“Weathering the storm” was the phrase that continued popping up during Audacy’s 2022 Q4 earnings call on Wednesday. Total net revenue for the quarter was $342 million, a 1% decrease year-over-year. Without political, revenue was down 4%.
Core spot revenues fell 8%, as CEO David Field pointed to macroeconomic factors like the war in Ukraine and the Federal Reserve. National ad spend was a cause of concern; spot radio revenues dipped 4% with local outperforming national. Q4 automotive ad revenue jumped 8%, but hospital spot advertising fell 10%, along with further losses in banks and sports betting.
Digital revenue finished up 2% – 5% without podcasting, which fell 8%.
Net revenue for 2022 was up 3% from 2021 to $1.25 billion, while total operating expenses were $1.33 billion.
Audacy reports pacing down for Q1 2023, and expects revenues to decline by mid-single digits as Field says the company has, “Much work in front of us.”
