Beasley Broadcast Group, Inc. (BBGI): Business Model Canvas [Dec-2025 Updated]

You're looking at a legacy broadcaster, Beasley Broadcast Group, Inc. (BBGI), trying to navigate the digital shift, and honestly, the strategy they're executing is aggressive. As a former head analyst, I see a company actively pivoting from over-the-air spots to a multi-platform model, which is why they're pushing for a $25 million to $30 million expense reduction in 2025 while simultaneously growing digital revenue to 25% of their Q3 net take. This isn't your grandfather's radio company anymore. Below, we break down exactly how their Key Resources-like their 54 AM/FM stations-are being marshaled to support high-margin digital Value Propositions and what that means for their Cost Structure, including that hefty interest expense. Dive into the full Business Model Canvas to see the nuts and bolts of this transformation.

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

You're looking at the core relationships Beasley Broadcast Group, Inc. (BBGI) relies on to drive revenue and content, especially as the media landscape shifts. Honestly, the numbers show where the focus is right now.

Learfield/University of Michigan Athletics for sports content integration

Beasley Media Group Detroit entered a multi-year broadcast agreement with University of Michigan Athletics and Learfield's Michigan Sports Properties, kicking off with the 2025 Michigan Football season. This partnership designates 94.7 WCSX-FM as the new flagship station. The deal covers game broadcasts for Football, Men's Basketball, and Men's Hockey, plus coaches' shows and ancillary programming. Also, 105.1 The Bounce (WMGC-FM) carries select Women's Basketball games. This isn't just airtime; the agreement mandates a robust digital and promotional presence across Beasley Media Detroit's platforms, including on-air, online, and on-site activations.

• Flagship station for Football, Men's Basketball, Men's Hockey: 94.7 WCSX-FM.
• Carries select Women's Basketball games: 105.1 The Bounce (WMGC-FM).
• Learfield supports over 1,200 collegiate institutions.

Programmatic advertising platforms for digital inventory monetization

The push into digital is clear from the financial reporting. For the third quarter of 2025, digital revenue hit $13.0 million, marking a 14.6% year-over-year increase. This digital segment now represents a significant 25% of Beasley Broadcast Group, Inc.'s total net revenue, which was $51.0 million for the quarter ending September 30, 2025. The quality of this revenue is improving, too; the digital segment operating margin reached 28% on a same-station basis in Q3 2025, up from 17.8% in Q2 2025. This growth is central to the strategy to offset softness in traditional agency channels.

Here's a quick look at how the digital segment stacks up against the total business for Q3 2025:

The company is actively retooling its sales organization, adding dedicated digital Account Executives and sales managers to accelerate adoption of these programmatic and direct digital offerings.

Content syndication partners for specialized programming

Beyond the major sports contracts, Beasley Broadcast Group, Inc. has partnerships for specialized content, which helps maintain reach across its 54 AM and FM stations in 10 markets. One example of specialized content revenue is the 'Audio Plus' category, which reached over $1.2 million in Q3 2025, representing over 200% growth from Q2 2025. This suggests successful monetization of niche, non-traditional broadcast content streams, likely facilitated by syndication or specialized content providers.

Local community organizations for event marketing and public service

These partnerships are vital for local market connection and direct sales support, though specific financial terms aren't always public. For instance, the WDMK Detroit team participated in a PRAISE Radiothon that raised $102,524 to benefit St. Jude Children's Research Hospital. Local direct sales, including digital packages sold locally, accounted for 79% of net revenue in Q3 2025, showing the importance of these hyper-local ties. Beasley Media Group reaches more than 20 million consumers on a weekly basis, a reach that community event partnerships help to solidify.

• Local revenue (including local digital packages) share: 79% of Q3 2025 net revenue.
• St. Jude Radiothon in Detroit raised $102,524.
• Weekly consumer reach across all platforms: Over 20 million.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Beasley Broadcast Group, Inc. (BBGI) is taking to navigate the current media landscape, focusing heavily on cost control and digital revenue acceleration. Here's the breakdown of what they are actively doing as of late 2025, grounded in their Q3 2025 reporting.

Scaling proprietary, high-margin digital products like Audio Plus is a top priority. The focus is on products that deliver better margins than traditional spot radio. The results show traction here, with digital revenue now making up a significant piece of the pie.

• Digital revenue accounted for 25% of net revenue in Q3 2025.
• Same-station digital revenue grew 28% year-over-year in Q3 2025.
• Digital segment operating margin reached a record 28% on a same-station basis in Q3 2025.
• Audio Plus revenue specifically surpassed $1.2 million in Q3 2025, showing over 200% sequential growth from Q2 2025.

The company is simultaneously driving hard on cost discipline. This isn't just about trimming fat; it's a structural realignment of operating expenses.

Executing a $25 million to $30 million full-year 2025 expense reduction plan is a clear mandate. To be fair, they had already banked $15 million of those savings by the end of Q3 2025, showing progress on the operational front.

The strategic divestiture of non-core radio assets for debt reduction is directly tied to strengthening the balance sheet. The Tampa sale closed for $8.0 million, and they have agreements in place for the $18 million Fort Myers cluster sale. This entire effort is about debt management.

Content creation remains central, supporting the digital push. Beasley Broadcast Group, Inc. owns a total of 54 AM and FM stations across 10 large- and mid-size markets as of August 2025. This large broadcast footprint is the foundation they are using to cross-sell their higher-margin digital products.

Finally, the realigning of the sales force toward direct, data-driven client relationships is evident in the revenue mix shift. They are actively pivoting away from traditional agency reliance.

• Local revenue, which includes digital packages sold locally, accounted for 79% of net revenue in Q3 2025.
• Revenue from new business accounted for 14% of net revenue in Q3 2025, flat year-over-year.

The sales team is clearly being re-tooled to focus on direct client engagement, which is where the higher digital margins are realized.

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

You're looking at the core assets Beasley Broadcast Group, Inc. (BBGI) relies on to generate revenue in late 2025. These aren't just stations; they're licensed platforms for local engagement and digital monetization. Honestly, the key resources are now heavily weighted toward the digital infrastructure that supports the traditional audio base.

Portfolio of 54 AM/FM radio stations in 10 large- and mid-size US markets

Beasley Broadcast Group, Inc. holds a concentrated portfolio, which is a resource in itself for local advertisers. They own a total of 54 AM and FM stations spread across 10 large- and mid-size markets in the United States. This footprint includes established markets like Philadelphia, Boston, and Detroit. The company reports that its radio stations reach nearly 19 million unique consumers weekly across over-the-air, online, and mobile platforms. This physical and digital footprint is the foundation for their local revenue strategy, which, as of Q3 2025, saw local revenue-including digital packages sold locally-account for 79% of net revenue.

Here's a quick look at how the asset base and digital performance stack up based on the latest reported quarter:

FCC broadcast licenses and owned-and-operated (O&O) digital platforms

The FCC broadcast licenses are the non-transferable gatekeepers to their audio inventory. These licenses grant the exclusive right to transmit over specific frequencies in their 10 markets. Complementing this are the owned-and-operated (O&O) digital platforms, which are critical because they allow Beasley Broadcast Group, Inc. to capture a higher margin on digital advertising. Management has been actively streamlining the physical portfolio, evidenced by closing the sale of WPBB-FM for $8.0 million in Q3 2025 and entering agreements for the sale of its Ft. Myers market assets, pending government clearance. This portfolio optimization is a key action to strengthen the balance sheet.

Proprietary digital technology, including the Audio Plus streaming solution

The proprietary technology stack is where the margin story is being written. The focus is on scaling higher-margin digital products. A major component here is the Audio Plus streaming solution. Revenue from Audio Plus specifically reached over $1.2 million in Q3 2025, which represents over 200% growth compared to Q2 2025. This technology enables the company to stream audio ads across their network and other platforms, like mobile apps and connected devices. The push toward O&O digital is working; the digital segment's operating margin hit 21% in Q3 2025, a record high, up from roughly 7% in the prior-year period. Furthermore, the company targeted a Q3 2025 launch for a self-serve digital platform to empower advertisers directly.

Established local on-air personalities and brand equity in key markets

The on-air talent and the resulting brand equity are what drive listener loyalty, which is the underlying value proposition for local advertisers. This loyalty allows Beasley Broadcast Group, Inc. to bundle audio and digital offerings effectively. The established personalities are leveraged across digital platforms too, as millions engage with the company's brands through platforms like Facebook, X, text, and email.

• Leverage well-known radio station brands.
• Utilize engaging personalities for credibility and trustworthiness.
• Maintain strong local audience engagement across all platforms.

The company has also been aggressively retooling its sales organization, adding dedicated digital Account Executives and sales managers in markets to accelerate adoption of these new digital assets. This internal resource shift supports the pivot towards direct, data-driven relationships.

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:

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:

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:

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:

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:

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:

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.