Public radio revenue remained largely steady in 2024, but the latest report from the Corporation for Public Broadcasting highlights growing financial inequality between large and small stations—and signals deeper trouble ahead as political pressure mounts. According to CPB’s State of the System for Fiscal Year 2024, total revenue for CPB-supported radio grantees reached $1.389 billion, slightly below the $1.393 billion reported in 2023.
While that topline figure suggests stability, it masks a widening divide. The 106 largest grantees, each earning more than $3 million annually, added nearly $94 million in revenue since 2020. Three out of four of those stations reported gains in FY2024. In contrast, the 164 smallest grantees—those with revenue under $1 million—collectively lost $9.7 million compared to FY2020. Mid-sized stations fared no better, shedding another $2.4 million in the past year alone.
This imbalance comes as public media faces unprecedented federal threats. On May 27, NPR and three member stations filed suit against Executive Order 14290, which instructs the CPB and all federal agencies to halt funding to NPR and PBS. The lawsuit alleges that former President Donald Trump issued the order as retaliation for unfavorable coverage.
Smaller stations are especially vulnerable to such cuts. Among the lowest-tier grantees, Community Service Grants from CPB account for as much as 36% of total revenue. Systemwide, individual donations remain the largest funding source at 40%, followed by CPB allocations at 12% and underwriting at 11%.
However, individual giving is showing strain. The number of donors declined for the third straight year, falling to 3.01 million in FY2024 from 3.14 million in FY2021. Although average donation amounts held steady, the overall donor pool is shrinking.
Compounding the challenge is underinvestment in fundraising. Only $25 million was spent systemwide on development in FY2024, despite the heavy reliance on individual giving. This limits smaller stations’ ability to expand donor bases and build sustainable revenue streams.
Meanwhile, hiring across public radio has slowed. Total employment has slightly declined, and job openings have returned to early-pandemic levels, particularly affecting rural and small-market stations. While public radio remains a vital community resource, the latest numbers show its financial foundation is under increasing pressure.