Net revenue for the recently renamed radio company in Q1 2021 was $240.8 million, down 19% compared to $297.0 million in 2020. Digital revenue (including podcasting) was up 17% to $49.8 million.
Events, which pre-COVID made up 3% of Audacy’s Q1 business, were down 98% compared to the first quarter of 2020.
Total operating expenses for the quarter were $249.0 million, down 13% compared to $285.7 million in the first quarter of 2020
Taking a closer look at Audacy’s revenue breakdown in the quarter. Spot revenue both local and national was $154.s million, Digital (including podcasting) finished at 49.8 million, Network revenue came in at $17,6 million and Sponsorship and Events $9.1 million
By format: Music formats contributed $129.8 million, Sports $41.7 million, News/Talk 42.6 million and non-format specific 26.9 million..
When one sector is down 17% and another up 20% (and at 50% of the down sector) it’s no mystery where the future of this company (industry) is going… Music DJ’s: Start saving your money! No one cares about a song being #1 on some chart, or that it’s donut day and “go to the website for more details”…. I mean what the hell, are you trying to have the same personality as Alexa?
People could care less about Corp names of broadcast companies. They listen to station names and frequencies.
Sorry Tony, you’re wrong. When Audacy stations are now promoting their streaming, they keep saying to download “Odyssey.com”…of course they mean Audacy, but that word is not common. It sounds like “Odyssey”…so people will have no idea what they’re taking about.
So changing that stream name to “Audacy” is one of the dumbest, stupidest corporate decisions made in a long time. How could no one at Audacy have realized this??? Reason- the LA Market Manager, and the other major market Audacy managers- are just parochial radio peoole, corporate eunichs who are “Yes People” to David Field.
Field needs some very strong leadership around him. Right now, he has anything but that.
Name changes are always a tune out. Entercom is known. Switch to a unknown and lose clients….