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Audacy Reports Full Year Revenue Up 3% But Q4 Slightly Down

“Having started 2022 on a great note with revenues up 14% in the first quarter, we ended the year with revenues down 0.8% in the fourth quarter as challenging ad market conditions persisted.”

Maddy Troy

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audacyinc.com

Audacy has released its latest financial reports, showing a slight decline in Q4 earnings and a 3% net revenue increase for the full year of 2022. 

In Q4, revenue was $342 million, a decline of 0.8% over the same period in 2021. Audacy reported a total of $12 million for Q4. For the full year of 2022, net revenue was $1.25 billion, an increase of 3% compared to 2021. 

On the downside, the company has reported a loss of $140.7 million in 2022, compared to its loss of $3.6 million recorded for 2021. Audacy has broken its report down by revenue source and revealed local and national revenue for 2022 was $798 million, down 0.2% from 2021. Digital revenue saw an increase for 2022 reaching $259 million, growing 8.9% compared to 2021.

“Having started 2022 on a great note with revenues up 14% in the first quarter, we ended the year with revenues down 0.8% in the fourth quarter as challenging ad market conditions persisted. For the full year, revenues were up 3%. Fourth quarter expenses grew 9% due to accelerated recognition of podcast expenses, but we anticipate that expenses will be up low single digits in the first quarter and fall below 2022 levels beginning in the second quarter,” Audacy president and CEO David J. Field said.

Audacy’s 2022 network revenue came in at $89.9 million in 2022, an increase of 6.9% over 2021. In analyzing its radio revenue, Audacy shows music-formatted stations in 2022 were down 1.3% and revenue from news and talk stations reached $199.7 million – up 2.3%. Revenue from sports talk radio grew to $264.3 million – up 5.2% year over year. 

Field stated the company has made strategic financial decisions to increase liquidity.

“Our liquidity improved from $115 million at the end of September to $145 million at year end. With the sale earlier this month of $17 million of towers, we have now completed $73 million in non-strategic asset sales to bolster our liquidity and to support our continued compliance with our financial covenants.”

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Media Business

MIW Organization Welcomes Two New Board Members

“They are each accomplished and inspiring professionals who are generously giving back to the betterment of women in the industry, and the industry as a whole.”

Maddy Troy

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The Mentoring and Inspiring Women in Radio (MIW) organization has expanded its Board of Directors with the addition of Lori Flowers, who manages integrated marketing and projects for Radio One, and Jenna Miller, an integrated sales manager for Cox Media Group.

Flowers is responsible for creating marketing opportunities at Radio One and Reach Media, the network division. She has previously worked in various cities, including Phoenix, West Palm Beach, Miami, and Washington, DC. She most recently served as Marketing Director at Radio One Atlanta.

Flowers was selected for MIW’s 2008 Mildred Carter Mentorship Program and has completed coursework in leadership development, executive leadership development, and broadcast leadership training offered by the National Association of Broadcasters.

Miller oversees sales efforts for two of Cox Media Group Tampa’s music stations and manages CMG Health Marketing and CMG Research. She started her radio career in Detroit in 1998 and has held senior account executive positions for iHeartMedia and Audacy in New York.

Miller completed Radio Advertising Bureau’s Rising Through The Ranks, a leadership program sponsored by RAB, BMI, and MIW, and was one of three national mentorship awardees for MIW’s 2021 Mildred Carter Mentorship Program. She volunteered to join the MIW Mentoring Committee in 2022, representing the Mildred Carter Mentees and continues to serve in that role.

“Both Lori and Jenna share a history with MIW, starting as mentees and now joining us as Board members,” MIW Board President Ruth Presslaff said in a release. “They are each accomplished and inspiring professionals who are generously giving back to the betterment of women in the industry, and the industry as a whole.  We welcome them wholeheartedly and are thankful for their participation.”

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Media Business

Audacy Promotes Jenna Weiss-Berman to Executive Vice President of Podcasts

“We have a real opportunity to build a cohesive podcast brand that is greater than the sum of its parts, and I look forward to all that’s ahead.”

Barrett News Media

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Audacy has announced a promotion for Jenna Weiss-Berman to Executive Vice President of Podcasts for the company.

With the new role and title, Weiss-Berman will report to Auadacy’s Chief Digital Officer and President of Podcast and Streaming J.D. Crowley.

Weiss-Berman will oversee Audacy’s podcast network and studios, which include Cadence13 and Pineapple Street Studios. She’ll also work with the company’s sports and news programming leaders to develop and grow original podcasts for the company’s 2400Sports studios and the 28 local newsrooms across the nation.

“I’m excited to help bring together the world-class podcast businesses that already exist under the Audacy umbrella,” said Weiss-Berman. “We have a real opportunity to build a cohesive podcast brand that is greater than the sum of its parts, and I look forward to all that’s ahead.”

Previously, Weiss-Berman was the head of audio for BuzzFeed before joining Pineapple Street Studios, which Audacy acquired in 2019.

“As we commit to accelerating our digital growth and enhancing performance, we’re thrilled to expand Jenna’s role to further unify and streamline our content and business efforts across our leading podcast portfolio, enabling even more rapid development of new and original IP and better leveraging our talent across the entire Audacy portfolio,” said Crowley.

“Jenna’s strong leadership and deep industry relationships will propel us forward on our mission to be a leading partner of audio creators while super-serving listeners of all backgrounds and interests and enabling our sales teams to better serve our customers and partners with unique and compelling podcast opportunities.”

Weiss-Bermann steps into the role vacated by the departure of Chris Corcoran.

“His leadership, passion, and dedication are the creative force that successfully launched and built Cadence13 into the business that it is today, while also helping to position Audacy as a leading podcast company,” Crowley said of Corcoran. “I wish him continued success in his future endeavors.”

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Media Business

Quu Launches New Dashboard Ad Product

“We’re taking radio to new levels of engagement, enabling advertisers to reach a captive audience in a way that has never been possible before.”

Maddy Troy

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Radio technology company Quu has launched a new product called Content Partnership, which integrates visual advertising directly into radio programming. The new tech allows radio stations to display messages and images on vehicle dashboards for 30 seconds while a song or other programming is playing.

The process works as follows: when a song starts on a Quu-enabled station, the vehicle dashboard shows the song title, artist, and cover art for the first 90 seconds. Afterward, the visual switches to an ad for one of the station’s content partners for 30 seconds, displaying the advertiser’s name and a brief message. The display then reverts to the song title and artist for the remainder of the song, with the station name always present.

Quu positions the product as a new revenue opportunity that provides a broad reach through an exclusive ad unit. Generally, only two content partners will run at a time, with a content partner’s ad appearing on screen 4,000 times a month, resulting in 2,000 minutes of screen time per month, according to Inside Radio.

“With the Content Partnership, we’re taking radio to new levels of engagement, enabling advertisers to reach a captive audience in a way that has never been possible before,” said Quu CEO Steve Newberry.

Some of the first audio brands to adopt Content Partnership are Audacy, Beasley Media Group, Radio FM Fargo.

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