Cumulus’ net revenue of $146 million was a decrease of 47.8% from Q2 2019. April finished down 51%, May was down 50%, and June was down 39%. In an effort to combat the huge revenue losses the company enacted cost reductions which should save $85 million this year. Smaller markets performed better than larger markets for Cumulus in the quarter.
Digital was up 3.6% and podcasting revenue increased 25% in the quarter.
For the first six months of the year Cumulus reported net revenue of $373.9 million, a decrease of 31.7% from the first six months of 2019.
Looking ahead to Q3, CEO Mary Berner said there’s meaningful momentum in bookings and results will be materially better than Q2 with pacing down in the low 30’s.