Audacy Q2 Net Revenue Rises 1%
Audacy reports its operating results for the second quarter of 2024 and reveals net revenue of $301.6 million, an increase of 1% over the same period in 2023. After reporting a net loss of $125.8 million in Q2 of 2023, the company reports net income of $2.9 million in the second quarter of this year. Looking at Audacy’s business segments, Local and National Spot revenue was $179.6 million, a decline of almost 4% from a year ago; Digital (including podcasting) revenue was $74.4 million, an increase of 11.6%; and Network revenue
was $22.3 million, up 7% over Q2 of 2023. Audacy also breaks out revenue by radio format categories and while Sports radio revenue was $71.1 million (up 8.3% over last year), News/Talk revenue was $43 million (a decline of 2.3% from the same period a year ago). Audacy chairman, president and CEO David J. Field comments, “Audacy continued to deliver strong 2024 financial performance with Q2 Adjusted EBITDA more than doubling, up 116% vs. prior year. For the first six months of 2024, Adjusted EBITDA is up 128%. Our accelerating financial performance reflects our significant revenue share gains, low-teen growth in digital advertising, high single-digit growth in network radio, and prudent expense reductions, offsetting continued weakness in traditional ad markets. Notably, our transformational, strategic investments are emerging as a critical driver in our accelerating performance. Recent improvements in our streaming and podcasting platforms, along with further enhancements to our digital monetization and programmatic capabilities are increasing their impact on our top-line and bottom-line results. As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization in February and are awaiting FCC approval to complete the process. We continue to expect final approval and emergence to occur during the current quarter. The third quarter is currently pacing up low-single digits, and we expect another quarter of significant Adjusted EBITDA growth.”
within the realm of the company going forward?” “How can radio remain true to its roots and mission as an audio medium and theater-of-the-mind without missing the opportunities provided in a multiplatform environment?” plus more. Pittman says that this is a “golden moment” for both radio and the larger field of audio in which it is and will remain a major player. He pointed out that “25% of iHeart’s stations do not play music” and that more and more shows on the company’s music stations are “actually talk shows that play little or no music at all.” He reaffirmed the company’s awareness that personality plays an important role in the presentation of music and it is its intention to pivot back in that direction. He candidly addressed the divide between the coastal elites who influence the direction of national media but are largely out of touch with the heartland and the rest of real America. 
Gene. Gow Media CEO David Gow states, “We are thrilled to add Gene Thompson to our impressive roster of talent. ‘The Sports Kings’ are committed to producing two of the most informative, fast moving, and energetic hours in all of sports radio. I know our audience and affiliates will be excited about the show!” Thompson comments, “The Sports Kings are ecstatic to join Gow Media and the SportsMap Radio Network. We look forward to providing our listeners with an informational, entertaining and engaging show.”
for Adam and I working together. He’s talented, opinionated, informed and funny. Miss a day and miss a lot. Afternoons on WEEI will be can’t-miss entertainment.” At the same time, Thomas announces that Ken Laird is being promoted from operations manager for the station to brand manager. He says, “Ken has stepped up and really proven himself as a leader this past year, and I’m very happy to elevate him in this new role. I know the best is yet to come.” Laird comments, “Working at WEEI, an iconic and influential brand, has been an honor dating back to my start here in 2002. To take on a brand manager role some 20 years later is both incredibly humbling and exciting. I can’t thank Mark Hannon and Mike Thomas enough for the guidance and opportunity they’ve given me. The sports radio ratings share in Boston is proof that the nation’s most passionate fans live here, and I’m ready for the challenge to work with this great staff to deliver the daily entertainment those fans crave.”
