To point out just how big the radio revenue recovery was in the second quarter of 2021, we calculated the net revenue from eight public radio companies that recently reported Q2 earnings.
Q2 2020 was the hardest his by the economic shutdown due to COVID-19. Radio companies, big and small, experienced severe revenue declines, some more than 50%. There were layoffs, furloughs, expense reductions and employees working from home. It was survival mode.
When radio’s public companies reported Q1 2021 earnings it became clear that a revenue recovery was underway. Q2 earnings were strong, compared to that devastating quarter one year ago, and CEO’s were now focused on getting back to 2019 revenue levels.
Radio revenue was actually looking very strong as 2020 kicked off. But as we headed into March everything became more focused. The virus was real. The shutdowns were coming. It was time to hunker down.
When Q2 2020 was in the books, revenue from iHeartMedia, Cumulus, Audacy, Townsquare Saga, Urban One, Beasley and Salem came in at approximately $1.047 Billion. Fast forward one year and those same eight companies reported $1.74 Billion. And, nearly all eight are looking for Q3 to be strong as well.
Of course, just as it appears the world was getting back to normal, a new variant of the virus has added a lot of uncertainty to what we might see for the rest of the year.
