As more and more radio broadcasters reveal their first-quarter revenue results, Audacy is one of the few reporting a gain during the first three months of 2024.
Revenue for the company reached $268.1 million, up 1% compared to the $259.6 million it saw during the first quarter of 2023.
While radio advertising revenue dropped 2%, digital revenue rose 10% to make up the difference. The company made significant decreases in its operating losses. In the first quarter, Audacy lost $400,000, compared to $12.2 million during the same time period last year.
“The Audacy team is very much looking forward to a bright future, emerging as a scaled leader in the dynamic audio market, distinguished by our best-in-class balance sheet, our top positions across the country’s largest markets, and our exclusive premium content highlighted by our unrivaled leadership in sports audio,” said Audacy Chairman, President, and CEO David Field.
The company’s Adjusted EBITDA was $9.6 million for the quarter, seeing year-over-year growth of 173% compared to the $3.5 million figure it featured last year.
“We expect another quarter of substantial EBITDA growth, enhanced by our continuing work on expense reductions,” revealed Field.
