Entercom Communications has reported its financial results for the first quarter of 2020. After being up seven percent in February, net revenue for the quarter overall ended up down four percent ($297 million) compared to Q1 2019, due to the impact of COVID-19. Digital revenue was up 41 percent compared to a year ago, which Entercom attributes to “strong audience and revenue growth in podcasting and digital audio advertising.”
Entercom President/CEO David J. Field stated, “I want to salute the outstanding work and dedication of the Entercom team, which has risen to the unique challenges of these unprecedented times to serve the American public, our customers and our communities. Entercom began the year on a strong note driving revenues up over 7% through February before facing the impact of the COVID-19 pandemic. We have taken important actions to mitigate the impact of the pandemic and are well positioned financially to operate effectively through the crisis. Strategically, we are well positioned to fully participate in the recovery and the attractive growth opportunities in the audio space, with strong leadership positions in broadcast radio and podcasting, the fastest growing digital audio platform, unparalleled leadership in news and sports, and strong data and analytics capabilities.”
