CPB analysis shows overall growth in station revenue despite drop for radio

TUCSON, Ariz. — Public media stations saw a year-over-year increase in revenue in fiscal year 2024 driven by TV and larger stations, according to CPB data shared during a Wednesday session at the Public Media Business Association Conference. 

“It seems like we are kind of over that pandemic hump as we look at things kind of evening out again,” said CPB COO Kathy Merritt. During the pandemic, stations saw “big volatility,” Merritt said. 

“We had a big influx of federal funds that CPB distributed to stations, and that really helped make a difference,” she said. “But now we’re kind of back to normal times, I guess, if you want to call it that.”

System revenue increased by $41 million, or 1.2%, from FY23 to FY24. Most revenue categories were up or roughly flat, but underwriting declined by $34 million, according to the analysis shared by Moustapha Abdul, CPB’s senior director of station and system analysis. 

TV stations saw $45 million in direct revenue growth — 2.3% — despite a $19 million slowdown in underwriting. Meanwhile, radio revenue declined by $4 million, due largely to a $15 million decrease in both underwriting and individual giving. 

Revenue from individual giving to radio fell for the first time since FY20 by about 2% to $660 million. It had been bolstered in recent years by major giving even as total contributors fell in each of the last three years to a low of 3.01 million in FY24, according to Abdul. Individual giving revenue to television was up about 1.8%, or $12 million, to $679 million, while the number of contributors was flat. 

Total direct revenue for the system, which excludes passive sources such as interest and dividends, peaked in 2021, according to the analysis. 

For both television and radio, revenue growth was highest among the largest stations, defined as making more than $3 million in revenue for radio or $10 million for television. The smallest stations, those making less than $1 million for radio and less than $5 million for television, saw declines. 

“CPB support is really key for many stations,” Merritt said. “… A lot of the smaller stations really depend on CPB funds to be able to keep operating. But for the medium and larger stations, those CPB funds are like the seed money to go out and leverage and be able to bring in more funds.”

Job openings and hiring fell for the second straight year after peaking in 2022. There were 1,633 hirings and 2,590 job openings in FY24. 

Staffing at CPB grantees also fell for a second straight year by less than 2% to 18,391 but was still up by nearly 600 positions from FY20.