Audacy has reported its first quarter fiscal results for 2022, with net revenue up by 14 percent. Revenue totaled $275.3 million, compared to $240.8 million a year ago. Core spot revenue grew by 14 percent as well, to $173.9 million. Digital revenue increased 16 percent to $58 million. The company’s total operating expenses increased to $266.8 million, while operating income was $8.5 million vs. an $8.2 million loss in Q1 of 2021.
Audacy President/CEO David Field stated, “I am pleased to report that Audacy posted strong first quarter results, delivering 152% growth in Adjusted EBITDA led by double digit revenue growth in both digital and spot radio. With our scaled, leadership position across broadcasting, podcasting and digital audio and our differentiated premium content offerings, we are well positioned to drive rapid evolution and innovation across the organization to capitalize on the outstanding growth opportunities in the dynamic audio marketplace. In Q1, we launched the Audacy Digital Audience Network (ADAN), an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting. We are looking forward to a number of exciting additional product and content launches and enhancements over the course of 2022 that will accelerate our audience growth and bolster our advertiser appeal.”
