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.”
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will cover the latest on significant events from around the nation and the world.” Levanthal adds, “‘The Leventhal Report’ will bring the top stories to the growing Newsmax2 audience with an in-depth analysis of the ‘why’ and what it means to them and our nation. I am looking forward to bringing my global experience in covering the news that matters most to Newsmax2’s lineup of hard-hitting journalism.” Newsmax2 is the network’s free streaming channel available on the Newsmax App and FAST channel platforms found on most major OTT systems including Roku, Samsung, Amazon Fire, Pluto, Vizio, LG, Tivo, Plex and Xumo. Newsmax2 also airs on 20 television broadcast stations through digital channels.
It seems every hour Nielsen and Pierre Bouvard of Cumulus fame (formerly of Westwood One) put out a release stating that radio is just fine, thank you. Radio is more persuasive than TV, direct mail, streaming and print. Radio is a proven success for over 100 years. Most of the buildings housing Procter & Gamble were built on radio – not TV – advertising success. Happily, P&G realized radio’s clout and is now a dominant radio advertiser – again!
total Audio campaigns — including radio, streaming and podcast advertising— with Veritonic allows us to show the power of Audacy’s content in connecting with audiences and mobilizing customers. We’re thrilled to continue our partnership and enable our clients and advertising partners to leverage audio to achieve the utmost in competitive edge, reach, and ROI.”
Survey says nearly half of all Americans over 13, nearly 135 million, listen to spoken word formats. The growth curve boasts an eye opening 52% jump in time spent listening at home.
Lucid, Bose, Samsung and Xbox, as well as on the TuneIn mobile app and TuneIn.com. The agreement also gives Audacy access to TuneIn’s advertising supply and brings select TuneIn original content to the Audacy digital platform. Audacy chief digital officer J.D. Crowley 
comments, “Streaming of AM/FM Radio is one of the fastest growing segments of all digital audio today. As consumer demand for Audacy’s best-in-class local audio content continues to increase, we’re committed to meeting the listener wherever they wish to consume, and we’re delighted to expand the availability of our unique live sports, news, and personality-driven audio content to over 200 new TuneIn-supported platforms. We’re equally thrilled to welcome TuneIn’s premium exclusive content to the Audacy digital platform.”
streaming, podcasting, and wagertainment properties. Under Davis’ leadership, the team will be responsible for sales and execution, managing the entire client lifecycle.” Audacy chief revenue officer Brian Benedik comments, “No medium delivers more value for sports than audio. People are spending more time than ever with broadcast radio, streaming and podcasts, and the demand for compelling sports content across these channels is growing exponentially. Through our best-in-
class sports audio portfolio, powered by over 150 flagship team partnerships, iconic local broadcast brands, award-winning podcasts and sports betting content, Audacy is uniquely positioned to capitalize on a new sales strategy in this arena.” Audacy says, “From 1990 to 2005, Davis was key in building WFAN into America’s #1 sports radio station, overseeing local and national sales, programming and marketing, helping shape it into the highest-grossing station in the country.” Davis rejoined Audacy in 2018 to lead the reboot of Traffic Weather Information Network’s on-air content and ad operations teams. 
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content like additional news, interviews or songs, all while remaining in sync with the live broadcast.’… The survey asked Audacy listeners to choose how much they’d be willing to pay for commercial-free radio, with the prices starting at $1 per month and going as high as $11 a month, according to a copy of the survey reviewed by The Desk. A follow-up question presented a similar list of options, but asked users to weigh in on the maximum price they’d be willing to pay before they thought a premium radio subscription was too expensive.” 
planners). Suchman writes that this argument “is among the ultimate tussles between media planners and publishers. While some may lean more heavily toward video, we at Audacy respectfully disagree.” He makes a five-point argument in audio’s favor saying it wins in reach, time spent using, is more immersive, activates all senses, and drives recall. 
own. It remains competitive with podcasts and DSPs (Digital Streaming Providers, such as Spotify, Apple Music, Pandora, and others) when consumers are in vehicles or public transit during the early morning and late afternoon commutes, and on weekends.” Respondents were asked to select a top preference from a list of audio entertainment choices and their top choices were (for morning commuters), broadcast FM/AM radio with 19% of the sample, followed closely by podcasts, with streaming coming in at third. The study indicates the competition is closer during the late afternoon commute, where podcasts and streaming barely eclipse radio as the top choice among commuters at 15% vs. 14% of the sample, respectively. And radio remains competitive as an audio entertainment favorite among listeners on the go during the weekend, sharing the top spot with DSP’s and eking ahead of podcasts. 
#2 (77,602 AAS), and Audacy at #3 (58,527 AAS). Other commercial broadcasters making the top 30 include Cumulus Streaming Network at #4 (40,999 AAS), Beasley Broadcasting Corporate at #6 (18,862 AAS), Hubbard Broadcasting at #8 (14,792 AAS), Urban One at #11 (9,601 AAS), and Salem Communications at #12 (8,244 AAS). 
podcasting, downloaded audio, smart speakers and other sources of audio content… Edison Podcast Metrics measures persons-based listening estimates using frequently updated surveys to provide a complete view of the rapidly growing podcast audience.” Jon Kaiser is head of Nielsen’s agency and advertiser-direct businesses and he says, “The media landscape is evolving quickly and agencies have a vital need to understand how all the media puzzle pieces fit together. Edison’s insights are best-in-class and Nielsen is excited to work together with them to provide media planners and buyers with deep insights into the total audio landscape and the rapidly growing podcasting audience.”
daily morning program streaming on audio and video from 7:00 am to 10:00 am CT and available as a podcast that the company will produce, distribute and sell. Bring Me The News says, “Barnard will be joined by a co-host, producer, and a number of other guests and contributors. Barnard left KQRS on Dec. 23 after 37 years hosting 92 KQ’s Morning Show, which for a period in the ‘90s was the highest rated morning radio show in the entire country. As he prepared to leave the station, Barnard claimed in an interview with the Star Tribune he had been forced out the door at KQ by parent company Cumulus Media, which had described Barnard’s departure as a ‘retirement.’” Barnard’s new show is expected to debut sometime next month. On Monday of this week, KQRS launched its new morning show hosted by radio personality and former Black Crowes drummer Steve Gorman.
