With revenue of $201.7 million in the first quarter of 2021, Cumulus saw its revenue decrease 11.5% from 2020, which had revenue of $228 million. Podcasting was the bright spot, increasing 35%, although the exact dollar figure was not released. Digital revenue, which includes podcasting was up from $21.8 million to $27 million in the quarter.
Pacing for Q2 is up 35%. The second quarter of 2020 was when the pandemic really kicked in and the government started to close down the economy.
Cumulus did receive a PPP loan of $20 million from the federal government to help with its loses from the pandemic.
CEO Mary Berner also says $50 million in savings put in place since 2019 will remain permanent.
There were no questions from analysts following prepared remarks from Berner and CFO Frank Lopez-Balboa.