As Audacy undergoes a restructuring after filing for Chapter 11 bankruptcy protection earlier this month, one interesting note gives the industry a look at the company’s future.
According to a business plan, Audacy is looking toward a subscription streaming service that it hopes could deliver $20 million in annual revenue in the next three years.
“We anticipate that like other traditional media, over-the-air listening erosion will persist while reach remains strong, and consumption continues to fragment and shifts toward digital devices,” the company says in its most recent business plan, according to Inside Radio.
Audacy would look to utilize partnerships with outlets like TuneIn to increase revenue in the digital space, hoping to grow from 1.4% to 2.0% of its overall streaming revenue.
“We believe that our on-platform personalized, interactive radio experience will allow us to further leverage and exploit Audacy’s unique spoken-word content advantage and increasingly earn more listening occasions and more time spent listening as users get more of what they want, when they want,” the previously confidential document says.
