Earnings Season

Next week marks the start of earnings season for radio’s publicly traded companies with seven broadcasters set to report their latest financial results. Among them is Townsquare Media which has provided a sneak peek of what to expect on its call, scheduled for Tuesday, Aug. 3 before the opening bell sounds at the New York Stock Exchange.

For the first half of 2021, the small and medium market specialist says it has “significantly grown” its local spot market share. Citing Miller Kaplan data, Townsquare says it increased its local spot market share by 7% year-to-date. For the month of June, the company outpaced local radio industry growth in 88% of the markets where it operates that report revenue to Miller Kaplan. “I think this raises a key point,” says Townsquare COO – Local Media Erik Hellum. “Half of our revenue is digital but we are also growing local market share in radio. One doesn’t have to come at the expense of the other. The opposite is true, in fact. The better we do digitally, the better we do in our core local business, because the digital solutions we provide to local SMB’s encourages them to trust us with their broadcast marketing budget as well.”

While 49% of the company’s revenue comes from digital – an industry high, by far – 20% is subscription-based, generated by Townsquare Interactive, which sells digital marketing services.

Townsquare says it expects digital revenue to grow by a double-digit percentage in full year 2021. The company got off to a strong start in first quarter with a 13% year-over-year digital revenue bump, which was twice the growth rate experienced in 2020. Total first quarter 2021 revenues at Townsquare Media declined 5% to $88.8 million from $93.4 million in Q1 2020, the last quarter largely spared from the ad pullbacks from the COVID-19 pandemic. Q2 revenues are expected to be up dramatically when compared to the same period in 2020, which marked the absolute abyss of the pandemic-caused ad pullbacks.

The more telling comparison will be to gauge its financial performance against 2019 levels, which the company has pledged to do. “Our business continues to improve each and every quarter, so much so that we feel it is most relevant to compare our financial results to pre-COVID 2019 levels, as we believe we are on the verge of a full revenue and EBITDA recovery,” CEO Bill Wilson said when reporting Q1 numbers in early May.

That is one of the key metrics to look for next week among those following the financials results action: how companies performed when compared to the pre-pandemic second quarter of 2019.

Following are the radio companies that have announced their Q2 results calls for next week, so far:

Tues, Aug. 3

Townsquare Media, 8am

Weds, Aug. 4:

Cumulus Media, 8:30am

Salem Media, 5pm

Thurs, Aug. 5:

Saga Communications, 11am

Beasley Media Group, 11am

iHeartMedia, 4:30pm

Fri, Aug. 6:

Audacy, 10am

All times are Eastern.