Reporting its operating results for Q3 of 2023, Audacy says net revenue for the period was $299.2 million, down 5.6% from the same period in 2022. The company reports a net loss of $234 million, up from the net loss of $141 million it reported in Q3 of 2022. The company reveals that local spot revenue was down 3%, national spot revenue declined 15% and network advertising revenue was down 5%. Digital revenue was $64.8 million, up 3% compared to the third quarter of 2022. Audacy also reports broadcast radio revenue by format and notes that news/talk format revenue was $43.35 million, a decline of 10.8% year-over-year. Sports talk revenue was basically flat at $72 million. Music format revenue was
$145.7 million, down 7.1% year-over-year. Audacy president and CEO David J. Field states, “Audacy’s third quarter net revenues declined 5.6%, in-line with our quarterly guidance as ad market conditions have remained challenging, particularly on national business. Cash operating expenses were down 2%. We gained revenue share in the quarter, most significantly in radio in which we have achieved accelerating share growth since the start of the year. We also delivered solid gains in radio ratings share and digital audience metrics while making important progress on our tech roadmap and meaningful expense savings to improve our current and future business model. Fourth quarter is currently pacing down 9% on an as reported basis and down 4% on a same-station, ex-political basis. We expect Q4 total revenues to decline by high single digits and costs to decline by high single digits. As noted in our recent public filings, we remain in constructive conversations with our lenders to recapitalize the company’s balance sheet to establish a strong financial footing and position the company to capitalize effectively on our growth opportunities. Notwithstanding current challenges, Audacy has established a strong position as a scaled, leading multi-platform audio content and entertainment company distinguished by our exclusive premium content and top positions across the country’s largest markets. We salute our team for their strong work delivering solid growth against our key performance metrics and serving our listeners and customers with excellence.”
