Continuing the trend of radio companies pulling out of a devastating COVID-19 revenue collapse in 2020, Audacy was also up nicely for the months of April, May and June. On Friday during the Audacy earnings call CEO David Field said Q2 was a “very strong and successful quarter of progress.”
With a revenue increase of 73% over 2020, spot radio increase 98%, digital was up 41% and network revenue rose 23%. Digital made up 21% of Audacy’s revenue through the first 6 months of 2021. Audacy executives expects the gains to continue into the third quarter, July finished up 7% over 2020.
The company is also seeing nice gains in sports betting revenue and expects sports betting to generate $100 million in revenue in a few years. Audacy is a leader in the sports format category with its many sports talk stations and relationships with all the professional sports leagues for play-by-play. And the company plans to start ramping up more events beginning in September.
