Audacy Q2 2023 Net Revenue Falls 6.6%
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.”
tight end Darren Waller and mental health and mindfulness coach Donny Starkins, with new originals joining the slate soon. Williams says, “We are thrilled to embark on this new journey with iHeartPodcasts. With the help of iHeart’s unmatched expertise and platform, we are building a robust content slate and what I believe will be an enjoyable and unique listening experience.” Smith adds, “IN’s approach is guided by inspiring and transformative power-rich storytelling and authentic, entertaining and thought-provoking conversation. We want to elevate and empower creatives, amplify diverse voices and perspectives, and enlighten, entertain and engage our audience. At IN our mantra is, ‘Louder for the folks in the back!’”
Cumulus president and CEO Mary Berner comments, “Despite continued challenges in the overall market, our second quarter revenue performed in-line with expectations while Adjusted EBITDA exceeded them. As in prior quarters, we generated strong revenue growth in our digital marketing services business, implemented meaningful cost reductions, and further improved our balance sheet by generating cash from operations and reducing our total and net debt to the lowest levels in more than a decade. Additionally, we executed a highly accretive and opportunistic tender offer, which resulted in the retirement of approximately 10% of our shares outstanding. Our proven track record of strong operational and financial execution in adverse conditions gives us unwavering confidence in our ability to optimize results in the current weak ad market and rebound strongly when the environment improves. In the meantime, we will continue to invest in our digital businesses, further enhance our operating leverage through additional cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.”
to stream on Peacock and will also be heard on the NBC Sports channel SiriusXM. The terms of the contracts have not been revealed but Patrick told listeners last week that he would work four more years before retiring from the business at the end of 2027. Premiere Networks president Julie Talbott says, “Dan Patrick is one of the biggest stars in sports media and entertainment, and we couldn’t be happier to extend our partnership. Dan continues to raise the bar. He’s built a loyal following across multiple platforms by producing the highest-quality content, and he continues to deliver remarkable results for our partners. We look forward to working together for the foreseeable future.”
Effective immediately for inventory beginning next January, Compass Media Networks will be ABC Audio’s exclusive advertising representative. ABC Audio vice president Liz Alesse declares, “We are thrilled to usher in a new phase of growth for ABC Audio with 
the announcement of our strategic partnership with Compass Media Networks. “ABC News Radio remains steadfast in its mission to provide our news affiliates incisive, up-to-the-minute headlines; we’re equally committed to creating top-tier entertainment content. By maintaining our high standards in these areas, we do more than just serve our stations – we also create exceptional opportunities for our advertisers.” Compass Media Networks chief executive officer Peter Kosann remarks that, “Christmas has come early for us and our national sponsors. ABC Audio represents some of the most iconic brands and media assets in the world. We will move mountains to be a wonderful ambassador and advocate for our new partner.” As TALKERSnoted last Wednesday (7/5), ABC Audio and Skyview Networks agreed to end their similar arrangement. A Skyview statement read, “ABC Audio and Skyview Networks are committed to working together to ensure a smooth transition. Skyview will continue meeting the needs of the industry and its full-scale multi-partner relationships. Skyview Networks will continue representing ABC Audio network sales while also providing distribution service through 2023. We wish ABC Audio continued success in the years ahead.”
the company to serve as managing editor for Arizona News Radio and California Headline News, as well as afternoon anchor for California Headline News. Gilliland served in the position for almost 13 years before leaving to work for the Arizona Lottery. Gilliland takes over for the late Steve Clawson, who passed earlier this year.
Charles Steinhauer says, “We’re excited to welcome USRN into the Gemini XIII ecosystem. We will be able to build on current successes and existing sales infrastructure to immediately grow and make Gemini a destination for producers, advertisers and sponsors looking to deliver to unique audiences. The integration of Gemini XIII’s digital expertise and podcasting prowess will result in a robust content ecosystem that provides an immersive and diverse range of audio experiences for listeners across platforms.” USRN chairman and CEO Nick Verbitsky comments, “Spencer Brown, CEO of Gemini XIII, and Charles Steinhauer have a track record of success in network radio having built Dial Global from the ground up. I am pleased that they will have the opportunity to continue to build United Stations, a company I started along with Dick Clark over thirty years ago and has been a leader in network radio.”
Duran and iHeartPodcasts including a new, original progam called, “Thinking Out Loud with Elvis Duran.” The first episode features a conversation with singer-songwriter Kesha. Additionally, the network will be home to the replay podcast of “Elvis Duran and the Morning Show.” Duran says, “We’re excited to launch this network and connect with even more listeners and fans. I’m confident the audience will love the variety of personalities, including Tommy DiDario and Medha Gandhi, and the entertaining programs that we’ll be presenting. I’m also looking forward to sitting down with a wide range of people on my new podcast and taking a deep dive in whichever direction they choose – something I’m not always able to do on my radio show. It’s going to be a fun adventure together!”
economic empowerment tools and services in the United States. He is also chairman and chief executive officer of John Hope Bryant Holdings, Bryant Group Ventures and The Promise Homes Company, a for-profit minority-controlled owner of institutional-quality, single-family residential rental homes in the U.S. “We are pleased to welcome John Hope Bryant to The Black Effect Podcast Network’s board of directors. John brings a strong track record of business success, broad leadership experience in philanthropy, education, public engagement and innovation, and a deep appreciation for black culture that makes him the perfect choice to help steer and shape the future of the network.”
producer or network that represents the advertising for the show, not the platform or app that the listener uses to access the podcast. For this period, Spotify, SiriusXM Podcast Network, and iHeartRadio take the top three spots, respectively. Other commercial radio-related networks making this ranker include: Audacy (#8), Cumulus Podcast Network (#10), The Ramsey Network(#25), and Blaze Podcast Network (#28). 
Camron Smith and airs Saturdays from 4:00 pm to 7:00 pm ET via the Audacy app and Twitch beginning May 13. BetQL Network brand manager Andrew Williams says, “‘The Bettor Angle’ is the latest example of the BetQL Network’s dedication to delivering top-quality Wagertainment to our listeners and viewers, seven days a week. Kate and Camron will take listeners behind the numbers and uncover the stories that shape the games. From injury reports to coaching strategies, they’ll help listeners understand the factors that can make or break their bets.”
pop culture into the network. The Cumulus Podcast Network will distribute, market, and monetize the more than 300 Bleav shows. Cumulus EVP of marketing and Westwood One president Suzanne Grimes says, “Bleav has created a broad and deep well of programming for sports fans, with content from virtually every professional and major college team in America. Listeners and advertisers alike turn to Westwood One for the very best sports programming, so it’s a natural fit for us to partner with Bleav and offer our advertisers access to this extensive podcast portfolio.”
quarter to $21.7 million compared to the same period last year. A significant part of the increase in station operating expense for the quarter was due to a $272 thousand increase in our self-insured health care costs and a $446 thousand increase in employee compensation, including payroll taxes at the station level. After a number of years of holding the company’s compensation expenses flat, we decided that adjustments in our employee compensation were warranted in consideration of the economic times and inflationary environment.”