Audacy Faces Q3 Challenges
In a statement, David J. Field, Audacy Chairman, President & CEO, said, “Our third quarter revenues declined 3.8% as advertising headwinds impacted company performance. Solid double-digit growth in streaming audio and digital marketing solutions were offset by declining radio revenues. Our radio revenues were negatively impacted by our concentration in the country’s largest markets as small to medium market radio outperformed large market radio by 8% during the quarter.”
In closing, Field said, “Looking beyond the challenging current macro environment, Audacy has been transformed into a leading, scaled multi-platform audio content and entertainment company, better able to serve listeners and customers than ever before. We are excited by the opportunities ahead and are deeply focused on continuing to best position the company to compete for significant growth in the dynamic audio market.” For a more in-depth look at Audacy’s Q3 results, visit audacyinc.com/press.