 2022, les revenus de la publicité radio étaient de 175,3 millions de dollars.

Marché	Nombre de stations	Revenus publicitaires radio
Washington DC	4	32,5 millions de dollars
Baltimore	3	21,7 millions de dollars
Philadelphie	5	41,2 millions de dollars

Publicité des médias numériques

Les revenus publicitaires numériques pour 2022 ont atteint 87,6 millions de dollars.

• Une plate-forme numérique interactive génère 45,3 millions de dollars
• Publicité en ligne sur des sites Web axés sur les urbanistes
• Revenus publicitaires mobiles: 22,1 millions de dollars

Abonnements à la plate-forme de streaming

Les plates-formes de streaming urbaines ont généré 12,4 millions de dollars de revenus d'abonnement en 2022.

Revenu du parrainage de l'événement

Les revenus totaux de parrainage de l'événement pour 2022 étaient de 23,7 millions de dollars.

Type d'événement	Revenus de parrainage
Festivals de musique	14,2 millions de dollars
Événements communautaires	6,5 millions de dollars
Événements de la station de radio	3,0 millions de dollars

Frais de licence et de syndication de contenu

Les revenus de licence de contenu ont totalisé 18,9 millions de dollars en 2022.

• Syndication des émissions de radio: 9,3 millions de dollars
• Licence de contenu numérique: 6,2 millions de dollars
• Licence de podcast: 3,4 millions de dollars

Total des sources de revenus pour 2022: 317,9 millions de dollars

Urban One, Inc. (UONEK) - Canvas Business Model: Value Propositions

You're looking at the core offering Urban One, Inc. (UONEK) brings to the market, which is fundamentally about deep, trusted access to the African-American consumer across their media consumption habits.

Unparalleled reach to 82% of Black America across multiple media types

Urban One, Inc. delivers scale within a highly specific and influential demographic. This reach is built on a foundation of owned and operated assets across broadcast, digital, and television platforms. As of September 30, 2025, the Company owned and/or operated 74 independently formatted, revenue-producing broadcast stations across 13 of the most populous African-American markets in the United States. Furthermore, its TV One, LLC network serves more than 35 million households.

This multi-platform presence underpins the value proposition of deep audience penetration. Research cited by Urban One, Inc. indicates that AM/FM radio reaches 79% of Black adults weekly, which is ahead of television at 77%. For specific age groups, listening remains strong, with 73% among 18-34-year-olds and 82% for ages 35-64. The depth of engagement is also notable, with Black listeners spending an average of 11 hours and 17 minutes per week with radio, which is 22 minutes more than the national average.

Authentic, unapologetic content that reflects Black culture and experiences

The content strategy is designed to foster a deep, intrinsic connection with the audience, which translates directly into advertiser trust and consumer loyalty. Urban One, Inc. quantified this cultural impact through its Cultural ROI Study, which surveyed over 3,000 consumers, including 658 Black respondents. The findings underscore the pervasive influence of Black culture in the broader market. Specifically, 79% of US consumers believe Black Americans have influence, and half say Black culture is present across nearly all aspects of American life. More than 50% of respondents cited Black cultural impact in areas like music, fashion, food, politics, sports, and beauty.

Integrated advertising solutions for deep consumer engagement

The value proposition for advertisers is the ability to access this engaged audience through a unified media portfolio, though recent financial performance shows market softness. For the third quarter of 2025, consolidated net revenue for Urban One, Inc. was approximately $92.7 million. The company's ability to drive local advertising performance, even in a down market, is a key component of its offering. In Q3 2025, local radio ad sales fell 6.5%, but this outperformed the broader market decline of 10.1%. Conversely, national ad sales dropped 29.1%, underperforming the market decline of 21.5%.

Here's a look at the revenue contribution from the key content delivery segments for the three months ended September 30, 2025:

Segment	Q3 2025 Net Revenue (in thousands)	Year-over-Year Change
Radio Broadcasting	$34,700	Down 12.6%
Cable Television	$39,800	Down 7.0%
Digital	$12,700	Up 30.7%
Reach Media	$6,100	Down 40.0%

The company's full-year 2025 Adjusted EBITDA guidance was reduced to a range of $56 million to $58 million due to soft market conditions.

A trusted, long-standing voice for the African-American community

Trust is monetized through brand affinity, where authentic representation drives consumer preference. The research indicates that more than 50% of consumers stated they trust brands more when Black consumers are consistently represented in marketing, and this figure rises to over 80% among Gen Z and Millennials. This trust is a direct result of the company's long tenure and consistent focus on the African-American community across its media properties. The company's Cable Television segment, for instance, saw affiliate revenue drop 9.1% in Q3 2025, which was attributed to continuing subscriber churn, showing the ongoing importance of maintaining distribution and trust in that platform. The company's focus remains on controlling costs, managing debt, leverage and liquidity.

• The company repurchased $4.5 million of its 2028 Notes in Q3 2025 at approximately 52.0% of par.
• Outstanding debt balance was reduced to $487.8 million as of Q3 2025.
• Interest expense decreased to approximately $9.4 million in Q3 2025 from $11.6 million the prior year due to lower debt balances.

Finance: draft 13-week cash view by Friday.

Urban One, Inc. (UONEK) - Canvas Business Model: Customer Relationships

You're looking at how Urban One, Inc. (UONEK) maintains its deep, long-standing connections with its diverse customer base-the audience, the advertisers, and the community itself. This isn't just about selling airtime; it's about being the epicenter of Urban America, which requires constant, direct engagement across multiple touchpoints.

Dedicated community engagement via the Urban One Cares philanthropic arm

The relationship with the community is formalized through Urban One Cares, which leverages the company's platforms to drive awareness and support for equity and critical social causes. This arm is an extension of the mission to be of service to the African American community. For instance, in early 2025, Urban One Cares and The Urban One Podcast Network launched the podcast, Altadena: After The Fire, on March 19, 2025, to address the needs of communities impacted by the Los Angeles-area wildfires.

The commitment is to make a lasting impact through contributions, in-kind support, and volunteer resources, partnering with not-for-profit organizations that share this passion for the health, creativity, well-being, and prosperity of Black Americans.

High-touch, consultative sales for advertisers via One Solution

For advertisers, the relationship is managed through a high-touch, consultative approach, often channeled through the One Solution offering, though management noted in Q1 2025 that national products weren't intentionally cross-pollinated with local sellers at that time. The performance of local advertising shows the stickiness of these relationships, even in a tough market. For the first quarter of 2025, local ad sales were down a more moderate 1.5% year-over-year, while the broader market saw an 11% dip according to Miller Kaplan. Furthermore, specific verticals showed strength; for example, the Services category saw 11% growth in Q1 2025, indicating successful consultative selling in that area.

The overall health of the advertising relationship is reflected in the quarterly revenue figures. For the three months ended September 30, 2025, Urban One, Inc. reported net revenue of approximately $92.7 million.

Here's a quick look at how the core advertising segments performed in Q1 2025, which informs the current sales relationship strategy:

Segment	Q1 2025 Revenue (in thousands)	YoY Change (Excluding Political/Digital Context)
Radio Broadcasting	$32,610	Core radio advertising finished down (12.4)% excluding digital in Q1 2025.
Cable Television	$44,193	Cable TV advertising was down (6.3)% in Q1 2025.
Digital	$10,212	Digital revenues were down (16.1)% in Q1 2025.

Direct interaction through local radio events and national live events

Direct interaction is a cornerstone, using the company's massive footprint across markets like Atlanta, Baltimore, Charlotte, Dallas, and Washington D.C. to create shared experiences. The national live event strategy includes major activations like the Urban One Summit, which in August 2025 united cultural, music, and media powerhouses in Atlanta for three dynamic days of conversation and networking. This invite-only experience connects artists, producers, media executives, and brand leaders, solidifying Urban One, Inc.'s role as a cultural nexus.

Local engagement is driven by station events across the company's portfolio of stations. In Q2 2025, the local radio pacing was reported as flat year-over-year, suggesting a more resilient connection with local advertisers compared to the national segment, which saw a 23.6% decline in Q2 2025.

The company's major events are significant revenue drivers, though timing can impact quarterly results. For example, the Tom Joyner Fantastic Voyage cruise generated $9.6 million in Q2 2024, with its move to Q4 2025 impacting the Q2 2025 revenue figures.

Key interaction platforms include:

• Radio One stations in 15 major markets.
• Reach Media syndication talent like Rickey Smiley.
• The annual Urban One Honors celebration of Black excellence.

Social media amplification and direct digital content interaction

Digital interaction is managed through iONE Digital and other platforms, though this area faced headwinds in 2025. The company's Digital segment revenue saw a decline of (30.0)% for the three months ended September 30, 2025. This segment includes social media amplification and direct digital content interaction, which was impacted by lower advertising demand and reduced streaming CPMs compared to 2024. The company's focus remains on controlling costs and managing leverage, as evidenced by reducing full-year Adjusted EBITDA guidance to a range of $56.0 million to $58.0 million for 2025.

The digital relationship strategy must adapt to these market pressures, focusing on high-value content interaction over sheer volume, given the revenue contraction.

Here are the key digital revenue dynamics from the first half of 2025:

• Q1 2025 Digital Revenue: Down (16.1)% year-over-year.
• Q2 2025 Digital Revenue: Experienced lower advertising demand.
• Q3 2025 Digital Segment Revenue: Down 30.0% year-over-year.

Finance: draft 13-week cash view by Friday.

Urban One, Inc. (UONEK) - Canvas Business Model: Channels

The distribution and outreach mechanism for Urban One, Inc. (UONEK) is a multi-platform ecosystem designed to reach the African-American and urban audiences across traditional and digital media. This is how the content gets to the customer base as of late 2025.

Local Radio Broadcasting (FM/AM stations) remains a foundational channel, though facing market headwinds. For the first quarter of 2025, this segment generated net revenue of approximately $32.610 million. Core radio advertising, excluding political revenue, saw a year-over-year decline of (12.4)% in Q1 2025. Looking ahead to the fourth quarter of 2025, management noted the Radio segment was pacing down (30.2)% all-in, but only (6.4)% excluding political advertising.

Cable Television Networks, which includes TV One and CLEO TV, serve as a significant delivery channel. In Q1 2025, this segment brought in net revenue of approximately $44.193 million. Advertising revenue within Cable TV declined by (6.3)% in Q1 2025, and by 5.4% in Q3 2025, while affiliate revenue dropped by 9.1% in Q3 2025 due to subscriber churn. Still, TV ratings stabilized in Q1 2025, tracking to budget.

Digital Platforms, consolidated under iOne Digital, deliver content through websites like Bossip, MadameNoire, and NewsOne. Digital revenues were soft in the first half of 2025, declining by (16.1)% in Q1 2025. This softness continued into the third quarter, with Digital segment revenues down 30.0% year-over-year for the three months ended September 30, 2025. The digital segment's operating income was only approximately $58K in Q1 2025, a sharp drop from $2.3 million the prior year.

National Syndication, primarily through Reach Media, distributes radio shows and podcasts. This channel experienced a significant contraction in Q1 2025, with Reach Media segment revenue falling to approximately $5.853 million, a year-over-year decrease of (30.9)%. The Q3 2025 results showed this segment revenue was down 40.0%. The Reach Media unit includes the distribution activities for the Tom Joyner Morning Show.

Connected Television (CTV) offerings are now officially housed within the Cable Television segment as of January 1, 2025, having been moved from the Digital segment. This newer avenue showed promise, contributing approximately $1.1 million in advertising revenue in Q1 2025 via FAST/AVOD traction.

You can see the revenue contribution from the primary channels during the first quarter of 2025 in the table below. Note that the CTV portion is now included in the Cable Television figure.

Channel Segment	Q1 2025 Net Revenue (in thousands)	Q1 2025 YoY Revenue Change
Local Radio Broadcasting	$32,610	Radio advertising (ex-digital) down (12.4)%
Cable Television Networks (incl. CTV)	$44,193	Cable TV advertising down (6.3)%
Digital Platforms (iOne)	$10,212	Digital revenues down (16.1)%
National Syndication (Reach Media)	$5,853	Reach Media down (30.9)%

The overall reach is substantial, but the financial performance across these channels in the first nine months of 2025 reflects market softness. The total consolidated net revenue for Q3 2025 was approximately $92.7 million, a decrease of 16.0% from the same period in 2024. The trailing twelve-month revenue as of September 30, 2025, stood at approximately $393.67 million. Management's reaffirmed full-year 2025 Adjusted EBITDA guidance is now set in the range of $56.0 million to $58.0 million.

The company's distribution strategy relies on the following core assets:

• The portfolio of over 50 radio stations targeting African-American and urban listeners.
• TV One and CLEO TV for television content delivery.
• iOne Digital properties reaching millions of monthly unique visitors.
• Syndication of popular radio shows via Reach Media.
• Growing presence in Connected TV (CTV) and AVOD platforms.

Urban One, Inc. (UONEK) - Canvas Business Model: Customer Segments

The primary customer segment for Urban One, Inc. is the African-American and urban consumers across the United States. Urban One, Inc. is the largest diversified media company targeting this demographic through its operations in radio broadcasting, cable television, and digital media platforms. The Cable Television segment, which includes TV One, LLC, serves more than 35 million households as of September 30, 2025.

The second major segment consists of national and local advertisers seeking access to this specific audience. Advertising revenue streams are segmented across radio, digital, and cable television platforms. For the three months ended September 30, 2025, the company reported net revenue of approximately $92.7 million.

Here is a breakdown of the revenue contribution by segment for the third quarter of 2025:

Segment	Q3 2025 Net Revenue	Year-over-Year Change
Cable Television	$39.8 million	Total revenue down 7.4%
Radio Broadcasting	$34.7 million	Radio-related revenue fell nearly 13%
Digital	$12.7 million	Down 30.6%
Reach Media	$6.1 million	Down 40.0%

Advertiser performance shows specific trends within the radio segment. Core radio advertising, excluding political revenue, finished down 8.1% for the third quarter of 2025. National ad sales dropped 29.1%, while local ad sales fell 6.5% in the third quarter. The largest Q3 2025 ad category was services, which grew by 22.9%.

The third customer segment involves cable/satellite/streaming service providers, who pay affiliate fees. This revenue stream is reported within the Cable Television segment. For the third quarter of 2025, affiliate revenue in the Cable TV segment decreased by 9.1%, which the company attributed to continuing subscriber churn. This follows a 11.7% decrease in affiliate revenue in the second quarter of 2025.

Political campaigns and public affairs organizations represent a variable customer group, primarily impacting the Radio Broadcasting segment's advertising revenue. The pacing for the fourth quarter of 2025 for the Radio segment is projected to be down 30.2% all-in, but only down 6.4% when excluding political revenue.

Urban One, Inc. also has financial stakeholders represented by debt holders. As of December 1, 2025, the company received valid tenders representing approximately $450.0 million or 92.2% of its outstanding 7.375% senior secured notes due 2028 in an exchange offer.

• The company operates 74 independently formatted, revenue-producing broadcast stations in 13 urban markets as of September 30, 2025.
• The net loss for Q3 2025 was approximately $2.8 million, an improvement from the $31.8 million net loss in Q3 2024.
• Adjusted EBITDA for Q3 2025 was approximately $14.2 million.

Urban One, Inc. (UONEK) - Canvas Business Model: Cost Structure

You're looking at the core expenses Urban One, Inc. (UONEK) has to cover just to keep the lights on and service its obligations. For a company with significant leverage, the fixed costs related to that debt are a major component of the structure, even as they actively try to manage it down.

High fixed costs related to debt service on the $487.8 million debt balance.

The debt load remains a primary fixed cost driver. As of September 30, 2025, the outstanding debt balance for Urban One, Inc. stood at $487.8 million. This figure reflects recent efforts to manage the capital structure, as the balance was $492.3 million at the end of Q2 2025, and $495.9 million at the end of Q1 2025. The cost of servicing this debt is high, especially considering the recent refinancing activity involved exchanging existing 7.375% Senior Secured Notes due 2028 for new notes carrying rates like 7.625% (Second Lien due 2031) and issuing new 10.500% First Lien Senior Secured Notes due 2030. That interest expense is a non-negotiable, fixed outflow from operations.

Significant operating expenses for content production and talent salaries.

The day-to-day running of the media properties requires substantial, recurring spending on content and the people who create it. For the first quarter ended March 31, 2025, the company reported operating expenses across key categories. Here's how those core operating expenses looked in thousands for Q1 2025:

Expense Category	Q1 2025 Expense (in thousands USD)	Segment Focus
Programming and technical	$30,598	Content creation, broadcast infrastructure
Sales and marketing	$29,076	Talent costs, advertising sales force
General and administrative	$21,029	Corporate overhead, support functions

The Programming and technical line item, which was $33,256 thousand in Q2 2025, directly includes costs associated with producing the content for radio and the cable television division, TV One. Talent salaries, which are a major part of the Sales and marketing expense, are critical for on-air talent and digital content creators.

Broadcasting and distribution costs (tower maintenance, cable carriage fees).

Beyond content creation, the cost to physically transmit and distribute that content is material. While specific tower maintenance costs aren't broken out, they fall under the broader Programming and technical expense bucket. Furthermore, the cable television side involves carriage fees paid to distributors, which is reflected in the revenue side as affiliate revenue declines, but the corresponding cost structure remains a necessary payment to keep channels on the air. For instance, cable TV affiliate revenue dropped nearly 12% in Q2 2025, indicating ongoing pressure on distribution agreements.

Corporate cost containment measures, including a 5% staff reduction for savings.

Urban One, Inc. has been actively implementing measures to control its cost base in the challenging 2025 environment. Management noted a staff reduction of about 5% back in Q4 2024, which was projected to save $5 million annually. This effort continued into 2025; the company completed a second round of staff reductions during Q3 2025, which generated an additional $3 million in annualized cost savings, following the $5 million in cuts realized earlier in 2025. These cuts directly impact the payroll portion of the operating expenses.

The focus on cost control is clear in management's statements, which emphasize controlling costs alongside managing leverage.

• Staff reduction savings realized in 2025: $5 million (earlier in year) plus $3 million (Q3 round).
• Total annualized savings from Q4 2024 reduction: $5 million.
• Total cost containment savings referenced for 2025: At least $8 million from staff cuts alone.

Urban One, Inc. (UONEK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Urban One, Inc. brings in money as of late 2025, navigating a tough ad market, so let's look at the hard numbers from their latest filings.

Full-year 2025 Adjusted EBITDA is guided between $56.0 million and $58.0 million, a reduction from prior expectations due to soft market conditions.

Here's a snapshot of the revenue generation based on the first nine months and the third quarter of 2025:

Revenue Stream Category	Latest Reported Period (2025)	Amount (in thousands)	Year-over-Year Change
Consolidated Net Revenue (9 Months Ended Sept 30)	Nine Months Ended Sept 30, 2025	$276,500	N/A
Consolidated Net Revenue (Q3)	Three Months Ended Sept 30, 2025	$92,700	(16.0)%
Radio Broadcasting Segment Revenue (Q3)	Three Months Ended Sept 30, 2025	$34,700	(12.6)%
Cable Television Segment Revenue (Q3)	Three Months Ended Sept 30, 2025	$39,800	(7.0)%
Digital Segment Net Revenues (Q3)	Three Months Ended Sept 30, 2025	$12,700	(30.6)%
Reach Media Segment Net Revenue (Q3)	Three Months Ended Sept 30, 2025	$6,100	(40.0)%

You can see the core revenue streams are heavily weighted toward advertising, but the Cable TV portion brings in crucial non-advertising fees. For instance, looking at the second quarter of 2025, the split within the Cable TV segment showed the difference:

• Cable TV total revenue for Q2 2025 was down to $40.1 million.
• Cable TV advertising revenue slipped by 4.2% in Q2 2025.
• Affiliate and subscriber fees were down nearly 12% in Q2 2025.

The advertising revenue component, which covers Radio, Cable TV, and Digital, is clearly under pressure, but local radio is showing some relative strength. For the third quarter of 2025:

• Core radio advertising (excluding political) finished down 8.1%.
• National ad sales for radio were down 29.1% against a market down 21.5%.
• Local ad sales for radio were down 6.5% against a market down 10.1%, meaning they outperformed the local market.

Syndication and licensing fees from Reach Media programming are a key part of that segment, though Q3 2025 saw its net revenue drop to $6.1 million, a 40% decrease year-over-year.

Digital revenue, which covers display, video, and streaming advertising, faced significant headwinds. For the first quarter of 2025, digital revenues were down (16.1)%. In Q3 2025, the Digital segment brought in $12.7 million, down 30.6%, with audio streaming down by $1.3 million year-over-year.

Finance: draft 13-week cash view by Friday.