Newsmax Sees Revenue Soar to $45.3 Million in Q1
During the initial quarter of the year, Newsmax expanded its total income to $45.3 million, with over half coming from ads placed alongside its cable news network, complimentary timeshift broadcast, and printed materials.
The data point was among several others included in the firm’s inaugural financial earnings statement, roughly two months following Newsmax’s release.
started trading on the New York Stock Exchange
after a successful initial public offering (IPO).
Fees gathered from cable and satellite providers for broadcasting the Newsmax television channel climbed by 12.5% in the initial quarter (Q1) of this year, contributing $7.4 million to the total income of the cable network.
Revenue from subscriptions for Newsmax Plus, the firm’s direct-to-consumer streaming offering, along with their print magazines, amounted to $7 million, marking an increase of 10.2% compared to the previous year.
Advertising saw an increase of 12.5 percent compared to the previous year, with the firm generating $28.9 million from brands that aired commercials on Newsmax, the streaming service Newsmax 2, the Newsmax website, as well as through several Newsmax-branded publications.
Last month,
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Newsmax has seen an increase in advertising partnerships recently, welcoming companies such as Mass Mutual, Grainger, TikTok, Carvana, Mucinex, Hermana, and Tractor Supply Company to their roster of sponsors within just a few months.
Despite not yet being profitable as a business, Newsmax saw a reduced loss in the first quarter, decreasing from $50.7 million for the same period last year to $17.2 million this year. The firm noted that an extrajudicial agreement with election equipment maker Smartmatic along with specific IPO-related legal expenditures contributed to higher operational costs for the company.
Nevertheless, Newsmax leaders were satisfied with how well the firm did in Q1.
We’re excited to announce our initial earnings report as a public entity following our listing on the New York Stock Exchange back in March,” stated Christopher Ruddy, who serves as the CEO of Newsmax. “We’re excited to announce our initial earnings report as a public entity following our listing on the New York Stock Exchange back in March.
Newsmax currently has an audience exceeding 60 million households via its cable network and free streaming service. This week saw further growth when E.W. Scripps’ company, Nuvyyo, decided to include Newsmax 2 on their Tablo series of internet-enabled DVRs. Additionally, later this year, The Walt Disney Company’s platform, Hulu with Live TV, plans to incorporate Newsmax as well.
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previously reported.
On cable networks, Newsmax holds the fourth position — ranking above Nexstar’s NewsNation yet trailing behind the Fox News Channel, MSNBC, and CNN.
“Newsmax now reaches 20 million combined social media followers through our various accounts, with the best per-follower engagement rate in TV news,” Ruddy continued. “Our growth is due in part to our continued mission of providing those Americans with balanced coverage, diverse viewpoints and open debates on the issues they care about.”
The firm has focused on bringing aboard additional pay TV distributors and broadening its array of content all the way until 2025.
We’re delighted to announce robust quarterly performance marked by heightened viewer interaction through traditional broadcast channels as well as online platforms, expansion of ad collaborations, and the smooth rollout of fresh content,” stated Darryle Burnham, Newsmax’s CFO, on Thursday. “Having secured additional funding via our recent initial public offering and private placements, we are confidently set to maintain this positive trajectory. While implementing our fiscal and strategic objectives, our priority remains ensuring sustained shareholder returns.
Newsmax’s shares ended the day lower by almost 1.2 percent and saw an extra drop of 0.5 percent during extended trading hours.
This article,
Newsmax increases revenues to $45.3 million in the first quarter.
It was initially released in
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