Audacy Q4 2022 Revenue Down Slightly; Full Year Revenue Up 3%
Reporting its financial results from the fourth quarter of 2022 and for the full year, Audacy says net revenue in Q4 was $342 million, a decline of 0.8% over the same period in 2021. The company reported income of $12 million for the quarter. For the full year of 2022, net revenue was $1.25 billion, an increase of 3% over the full year 2021. However, the company’s posted loss widened as it reports a loss of $140.7 million, compared to the loss of $3.6 million it reported for 2021. Audacy breaks its report down by revenue source and reveals local and
national spot revenue for 2022 was $798 million, down 0.2% from 2021. Digital revenue for 2022 was $259 million, an increase of 8.9% over 2021. Network revenue in 2022 was $89.9 million in 2022, an increase of 6.9% over 2021. The company also breaks down its radio revenue by format and notes that while revenue from music-formatted stations in 2022 was down 1.3%, revenue from news and talk stations was $199.7 million – up 2.3%, and revenue from sports talk stations was $264.3 million – up 5.2%. Audacy president and CEO David J. Field says, “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. We continue to vigorously execute our plan to navigate the storm and to position the company for recovery when business conditions improve. 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. We are making solid progress on our key growth drivers including our reinvented streaming audio platform, our national enterprise business development, our podcasting and digital marketing solutions businesses, and our promising ad tech and ad product roadmap. Looking beyond the challenging current macro environment, Audacy has a strong and differentiated, scaled, competitive position in the dynamic and growing audio space and is deeply focused on continuing the work to capitalize on the opportunities and drive a healthy recovery.”
News/Talk Library is created by the industry’s top imaging and production specialists, led by imaging director, Adam “Ketch” Kecskemeti, and imaging voice, Mike Hansen. Paired with Benztown’s Ambush News/Talk Library, led by imaging director Scott Phillips, and format voice JJ Surma, and housed on Benztown’s industry-leading platform, news/talk radio stations have every imaging tool and solution at their fingertips.” Benztown VP, sales & operations Masa Patterson says, “We are incredibly excited to bring America’s best news/talk stations an enhanced and expansive toolset they need now more than ever. Benztown News/Talk is all stations need to produce what their listeners count on them for, from conservative talkers to straight-up traffic and weather. With this increase in caller interaction and daily topical elements, it has everything news/talk stations need to get a jump on tomorrow’s news today – and more.” 
Whenever possible, USA consumers will pay cash, and they’re paying-down credit card balances, per recently released 
It’s tough enough for radio talent to navigate stable careers in these days of consolidated station ownership, personnel cutbacks and drastic salary reductions – but the NAB’s newly stated stance on non-competes adds insult to injury and is out of step with the interests of beleaguered professionals still hanging on for dear life in the programming sector of this industry. I understand that the National Association of Broadcasters is at heart a lobbying group representing the interests of the medium’s ownership but, c’mon – non-competes really are of another era and egregiously unfair.
positions in audio, and involves personalized conversations with a vast network of high-level radio executives and experts to help advance a career within the radio/audio industry. Dowdy is a regional content director who works with nine Townsquare Media markets in the Southeastern United States. During her career she’s also been a morning show co-host, award-winning news reporter, brand manager, promotions director, and midday host. MIW board president Ruth Presslaff says, “This year we had more applicants and more high-quality applicants than ever before. Meg’s dedication to her future, to the business and to paying her success forward was very impressive. We can’t wait to start working with her.”
Local news sponsorship is an opportunity to “fish for whales,” institutional advertisers who can associate with something special. And, well-done, local news sure is special, because:
was given a second chance when his old friend WWE Hall of Fame legend “Diamond” Dallas Page challenged him to compete again in the field he worked so hard to enter for years… by getting back in the “squared circle” at age 50. Doctor Asa re-trained this past year with Dusty Rhodes’ son, Cody Rhodes, who is set to go against Roman Reigns for the undisputed WWE Championship at WrestleMania in Hollywood, California on April 1 and 2. In signing with Impact Wrestling, one of the top three wrestling promotions in America, Doctor Asa has taken on the role as head of medical and sports performance for the company. His new title? “Doctor Asa, Ringside Physician.” TALKERS publisher Michael Harrison, an avid fan of wrestling, boxing and MMA, says, “Don’t be surprised if the doctor in scrubs sitting at ringside doesn’t wind up in the midst of the action should things get out of hand.”
Radio is good at contests. TV and print suck at contests. However, when listeners are asked why they tune to radio, contests are at the bottom of the list.
significant, positive results for our organization. We are excited for Gail to lead our automotive teams and to continue to drive growth of SiriusXM’s dominant in-car presence.” Berger comments, “SiriusXM’s strong and deep relationships with every major automaker and tens of thousands of dealers and remarketing organizations across the United States are a testament to our team’s talent and capability. I am excited to step into this leadership position and continue to grow our business and deliver the best customer experiences in the vehicle.”
working side-by-side with Liz since 2011. She is an outstanding leader and is hard-working and passionate about our business and serving our team, listeners, and customers. This is a great opportunity for us to recognize and promote one of our best, and I’m confident the Cumulus Wilkes-Barre/Scranton team will benefit and grow from her leadership just as the Cumulus Allentown team has over the years.” Cumulus owns sports talk WEEX-AM, Allentown “FOX Sports Lehigh Valley 94.7” plus seven music brands in the two markets.
and action. Aimed to raise awareness and share stories of inspiration, the partnership will also extend to grassroots action as Audacy will connect with Special Olympics programs across the country to support, volunteer, and get involved with programmed events. Jackson says, “I’ve taken my CBS Sports Radio show on the road the past two years with Special Olympics to promote diversity and inclusion. With the Media for the Movement Tour, we’ve popped up at more than 50 college campuses and professional sports teams to support this message. I’m thrilled to bring together Audacy and Special Olympics for programming that will encourage and inspire on a broadened level.”
I asked ChatGPT, “What IS ChatGPT?”
bets in their ruthless pursuit to get new customers hooked on their products. In the years since the Supreme Court legalized sports betting, these unfettered advertisements have run rampant, with betting companies shelling out billions to ensure they reach every screen across America. These ads pose a particularly dangerous threat to adolescents and young adults unaware of the risks involved in gambling, and to individuals prone to addiction.” New York State Broadcasters 
Association, Inc president David Donovan states, “We oppose legislation that bans both mobile sports and casino sportsbook advertising in the United States. Advertising is essential to educate consumers in this highly competitive market. The tax revenue generated by sports betting has helped to finance essential government services for citizens throughout New York State. It has stimulated local economies in areas lacking job opportunities. Advertising revenue from these ads helps broadcast stations meet the needs of their communities by financing local news and public affairs programs. A ban on sports wagering advertising prevents all responsible adults from receiving information about a legal product in New York, raising significant constitutional issues. There are more effective options available to address issues concerning problem gambling and protecting children. We look forward to working with Congressman Tonko to explore these options.”
of November during which more than 2,800 radio spots were broadcast on 21 of the most popular stations in NYC. The campaign included digital and social media marketing, trade press, and signage at venues during Advertising Week in New York City. According to independent brand lift analysis by DYNATA, ad professionals who saw or heard the campaign were 29% more likely to consider radio for their media 
campaigns compared to those that had not seen the campaign. Of those that saw the campaign, 82% said they were somewhat/extremely likely to consider using radio for their next campaign compared to 53% of respondents who did not see the campaign. Audacy New York market president and NYC Radio Committee chair Chris Oliviero says, “The outstanding results of the campaign prove when we tell our story, with data and creativity, that radio can substantially enhance its position with advertising professionals. While radio continues to earn its place as an essential part of any media plan, we still must communicate our benefits and invite more marketing partners to collaborate together. This innovative multi-platform outreach accomplished just that. My appreciation to all my colleagues in New York City, across several ownership groups, who came together with a commitment to make ‘Fall in Love with Radio’ a success.”
provide aid to radio and television professionals in acute need. BFoA president Tim McCarthy says, “We’re very excited to have Soledad host this year’s Golden Mike Award dinner. She is a multiple award-winning broadcast journalist whose reporting has brought awareness on numerous issues to the forefront. Combined with her philanthropic endeavors, she is the perfect person to host our special evening.” This year’s BFOA Golden Mike Award honoree is Jack Abernethy, CEO of FOX Television Stations. The Lifetime Achievment Award will be presented during the gala frundraiser to Richard E. Wiley, former chairman, commissioner, and general counsel of the Federal Communications Commission and one of the most prominent media and telecommunications lawyers in broadcasting.
advanced their field and made a lasting impression on the industry. “The Kalb Report” was created by Marvin Kalb in 1994 who partnered with former CBS Radio Network general manager Michael Freedman, who served as executive producer of the series for its entire 28-year run. (Freedman went on to become president of the National Press Club in 2020.) New York Festivals says, “During its nearly-three-decade run, the series has provided a forum for prominent newsmakers and journalists to discuss the news media’s impact on American democracy. The guest list included Supreme Court justices, civil rights icons, network news anchors, best-selling authors, members of Congress, and influential leaders from across the media landscape.” Trophy winning entries in the 2023 New York Festivals Radio Awards will be celebrated at the NYF Storytellers Gala on April 18 at the Centennial NAB Show in Las Vegas. 
maximizing revenue opportunities, product acquisitions and original content creations for the company. AURN CEO Chesley Maddox-Dorsey adds, “Andy’s success in developing a vision and providing strong leadership for growing company-wide activities and strategies focused on generating, maintaining and increasing revenue is unparalleled. This is a well-earned promotion.” The company adds that under Anderson’s tenure, it has seen its station affiliations grow, launched the AURNGAMING division and realized various digital expansions including podcasts and programmatic marketing. 
Denver SVP and market manager Katie Reid says, “We couldn’t be more thrilled to have Jeff join our sales team. I know he will show our clients exceptional results and take Denver sales to the next level through his keen strategic thinking, business acumen and strong focus on community.” Clewett comments, “I am humbled and excited to work with such a talented team and iconic brands that are so meaningful to the market. The Bonneville Denver sales team has a track record of tremendous success and I look forward to finding new ways to maximize revenue, deliver extraordinary results for our partners and develop our people.”
I’ll bet dollars to doughnuts the updated sales facts below are nowhere to be found in your radio station’s collateral material. This bold challenge is in front of you today as a wakeup call before the calendar becomes your frenemy.
In last week’s column, 
As The Beatles sang, “It’s been a long, cold, lonely winter.” Baseball – even Spring Training while it’s still chilly in March – says “Here Comes the Sun.” That’s what baseball means… to listeners.
Minneapolis. Mansour most recently served the cluster as digital content director and air personality with “KFAN Sports Radio” and the Vikings Radio Network. Yang says, “AJ has always been at the forefront of digital innovation here at iHeartMedia Minneapolis. He is the root behind the success we are now seeing with our radio stations’ brands both digitally and socially. As we continue to expand our scale and reach, we couldn’t be more excited to have AJ join our sales leadership team to lead the charge for us.” Mansour comments, “I’m incredibly excited to embark on this new adventure with iHeartMedia Minneapolis as the new vice president of digital sales. My skills and expertise in digital and social content development along with the excitement and energy being pumped into the world of digital sales will offer unique opportunities and perspectives for our partners.”
Scott Herman says, “Dick’s commitment to fight for our industry in Washington has given broadcasters the opportunity to grow their business. His strong belief in our industry has extended to his support of the mission of the Broadcasters Foundation to help those in our business who need it most. We are honored to present him with the Lifetime Achievement Award.” Wiley comments, “I am honored to receive this Lifetime Achievement Award from the Broadcasters Foundation. Since arriving at the FCC more than 50 years ago and co-founding our DC law firm almost 40 years ago, it’s been a privilege to work with broadcasters on landmark innovations including the development of high-definition TV. I’m proud to be a part of this great industry’s evolution, and to support the Foundation’s mission of providing a critical safety net for members of the broadcast profession.” The annual Golden Mike Award gala is a major fundraiser for the Broadcasters Foundation, the only charity devoted exclusively to helping broadcasters in acute need. For information, or to reserve a seat or table at the Golden Mike Award gala and fundraiser, please contact the Broadcasters Foundation at 212-373-8250 or 
American Red Cross at the organization’s Leadership Awards Luncheon taking place in Washington, D.C. on Wednesday, April 26, 2023. The Harriman Award for Distinguished Volunteer Service was established in 1973 by E. Roland and Gladys Harriman and is the highest recognition for volunteer service in the American Red Cross. It was designed to promote superior performance among all volunteers and demonstration of extraordinary accomplishments.