Salem Media Group's Bold Bet on Joe Pags: Can "Unshaken and Unafraid" Drive Growth?

The partnership between conservative media powerhouse Salem Media Group (SALM) and controversial talk show host Joe Pags has taken a significant step forward with the April 2025 launch of Unshaken and Unafraid, a podcast designed to amplify Salem’s reach in the conservative content space. This strategic move underscores Salem’s ambition to dominate multimedia platforms while capitalizing on Pags’ polarizing influence and loyal audience. But will this gamble pay off for investors?

Strategic Play: Expanding Salem’s Conservative Empire

The podcast, which releases three episodes weekly, positions Salem to leverage Pags’ reputation as a “relentless truth-teller” and survivor of violent intimidation attempts by radical leftists. The show’s focus on “stories the mainstream won’t touch” and exclusive interviews—including past conversations with former President Donald J. Trump—aligns with Salem’s mission to provide “trusted conservative content” across radio, TV, and digital platforms.

Brad Parscale, Salem’s Chief Strategy Officer, called the podcast a platform to “shake things up,” emphasizing its role in attracting audiences disillusioned with mainstream media. With Salem’s existing infrastructure—2,900 affiliate radio stations and a robust digital network—the partnership aims to cross-promote content and drive growth in podcast subscriptions and ad revenue.

Financial Upside: Podcasts as a Growth Engine

Salem’s Q2 2025 financials highlight the growing importance of podcasting.

• Podcast Revenue Surge: Digital and podcast revenue hit $22.4 million in Q2 2025, a 18.7% year-over-year increase, outpacing the broadcast division’s 5.1% growth.
• Subscription Growth: Active podcast subscribers rose 24% to 1.2 million, a key metric for recurring revenue.
• Investor Optimism: Salem’s stock surged 7% in February 2025 after announcing the Pags partnership, reflecting confidence in its ability to monetize conservative content.

The partnership’s financial upside is further supported by projections shared with investors: Salem anticipates a 15-20% annual revenue boost by 2026 if the podcast and related live events meet listenerhip targets.

Risks: Dependency and Controversy

However, the deal carries risks. Salem’s financial health remains tied to Pags’ ability to retain his audience and avoid further controversies. The partnership requires a $12 million investment in production and promotion over two years, which could pressure short-term profits. Additionally, Pags’ confrontational style and ties to divisive political figures may alienate moderate listeners or draw regulatory scrutiny.

The March 2025 swatting incident targeting Pags’ home—a central marketing hook for the podcast—also raises security costs and reputational risks. While Salem frames these incidents as evidence of Pags’ resolve, they could deter advertisers seeking neutral platforms.

Conclusion: A High-Reward, High-Risk Bet

Salem’s bet on Joe Pags is a bold strategic move to capitalize on the demand for unapologetically conservative content. With podcast revenue now contributing 22.7% of total earnings and subscriptions booming, the company is well-positioned to grow its digital footprint. The partnership’s projected 15-20% revenue boost by 2026, paired with Salem’s existing multimedia scale, suggests upside potential for investors.

Yet, risks loom large. Dependency on Pags’ polarizing persona, execution of costly live events, and regulatory challenges could undermine progress. For now, the data points to a calculated gamble—one that could redefine Salem’s role in the conservative media landscape but demands close monitoring of listener retention and ad revenue metrics.

Investors should keep a watchful eye on and quarterly updates on podcast subscriptions and advertiser commitments. For those willing to tolerate risk, Salem’s pivot to podcast dominance may offer a compelling entry into the conservative content boom.