Radio Revenues Up 41% At Chrysalis
Chrysalis Group chairman Chris Wright this morning told the company’s AGM that the strong start to the financial year has continued, with radio revenues showing a year on year growth of 41% for the first five months of the year. This is a much stronger performance than rival groups: Capital Radio recently posted poorer than expected revenue growth at 12% and warned of a downturn (see Capital Stock Falls Following AGM Statement); Scottish Radio, meanwhile, saw revenues grow 16%, mainly after acquisitions, and expected growth to drop to 6% in January (see Scottish Radio Revenues Up 16% As Partnership Talks Continue)
The radio division’s digital strategy also received a significant boost last week with the award of the West and Wales regional digital multiplex to the MXR consortium. “The multiplex is expected to be on air in the summer and in addition to upgrading Galaxy 101 to digital (thereby securing an analogue licence rollover), will allow us to create a brand new digital version of Heart for the region, as well as providing a further platform for our third format, the adult rock service “The Arrow”,” said Wright.
Chrysalis has two further regional digital licence applications lodged with the Radio Authority for the West Midlands and the North West, the awards of which are anticipated over the coming months. An application for the Yorkshire regional analogue licence, with “The Arrow” format, will also be submitted next week.
Chrysalis says that it is making good progress towards its twin goals of delivering both strong profits growth from traditional businesses, in accordance with market expectations, and enhanced shareholder value from new media initiatives.
