Emmis came up around $350,000 short in its latest payment to Sprint in December. NextRadio, on behalf of the industry, paid $3.4 million of the required $3.75 million quarterly bill due.
Emmis reveals in its latest quarterly SEC filing that it’s “in discussions with other radio broadcasters and companies involved in the radio industry to develop a long-term funding solution.” The shortfall comes as proponents plan a Q1 marketing push.
Sprint agreed to embed the NextRadio app in at least 30 million FM-enabled wireless devices on the Sprint wireless network over a three-year period. In return, NextRadio LLC agreed to pay Sprint $15 million per year in equal quarterly installments and share with Sprint certain revenue generated by NextRadio.
So far no revenue has been generated from the app, according to the filing.