Industry News

Audacy First Quarter Revenue Falls 5.7%

The company reports net revenue for the first quarter of 2023 was $259.6 million, a decrease of 5.7% over Q1 of 2022. Audacy reports that total operating expenses increased 1.9% and it is reporting an operating loss of $12.2 million compared to the operating income of $8.5 million it reported in the first quarter of 2022. Theim company posts a Q1 2023 net loss of $35.9 million, an increase of 225% compared to Q1 of 2022. Audacy chairman, president and CEO David J. Field states, “First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter but are expected to be below prior-year levels for the remainder of 2023. Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market. We are making progress on each of our drivers, including our podcasting and digital marketing solutions businesses, our reinvented streaming audio platform, our emerging ad tech and ad products, and our enhanced national enterprise business development efforts. In addition, we are encouraged to see some positive signs in our auto business as we continue our vigorous work to weather the storm and await future improvements in market conditions.”

Front Page News Industry News

Tuesday, November 8, 2022

Audacy Third Quarter Net Revenue Falls 4%. The company reports Q3 net revenue of $317 million – a decline of 4% over the same period in 2021. Additionally, Audacy reports an operating loss of $151.9 million compared to operating income of $29.3 million in Q3 of 2021. The company reports a net loss of $141 million for the third quarter of 2022 compared to the net loss of $4.76 million it reported during the third quarter of 2021. Breaking down Audacy’s revenue by segment, it reports local and national spot business was $205 million, a decline of 7.2% over the same period in 2021. Digital revenue (including podcasting) was $62.7 million, an increase of 2.1% over Q3 of 2021. Network revenue was $23.7 million, up 0.9% over the third quarter of 2021. Audacy chairman, president & CEO David J. Field comments, “Our third quarter revenues declined 3.8% as advertising headwinds impacted company performance. Solid double-digit growth in streaming audio and digital marketing solutions were offset by declining radio revenues. Our radio revenues were negatively impacted by our concentration in the country’s largest markets as small to medium market radio outperformed large market radio by 8% during the quarter. We remain deeply focused on executing our action plan to navigate the storm and emerge healthy and strong. We completed the sale of $56 million in real estate to enhance our financial position with additional sales in the pipeline. We launched the next generation of our Audacy streaming platform with innovative features including segment chaptering of live spoken-word radio shows. Since launch, digital listeners are up 25% while registrations have increased 15% and we have high expectations for the impact of the new platform on our future growth. We also continue to make progress on core strategic growth drivers such as national enterprise business development and our ad tech product roadmap to open important pools of demand and accelerate future performance. Looking beyond the challenging current macro environment, Audacy has been transformed into a leading, scaled multi-platform audio content and entertainment company, better able to serve listeners and customers than ever before. We are excited by the opportunities ahead and are deeply focused on continuing to best position the company to compete for significant growth in the dynamic audio market.”

Audio Pros Gather at FOX News for Reception. Pictured above are (from l-r) “FOX Across America” host Jimmy Failla, Westwood One SVP, head of operations Tim Seymour, FOX News Audio account manager, affiliate sales & marketing Tamara Karcev, and TuneIn chief content officer Kevin Straley at FOX News headquarters in New York as FOX hosted the reception to showcase its collection of radio and podcast offerings with media pros in town for the NAB Show New York last week. FOX News Audio vice president John Sylvester along with hosts Brian Kilmeade, Guy Benson, and Jimmy Failla spoke during the cocktail reception.

Talk Host Austin Petersen Joins Missouri’s ‘Real Talk’ Network. Former KWON, Jefferson City, Missouri morning drive talk host Austin Petersen – a former Libertarian candidate for president and U.S. Senate – joins Ellis Broadcasting & Media LLC’s “Real Talk” format as host of the 2:00 pm to 3:00 pm show. The programming airs on a
number of Missouri radio stations including: KXEN-AM, St. Louis; KRTK-FM, Hermann; KVMO-FM, Vandalia; and KRTE-FM, Steelville. Petersen says, “I can’t wait to take on this new challenge and get the chance to talk about the big issues with the good people in the St. Louis region. It’s a huge opportunity and I couldn’t be more grateful. You can expect hard-hitting interviews, freedom rants, and plenty of jokes and fun. I love gold, guns, freedom and my smokin’-hot, redheaded wife. We’ll look at the issues from all angles. We’ll think outside the box, avoid groupthink, and declare our independence from the tyranny of big government. Most of all, we’ll make freedom fighting fun again!” The network is owned and operated by the husband and wife team of Rick and Tracy Ellis. Tracy Ellis says, “When Rick and I started the ‘Real Talk Radio Network’ it was always important to us to make sure our listeners were kept up to date not only on local news and politics, but throughout the state of Missouri. We have followed Austin Petersen for some time and with his home base in Jefferson City, we felt he was the perfect fit to the puzzle at ‘Real Talk.’ Many local politicians came to us directly and spoke highly of Austin and how much they enjoyed being on his former show and would love to hear him on our stations.”

TALKERS News Notes. Announcing its coverage of the midterm elections, SiriusXM says it is presenting programming on its original political channels – Patriot, P.O.T.U.S. and Progress – with team coverage that extends from its regular daytime schedule into new live primetime and overnight programming. Additionally, on SiriusXM Triumph, starting at 9:00 pm ET Megyn Kelly will host a special live, commercial-free edition of her program on which she’ll share her perspective and analysis of election results as they come in, and will speak with leading experts and political observers. The Urban View channel, which focuses on issues affecting the African-American community, will also be live with special programming from 8:00 pm – 12:00 am ET…..PodcastOne is partnering with original “Friday Night Lights” cast members Zach Gilford, Scott Porter and self-proclaimed “Friday Night Lights” superfan Mae Whitman for an exclusive podcast and vodcast, “It’s Not Only Football: Friday Night Lights and Beyond” that debuts on Thursday (11/10). Each week, the trio will break down an episode of “Friday Night Lights,” giving listeners and viewers exclusive, behind-the-scenes stories and the latest going on in their lives. Episodes will feature guests that range from fellow cast members to close friends and colleagues…..Virtual News Center adds Flagler Broadcasting’s WBHU, St. Augustine Beach, Florida to its growing list of affiliate radio stations. Virtual News Center will provide local newscasts anchored by Amy Cherry with daily reporting from Rich Petschke.

Midterm Elections/Trump in 2024, The Economy, Elon Musk & Twitter, Russia-Ukraine War, January 6, Powerball Delay, and Subtropical Storm Nicole Among Top News/Talk Stories Yesterday (11/7). Today’s midterm elections that will determine control of the House and Senate for the next two years and former President Donald Trump’s teasing his bid for the White House in 2024; inflation and fears of a recession; the uncertain state of Twitter in Elon Musk’s second week as owner of the social media platform; Ukrainians and Europeans brace for a long, cold winter as Vladimir Putin continues his war; the Oath Keepers on trial for seditious conspiracy related to the January 6 Capitol attack; the record $1.8 billion Powerball jackpot drawing is delayed due to “security protocol issue”; and the development of subtropical storm Nicole were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Front Page News Industry News

Tuesday, May 10, 2022

Townsquare Media Reports Q1 Net Revenue Up 13%; Tops Pre-COVID Net Revenue by 7%. For the first quarter of 2022, Townsquare Media is reporting net revenue of $100.2 million, an increase of 13% over the same period in 2021 and an increase of 7% over the same period in Q1 of 2019. Townsquare is also reporting net income of 2.74 million for Q1 of 2022 compared to the loss of $6.1 million it reported in the first quarter of last year. Townsquare reports in three segments: 1) Subscription Digital Marketing Solutions – including its subscription digital marketing solutions business, Townsquare Interactive. That segment reported revenue of $21.8 million, an increase of 15% over Q1 of 2021; 2) Digital Advertising – marketed externally as Townsquare Ignite that includes digital advertising on its owned and operated digital properties and its digital programmatic advertising platform. That segment reported revenue of $29.2 million, an increase of 16.6% over last year; and 3) Broadcast Advertising – including the company’s local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast (plus other miscellaneous revenue associated with the broadcast advertising platform). That segment’s revenue was $48.1 million, an increase of 7.7% over the same period a year ago. Townsquare CEO Bill Wilson states, “I am proud to announce our strong start to 2022, with net revenue, Adjusted EBITDA and net income increasing year-over-year by +13%, +10%, and $8.9 million, respectively. In addition, net revenue and Adjusted EBITDA exceeded our previously issued guidance due to strong growth and strong margins. As a Digital First Local Media Company, our first quarter performance was driven by our digital platform and solutions, with total digital revenue increasing +16% year-over-year in the first quarter (representing 51% of our total Q1 net revenue) and total digital Adjusted Operating Income increasing +11% year-over year (representing 55% of our total Q1 Adjusted Operating Income). As we move forward, we expect double-digit digital net revenue growth to continue at strong margins, fueling our overall growth and subsequent debt reduction, from 4.66x net leverage today to 4.0x by year end. We are also pleased to re-affirm our 2022 guidance and our 2024 digital revenue target of at least $275 million. These results and confidence in our outlook are due, in part, to the fact that Townsquare is the only local media and digital marketing solutions company of scale focused principally on markets outside of the Top 50 in the United States, a vital differentiator for our company. Our new reporting segments highlight the profit characteristics of our digital platform, which is essentially equal to those of our broadcast platform, each with profit margins of approximately 30%. While we view local radio as an extremely valuable asset with significant and attractive cash flow properties, unparalleled consumer reach, and an important and trusted local connection to our audience and communities, it is not our primary growth driver. With approximately half of our total revenue and profit coming from digital today, we have a strong digital growth engine that will drive significant and consistent growth in the coming years. It is our belief that as a Digital First Local Media Company providing a detailed breakout of our digital revenue and digital profit, Townsquare should be afforded a sum-of-the-parts valuation that gives credit to our digital assets.”

 

MIW Launches State Broadcasters Partnership Program. The non-profit organization Mentoring and Inspiring Women in Radio, Inc., dedicated to the advancement of female leadership in radio broadcasting, announces a new national program designed to create mentorship opportunities in every state in the union. This three-to-five-year strategic plan exponentially expands the organization’s mentoring outreach across the United States. The first pilot program partners MIW with the Minnesota Broadcasters Association to create, “Mentoring and Inspiring Women in Minnesota.” MIW’s long term plan includes establishing close working relationships with leadership from all interested state broadcasters associations and broadcasters across the country to create mentorship curriculums for female professionals in radio broadcasting. With MIW’s guidance, these state-centered programs will be based on the tenets, structure, and best practices of MIWs broad array of successful and established mentoring opportunities. MIW Board president Ruth Presslaff says, “This program is designed to dramatically expand our mentorship outreach. We couldn’t ask for a better first partner than president Wendy Paulson and the Minnesota Broadcasters Association as we work toward a mentee in every state. Cheers to the first. Forty-nine to go!” Find out more here.

 

TALKERS News Notes. When the Radiodays Europe conference takes place in Malmö, Sweden May 15-17, Beasley Media Group CEO Caroline Beasley will take part in two sessions. She will participate in a special one-on-one session titled, “American Regional Radio in the Digital Age,” hosted by Benztown president Dave “Chachi” Denes. In addition, Beasley will take part in the “Audio Summit” panel, featuring Sibyle Veil (CEO Radio France), Linda Pamgren (CEO Bauer Media Sweden) and Cathinka Rondon (head of Radio-NRK). The session will be moderated by Folder Media creative director Matt Deegan…..The nationally syndicated, weekend shooting sports program “Tom Gresham’s Gun Talk” adds WBIN Media’s WTPL-FM, Hillsborough, New Hampshire and Berkshire Broadcasting Corp’s WLAD-AM/W231DJ, Danbury, Connecticut to its roster of affiliate stations. The program is syndicated by Talk Shows USA…..Chicago-based MediaTracks Incorporated sells “Radio Health Journal” and “Viewpoints Radio” to American Urban Radio Networks, LLC. The two weekly public affairs programs are syndicated on a total of nearly 1,500 stations in more than 200 U.S. markets. Bob Heymann of the Chicago office of Media Services Group served as the exclusive broker for the seller in this transaction…..Audio content, marketing, and advertising services firm Gemini XIII, joins forces with Diversion Podcasts through an investment that will grow Diversion’s offerings under a new premium podcast network called Diversion Audio. Diversion Audio will become Gemini XIII’s content division. The division will leverage sister company Diversion Books’ publishing assets and author relationships to offer a focused content model it says is unique to podcasting: expanding IP from books, authors, and personalities into the podcast medium as original audio content across both high-frequency episodic shows and engrossing narrative limited series. Gemini XIII co-founder and CEO Spencer Brown says, “Through Diversion Audio, we will build upon the successful franchises and proven track record that Scott [Waxman] and his talented team have created at Diversion Podcasts. Together with our recent acquisitions of Phantom Producer and The Infinite Agency, Gemini XIII is well-positioned to optimize these premium assets and capabilities to build and grow a new breed of audio company. The creation of Diversion Audio advances that strategy considerably. We think podcast listeners and readers alike will love what they hear as we launch new podcasts tied to Diversion’s expansive intellectual property library.”

 

The Economy, Russia-Ukraine War, Roe v Wade, Midterms/Trump & the GOP, COVID-19, Vicky White/Casey White Manhunt, and Western Drought/Texas Wildfire Among Top News/Talk Stories Yesterday (5/9). The falling Dow and NASDAQ, the high price of gas & food, and concerns about a full-blown recession; Russia’s invasion of Ukraine and concerns about Vladimir Putin’s health and willingness to use nuclear weapons; the aftermath of the leak of a draft of the Supreme Court’s ruling to overturn Roe v Wade; the November midterm elections and Donald Trump’s influence over the GOP; the rate of cases, hospitalizations & deaths from COVID-19; the manhunt for Alabama corrections officer Vicky White and convict Casey White ends; and the drought in the U.S. West and the Texas wildfires were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.