Audacy has released its financial report for the second quarter of 2022, with net revenue up by five percent to $319.4 million, compared to $304.5 million in Q2 a year ago.
Core spot revenues were $200.5 million and were flat compared to the second quarter of 2021. Digital revenue reached $69.3 million, up 19% compared to the Q2 2021. Total operating expenses for the quarter were $296.2 million, compared to $282.8 million a year prior. Operating income for the quarter was $23.3 million vs. $21.7 million in the second quarter of 2021.
Audacy Chairman/President/CEO David J. Field stated, “After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%. While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today. Our transformational development over the past couple of years has meaningfully enhanced our competitive position, strengthening our capacity to serve listeners and customers and enabling a powerful set of opportunities for revenue and EBITDA growth in the dynamically growing audio market.”
