Audacy First Quarter Net Revenue Rises 1%
Audacy reports Q1 2024 net revenue of $261.8 million, an increase of 1% over the first quarter of 2023. The company reports a net loss of $1.85 million, a marked decline from the net loss of $35.9 million it reported in Q1 of 2023. While local and national spot revenue fell 3.5% to $153.5 million, digital revenue was up 10.2% to $62.7 million and network revenue rose 10.4% to $21.9 million. Audacy also reports
revenue for its stations by general format and the company’s sports revenue was $56.6 million – an increase of 6.5% – while its news/talk revenue fell 5.5% to $40 million. Audacy chairman, president and CEO David J. Field comments, “Audacy delivered a solid start to 2024 with Q1 EBITDA increasing 173% vs the prior year. Second-quarter revenues are currently pacing up low-single 
digits, and we expect another quarter of substantial EBITDA growth, enhanced by our continuing work on expense reductions. Our improving results are predominantly attributable to a significant acceleration in digital revenue growth, continuing meaningful revenue share gains, and declining expenses as our transformational investments bear fruit. As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization, which will reduce our debt by 80%, and are now awaiting FCC approval to complete the process. I want to salute our team for their excellent work in driving financial and operating progress while simultaneously executing our reorganization plan, all without disruption to customers, listeners, partners, vendors or our staff.
The company states, “Net broadcast revenue decreased 3.7%, or $7.6 million, principally due to a $7.3 million decline in national and local spot advertising revenue. Spot advertising revenue has been declining in the industry due to reduced time spent listening, particularly on AM radio stations. Also, the political revenue decreased $3.6 million, or 61.5% to $2.3 million from $5.9 million. This decrease was partially offset by an increase in our broadcast digital revenue which increased $1.5 million or 4.1% due to increases from Salem Podcast Network, Salem News Channel and digital marketing services through Salem Surround. On a Same Station basis, net broadcast revenue decreased 4.0%, or $8.2 million, which reflects these items net of the impact of stations acquisitions and dispositions.” On the digital side, the company reports, “Net digital media revenue increased 0.7%, or $0.3 million. Net digital advertising revenue decreased due to Facebook algorithms that limit political content, the growing use of browsers that block third-party cookies limiting advertising, and the overall state of the economy that has weakened demand for advertising resulting in a lower number of advertisements and a reduction in rates.” 
Have we passed the disappointment of 2023?
earlier this year. RTDNA says the awards honor “outstanding achievements in broadcast and digital journalism… the Murrow Awards recognize local and national news stories that uphold the RTDNA Code of Ethics, demonstrate technical expertise and exemplify the importance and impact of journalism as a service to the community.” Some of this year’s winners in the radio category include: Audacy’s WBBM-AM/WCFS-FM, Chicago (Breaking News); KDKA-AM, Pittsburgh (Feature Reporting); KMOX, St. Louis (Newscast); and iHeartMedia’s WBZ-AM, Boston (Excellence in Innovation). 
WTN is one of America’s best live and local talk stations in one of our nation’s best cities. You need to be relevant and able to talk about local and national issues, weave through interviews and audio seamlessly and handle segments and hours with or without phone calls. This isn’t a job for a beginner, but a seasoned professional who knows how to entertain and inform! 
close out Women’s History Month, it is important to remember the legacy of Gracie Allen, the inspiration behind these esteemed awards. This year’s recipients exemplify Gracie Allen’s spirit through their exceptional talent, innovation, and vision. Their steadfast dedication to their craft and their tenacious resolve to break boundaries serve as a compelling testament to the essential role women play in molding the cultural landscape. We eagerly anticipate celebrating their outstanding accomplishments.” Winners in the radio category (national and local) in commercial news or talk formats include: Jai Kershner, “Good Day Show,” Outstanding News Anchor; Mandy Connell, iHeartMedia, Host Non‐Morning Drive; Christina Musson, KMJ AM/FM Fresno, Co‐host (Talk/Personality) Small/Medium Market; Marcy Williams, WSB-AM/WSBB-FM, Atlanta, Outstanding News Reporter; “Talking Golf with Ann Liguori,” WFAN, New York, Talk Show ‐ Sports; and “The Gee and Ursula Show,” KIRO-FM, Seattle, Talk Show ‐ Talk. 
balance between local, national, and multiplatform elements of the ever-evolving talk media space. Brian Kilmeade is a nationally known talk star hosting separate shows on FOX News Radio and FOX News Channel (TV). His syndicated radio show is carried on Long Island (where he also lives) by news/talk WRCN-FM, Riverhead “Long Island News Radio.” The station which serves Eastern Long Island is owned by JVC Broadcasting of which John Caracciolo is president/CEO. Harry Hurley, morning host at WPG, Atlantic City, NJ (and regular guest host on FOX News Radio who occasionally fills in for Kilmeade) will serve as moderator of what promises to be a fascinating three-way conversation.