Audacy has reported its fiscal results for the second quarter of 2021, becoming the latest broadcaster to also report a massive jump vs. a year ago during the early months of the pandemic. For Q2, net revenue was up 73 percent to $304.5 million, compared to $157.9 million in Q2 last year. Spot revenue was up 98 percent to $202.8 million and digital revenue grew by 41 percent to $58.4 million.
Audacy President/CEO David J. Field stated, “I am pleased to report that Audacy accelerated its recovery from the pandemic as second quarter revenues grew 73% over the prior year, led by a 98% increase in spot radio advertising and 41% growth in digital revenues. In addition, our momentum is continuing into the third quarter as we expect that revenues will increase by about 10% sequentially from the second quarter and by about 25% compared to prior year.
We continue to make great strides in enhancing our business and elevating our competitive position. During the second quarter, we executed a rebranding of the company as Audacy, a name that reflects our evolution into a leading, multi-platform audio content and entertainment company with scaled audience reach and an important leadership position across the full spectrum of the dynamic and growing audio market – including broadcasting, podcasting, digital, network, events, music, news and sports. Our recent acquisitions in podcasting and sports betting, as well as numerous growth investments have significantly enhanced our ability to capitalize on broader advertising trends, augment our product line and better serve our listeners and customers.
This has been an active period of development across the company as we recently launched over 350 exclusive new stations on our Audacy digital platform, unveiled our new 2400Sports podcast studio, commenced a three-year strategic partnership with American Public Media (the creators of Marketplace), expanded our BetQL network, and announced an important partnership with Major League Baseball, making us the league’s official podcast and digital audio partner. We are also pleased to note the significant acceleration in each of our digital businesses, including podcasting, digital audio, and digital marketing solutions.
We are emerging from the pandemic as a meaningfully stronger and better positioned company with significantly enhanced growth potential and are excited by the opportunities ahead as we continue to drive innovation and development of new products, content, and capabilities.”
