On Friday (8/4), Audacy reported its operating results for the second quarter of 2023. Net revenue for the period was $298.5 million, down 6.6% from the same period in 2022. The company posted an operating loss of $135.3 million, compared to operating income of $23.3 million reported in Q2 of 2022. Audacy reports a net loss of $125.8 million, compared to the net loss of $773,000 it reported for the second quarter of 2022. Breaking down the company’s revenue streams, Spot revenue (local and national) was $187.1 million (down 3.7%), while
Network revenue was $20.8 million (down 4.4%). Digital revenue was $66.7 million (down 4%). Audacy also reports revenue based on radio format and says revenue from sports stations was $65.6 million (up 1.2%), while revenue from all-news and news/talk was $44 million (down 14.8%). Revenue from music-formatted stations was $ 145.3 million (down 8.3%). Audacy chairman, president and CEO David J. Field comments, “Second quarter net revenues were down 6.6% in line with our quarterly guidance, 
reflecting challenging ad market conditions. During the quarter, we saw accelerated growth across certain of our key performance metrics including radio revenue share, station audience ratings, and digital platform usage. We also made meaningful progress on our ad tech and ad product roadmap as we work to develop important new pools of digital demand and growth… We have initiated discussions with our lenders to enhance our balance sheet and establish a strong financial footing to enable the company to capitalize on its growth opportunities. Notwithstanding current challenges, Audacy has established a prominent position as a scaled, leading multi-platform audio company distinguished by our exclusive premium content, top positions across the country’s largest markets, and unrivaled leadership in news and sports radio. We continue to invest in our people, platform, content, technology and capabilities and serve our listeners and customers with excellence. Ad market conditions remain challenging but have stabilized entering the third quarter. We are pacing down 4% with local spot considerably stronger than national spot. We expect Audacy’s Q3 revenues to decline by mid-single digits.”
