CEO David Field called it a great first quarter with overall revenue up 14% to $175 million. Digital was up 16%, spot radio increased 14% and local radio ad revenue climbed 18%. Field also said podcasting revenue was up 37%.
During the company earnings call Monday, Chicago, San Francisco, Washington DC and Baltimore were mentioned as growing markets.
Automotive, Audacy’s top ad category was down in the mid-single digits in Q1, while sports betting, now Audacy’s second biggest category for ad revenue, was up 50% compared to the first quarter of 2021. Hospitals and Clinics, Audacy’s 3rd largest category was up 30% in the quarter.
Field said the second quarter is pacing up in the mid to upper single digits, however, he cautioned that the company has seen growth start to slow down.
