Urban One reported first quarter results Wednesday and with its core radio ad business down 13.7%, CEO Alfred Liggins said he was pretty happy with the company’s performance and he sees significant rebound activity in Q2 for Urban One’s radio business.
Total Urban One net revenue was $91.4 million, a decrease of 3.6% from the same period in 2020. Core radio advertising was down 13.7%, with January -28.4%, February -19.9% and March +8.8%. Currently for second quarter, core radio is pacing up over 70%, with April finishing at +89%, May pacing up 75% and June already 49% higher than 2020.
Looking at specific categories in the quarter for Urban One, entertainment was down $2 million, Financial Services were down $1.7 million and retail was off y $1 million.
Reach Media was up 16.8% due to strong advertiser demand and digital rose 64.7%.
Urban One is tip toeing back into the events business as well with a “Birthday Bash” event planned for the former Atlanta Braves stadium. the company is planning for 15,000 people to attend (the stadium seats tens of thousands) in a socially distanced seating arrangement.
The Company reported operating income of approximately $23.8 million for the three months ended March 31, 2021, compared to an operating loss of approximately $27.3 million for the three months ended March 31, 2020.