Much like every public radio company, the government mandated COVID-19 shutdown had a big impact on revenue at Spanish Broadcasting System. Net revenue in Q2 dropped by 61%, to $12.71 million.
Despite the devastating second quarter, during the SBS Q2 earnings call, COO Albert Rodriguez sounded upbeat. “Today, we are optimistic that the worst of the COVID-19 pandemic and impact on our business is behind us. While we are a leaner company today than before COVID-19, we are also more flexible and continue to run our two operations at a high level. In addition, we have a sharp eye on emerging opportunities across our markets. While forward visibility remains limited, not even a pandemic can stop the momentum at SBS. We are pleased to share that revenue and operating trends did improve as we moved through the second quarter. In addition, we have seen further recovery in both July and August.”
Rodriguez said overall the company is confident they will emerge in the postpandemic world with the brands, talent, commitment, and strategy to return to industry leading growth and drive increased value for stakeholders.
