On Friday Audacy CEO David Field reported that his company banked $419.4 million in revenue in Q2, up from $304.5 million in the second quarter of 2021. Radio revenue was flat for the quarter with digital up 19%.
Core spot revenue came in at $200.5 million with digital finishing at $69.3 million.
Operating income for the quarter was $23.3 million, compared to $21.7 million in the second quarter of 2021
Field detailed why Q2 was not so hot. “Our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%. While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today.”