The positive news continues for radio as another public company reports decent growth numbers. Not only that, Entercom CEO David Field said both the first and second quarters of 2019 are pacing up. Let’s dig into the earnings report from Friday morning.
Entercom’s same-station revenue came in at $411.4 million in the fourth quarter of 2018. That’s up from $395.1 million in 2017. Dallas, Miami, Orlando, and Sacramento were Entercom’s strongest markets. Consumer Products was Entercom’s top-performing category, tripling in revenue over Q4 2017. Also coming in strong were Internet/e-commerce, Home Improvement, and Entertainment and Gambling. Automotive was flat.
National, political, digital, network, and events all did well for Entercom in Q4. If there was one quiet elephant in the room, it’s local, which Field said was down.
Traffic is also doing well. Entercom began selling its own traffic airtime when United Stations Traffic Network went belly up. That was an unexpected speed bump Entercom had to overcome after the merger. However, it sounds like Entercom has the traffic ship turned around and is charging toward its goal of $30 million from that division in 2019.
The company has already banked $58 million of a targeted $110 million in synergies from the CBS merger.