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..