It was hard to find any good news from the Audacy earnings report on Tuesday. A revenue decline of nearly 4% was caused by “advertising headwinds” according to CEO David Field. He said the biggest drag was radio revenue at the company’s large market stations.
Field said revenue was negatively impacted “by our concentration in the country’s largest markets as small to medium market radio outperformed large market radio by 8% during the quarter.”
Net revenue for the quarter was $317 million, down 4% compared to $329.4 million in the third quarter of 2021
Radio revenue from Audacy’s 230 plus radio stations was down 6% compared to the third quarter of 2021, with network revenue up 1% and spot down 7%.
Digital revenue of $62.7 million is an increase of 2% compared to the third quarter of 2021.
Q4 doesn’t look much better for Field and Audacy. They are pacing flat-to-down low single digits through the end of the year.
Audacy is facing a delisting from The New York Stock Exchange with the stock price well below the $1.00 mark.
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