Below are some comments from Salem Communications (ticker: SALM) from its May 5, 2005 conference call with investors.
... it's also…the critical mass that we've really begun to gather with all of those assets….. in terms of the Christian audience, if an advertiser particularly wants to target that audience, nationally, it has been virtually impossible in the past…..before Salem developed this platform, you could buy a half dozen or a dozen magazines and reach the 4 or 5% of it at best, maybe even less than that, probably more like 2 or 3%. Direct mail was a major way that advertisers targeted that audience. And then they would have to try to put together -- cobble together a lot of radio.
With our 1,900 affiliates to our network -- 105 owned and operated stations, most of which target directly this audience…. we put together packages for national advertisers where they can reach a large region of the country or reach the whole country. And the critical mass has just arrived. And we've been watching this develop…I frankly expect the momentum to continue to move in that direction, even if we don't add…a large number of additional stations. Because with the number that we have added in the past years, we are growing audience in all of those.
(Quotes are from the CCBN StreetEvents transcript.)