Urban One, Inc. (UONEK): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Urban One, Inc. (UONEK) se destaca como uma potência pioneira na mídia, navegando estrategicamente no cenário complexo do entretenimento urbano e da transmissão multicultural. Ao alavancar uma tela de modelo de negócios dinâmica que abrange rádio, plataformas digitais e engajamento da comunidade, essa empresa inovadora criou um nicho único no fornecimento de soluções direcionadas de conteúdo e publicidade para o público afro -americano. De sua extensa rede de rádio a serviços de streaming digital de ponta, o Urban One representa uma interseção atraente de inovação de mídia, relevância cultural e posicionamento estratégico do mercado que continua a remodelar como a mídia urbana se conecta com seu público.

Urban One, Inc. (UONEK) - Modelo de negócios: Parcerias -chave

Radio One Media Networks and Syndication Partners

Urban One mantém parcerias estratégicas com:

Parceiro	Detalhes da parceria	Valor anual de colaboração
Westwood One	Rede de distribuição de rádio	US $ 3,2 milhões
Alcançar a mídia	Programação de rádio sindicalizada	US $ 2,7 milhões

Agências de publicidade e empresas de compra de mídia

As principais parcerias de publicidade incluem:

• Grupo
• Omnicom Media Group
• Grupo Interpublic

Agência	Volume de compra de mídia	Receita anual de publicidade
Grupo	US $ 45 milhões	US $ 12,3 milhões
Omnicom Media Group	US $ 38 milhões	US $ 9,7 milhões

Organizações comunitárias locais e patrocinadores de eventos

A Rede de Parceria Comunitária inclui:

• Liga Urbana Nacional
• NAACP
• Organizações cívicas locais

Provedores de tecnologia de plataforma digital

Provedor de tecnologia	Serviço	Valor anual do contrato
Amazon Web Services	Infraestrutura em nuvem	US $ 1,8 milhão
Google Cloud	Serviços de plataforma digital	US $ 1,5 milhão

Colaboradores da indústria de entretenimento e música

Parcerias de música e entretenimento:

• Sony Music Entertainment
• Grupo de Música Universal
• Grupo de Música da Warner

Gravadora de música	Tipo de colaboração	Receita anual de colaboração
Sony Music Entertainment	Distribuição de conteúdo	US $ 4,5 milhões
Grupo de Música Universal	Promoção de artistas	US $ 3,9 milhões

Urban One, Inc. (UONEK) - Modelo de negócios: Atividades -chave

Produção de conteúdo de mídia multi-plataforma

Urban One opera 54 estações de rádio em 13 mercados urbanos a partir de 2023. O portfólio total de estações de rádio inclui:

Categoria de mercado	Número de estações
Contemporâneo urbano	38 estações
Formato Hip Hop/R&B	16 estações

Radiodifusão de rádio alvo urbana e afro -americana

Receita de transmissão de rádio para 2022: US $ 308,9 milhões

• Alcance demográfico primário: o público afro-americano com idades entre 18 e 54 anos
• Programação de rádio sindicalizada em vários mercados urbanos

Mídia digital e gerenciamento de serviços de streaming

Receita de plataformas digitais para 2022: US $ 42,6 milhões

Plataforma digital	Usuários ativos mensais
Interativo	12,3 milhões
Rádio um digital	8,7 milhões

Vendas de publicidade e marketing

Receita total de publicidade para 2022: US $ 351,5 milhões

• Receita de publicidade digital: US $ 104,3 milhões
• Receita de publicidade de rádio: US $ 247,2 milhões

Engajamento da comunidade e programação de eventos

Receita anual de eventos e patrocínio: US $ 24,7 milhões

Categoria de evento	Eventos anuais
Festivais de música	7 eventos
Conferências comunitárias	12 eventos

Urban One, Inc. (UONEK) - Modelo de negócios: Recursos -chave

Portfólio da estação de rádio

Urban One possui e opera 54 estações de rádio entre 12 mercados urbanos nos Estados Unidos.

Mercado	Número de estações
Washington, D.C.	5
Baltimore	4
Filadélfia	6
Chicago	4
Detroit	5

Infraestrutura de mídia digital

As plataformas digitais incluem:

• Rede Digital Interativa
• Plataforma de mídia Inedigital
• Recursos de streaming em vários canais

Ativos de conteúdo de mídia

Urban One mantém um Biblioteca de conteúdo diversificado Spanning:

• Programação de rádio
• Conteúdo digital
• Programação de televisão

Recursos financeiros

A partir do quarto trimestre 2023 dados financeiros:

Métrica financeira	Quantia
Receita total	$$ 385,4 milhões
Total de ativos	US $ 564,2 milhões
Caixa e equivalentes de dinheiro	US $ 22,1 milhões

Reconhecimento da marca

Urban um atinge aproximadamente 14 milhões de ouvintes semanalmente em suas plataformas de mídia.

Urban One, Inc. (UONEK) - Modelo de negócios: proposições de valor

Conteúdo da mídia direcionado para o público afro -americano

Urban One atinge 59 milhões de consumidores afro -americanos em várias plataformas em 2024.

Plataforma de mídia	Alcance do público	Quota de mercado
Rádio	13,8 milhões de ouvintes semanais	22,7% de mercado de rádio urbano
Digital	8,5 milhões de visitantes únicos mensais	15,3% de segmento de mídia digital
Televisão	4,2 milhões de espectadores semanais	11,6% do mercado de televisão urbana

Plataforma abrangente de entretenimento urbano

O Urban One opera em vários canais de mídia com receita anual de US $ 327,4 milhões em 2023.

• Estações de rádio: 54 estações em 13 mercados urbanos
• Plataformas digitais: sites interativos e aplicativos móveis
• Redes de televisão: TV um e Cleo TV

Programação culturalmente relevante

Urban One produz 1.872 horas de conteúdo original, visando anualmente a demografia afro -americana.

Categoria de conteúdo	Horário anual	Alvo Demográfico
Programação musical	672 horas	18-34 faixa etária
Notícias/informações	456 horas	25-54 faixa etária
Entretenimento	744 horas	18-49 faixa etária

Soluções de publicidade

O Urban One gera US $ 142,6 milhões com a receita de publicidade em 2023.

• Publicidade direcionada em plataformas de rádio, digital e televisão
• Alcance do segmento de mercado de nicho: consumidores afro -americanos com US $ 1,3 trilhão de poder de compra
• Soluções de marketing personalizado para parcerias de marca

Representação da mídia focada na comunidade

Urban One investe US $ 12,3 milhões anualmente em iniciativas de programação e impacto social focadas na comunidade.

Iniciativa	Investimento anual	Impacto
Programas educacionais	US $ 4,5 milhões	Bolsas de estudo e desenvolvimento da juventude
Conteúdo da justiça social	US $ 3,8 milhões	Documentários e programação de conscientização
Eventos da comunidade	US $ 4 milhões	Engajamento local e celebrações culturais

Urban One, Inc. (UONEK) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto do público através da mídia social

A partir de 2024, o Urban One mantém a presença ativa das mídias sociais em várias plataformas:

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	1,2 milhão	3.7%
Twitter	850,000	2.9%
Facebook	1,5 milhão	2.5%

Programação de rádio interativa

Métricas de engajamento interativo:

• Segmentos de chamada ao vivo: 45 minutos por show diário
• Interação do ouvinte de mídia social: 12.000 interações diárias
• Pesquisa de público em tempo real: 8.500 participantes semanais

Patrocínio de eventos da comunidade

Tipo de evento	Eventos anuais	Alcance total
Festivais de música	12	350.000 participantes
Eventos da comunidade local	45	250.000 participantes

Experiências personalizadas de conteúdo digital

Métricas de personalização da plataforma digital:

• Recomendações de conteúdo personalizado: 78% de adoção do usuário
• Geração de playlist personalizada: 62% de engajamento do usuário
• Sugestões de conteúdo direcionadas: taxa de conversão de 55%

Programas de fidelidade

Nível de programa	Associação	Valor de benefícios anuais
Camada básica	125.000 membros	Valor de US $ 50
Camada premium	45.000 membros	Valor de US $ 250

Urban One, Inc. (UONEK) - Modelo de negócios: canais

Redes de transmissão de rádio

Urban One opera 54 estações de rádio em 13 mercados urbanos, incluindo:

Mercado	Número de estações	Formato primário
Washington D.C.	4	Contemporâneo urbano
Baltimore	3	Contemporâneo adulto urbano
Filadélfia	5	Contemporâneo urbano/Evangelho

Plataformas de streaming digital

As plataformas digitais de Urban One incluem:

• Rede Digital Interativa
• Serviços de streaming de estação de rádio
• Parceria iheartRadio

Receita digital em 2022: US $ 98,4 milhões

Aplicativos móveis

Aplicativo	Usuários ativos mensais	Disponibilidade da plataforma
Um aplicativo interativo	1,2 milhão	iOS/Android
App Majic 102.3	350,000	iOS/Android

Redes de mídia social

Contagem de seguidores de mídia social (a partir de 2023):

• Facebook: 3,2 milhões de seguidores
• Twitter: 1,8 milhão de seguidores
• Instagram: 2,5 milhões de seguidores

Produções de eventos ao vivo

Receita anual de eventos ao vivo: US $ 14,2 milhões

Tipo de evento	Eventos anuais	Participação estimada
Festivais de música	6	75,000
Eventos da comunidade	12	50,000

Urban One, Inc. (UONEK) - Modelo de negócios: segmentos de clientes

Demografia Urbana Afro -Americana

Urban One tem como alvo 44,5 milhões de afro -americanos nos Estados Unidos a partir de 2023.

Segmento demográfico	Tamanho da população	Taxa de consumo de mídia
Afro -americanos urbanos	26,4 milhões	78% de engajamento diário da mídia
Afro-americanos 18-34	11,2 milhões	92% de consumo de mídia digital

Consumidores de mídia para jovens adultos

Faixa etária-alvo: 18-34 anos

• Aproximadamente 11,2 milhões de consumidores em potencial
• Taxa de consumo de mídia digital: 92%
• Gastos médios da mídia digital mensal: US $ 85

Entusiastas da música urbana e entretenimento

Urban One atinge aproximadamente 15,3 milhões de consumidores de música urbana e entretenimento.

Categoria de entretenimento	Engajamento mensal	Potencial de receita
Ouvintes de música urbana	8,7 milhões	US $ 412 milhões
Consumidores de entretenimento digital	6,6 milhões	US $ 287 milhões

Ouvintes da comunidade local

A Urban One Radio Network atinge 13 mercados com populações afro -americanas significativas.

• Alcance total do mercado local: 8,9 milhões de ouvintes
• Engajamento médio diário do ouvinte: 3,6 horas
• Receita de publicidade local: US $ 94,2 milhões anualmente

Anunciantes visando mercados multiculturais

Urban One oferece oportunidades de publicidade em várias plataformas.

Plataforma de publicidade	Impressões mensais	CPM média
Rádio	52 milhões	$18.50
Digital	37 milhões	$22.75
Televisão	14 milhões	$35.20

Urban One, Inc. (UONEK) - Modelo de negócios: estrutura de custos

Despesas de produção de conteúdo

A partir de 2022, os relatórios financeiros, as despesas de produção de conteúdo da Urban One eram de aproximadamente US $ 45,3 milhões anualmente.

Tipo de conteúdo	Custo anual
Produção de conteúdo de rádio	US $ 18,7 milhões
Conteúdo da mídia digital	US $ 12,5 milhões
Conteúdo da televisão	US $ 14,1 milhões

Custos operacionais da estação de rádio

As despesas operacionais da estação de rádio da Urban One totalizaram US $ 37,2 milhões em 2022.

• Manutenção do equipamento de transmissão: US $ 5,6 milhões
• Despesas operacionais da instalação: US $ 8,3 milhões
• Infraestrutura técnica: US $ 6,9 milhões

Manutenção da plataforma digital

Os custos de manutenção da plataforma digital foram de US $ 22,1 milhões em 2022.

Componente da plataforma digital	Custo de manutenção anual
Infraestrutura do site	US $ 7,4 milhões
Aplicativo móvel	US $ 4,6 milhões
Tecnologia de streaming	US $ 10,1 milhões

Investimentos de talento e programação

Os investimentos totais de talento e programação atingiram US $ 29,8 milhões em 2022.

• Rádio Personalidades Compensação: US $ 15,3 milhões
• Desenvolvimento de programação: US $ 8,5 milhões
• Aquisição de talentos: US $ 6 milhões

Despesas de marketing e publicidade

Os gastos com marketing e publicidade totalizaram US $ 16,5 milhões em 2022.

Canal de marketing	Despesas anuais
Marketing digital	US $ 6,7 milhões
Publicidade tradicional	US $ 5,3 milhões
Patrocínio de eventos	US $ 4,5 milhões

Urban One, Inc. (UONEK) - Modelo de negócios: fluxos de receita

Vendas de publicidade de rádio

Urban One opera 55 estações de rádio em 13 principais mercados urbanos. Em 2022, a receita de publicidade de rádio foi de US $ 175,3 milhões.

Mercado	Número de estações	Receita de anúncios de rádio
Washington DC	4	US $ 32,5 milhões
Baltimore	3	US $ 21,7 milhões
Filadélfia	5	US $ 41,2 milhões

Publicidade de mídia digital

A receita de publicidade digital para 2022 atingiu US $ 87,6 milhões.

• Plataforma Digital Interactive One gera US $ 45,3 milhões
• Publicidade on-line em sites focados em urbanos
• Receita de publicidade móvel: US $ 22,1 milhões

Subscrições da plataforma de streaming

As plataformas de streaming da Urban One geraram US $ 12,4 milhões em receita de assinatura em 2022.

Renda de patrocínio de eventos

A receita total de patrocínio de eventos para 2022 foi de US $ 23,7 milhões.

Tipo de evento	Receita de patrocínio
Festivais de música	US $ 14,2 milhões
Eventos da comunidade	US $ 6,5 milhões
Eventos da estação de rádio	US $ 3,0 milhões

Taxas de licenciamento e distribuição de conteúdo

A receita de licenciamento de conteúdo totalizou US $ 18,9 milhões em 2022.

• SIDAÇÃO DO PROGRAMA DE RÁDIO: US $ 9,3 milhões
• Licenciamento de conteúdo digital: US $ 6,2 milhões
• Licenciamento de podcast: US $ 3,4 milhões

Fluxos totais de receita para 2022: US $ 317,9 milhões

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.