“While many ad categories remain highly impacted as a result of the pandemic, it is great to see an increasing number of categories back above 2019 spending levels,” said David Field, President/CEO of Audacy Inc., the audio content creation and distribution company founded as Entercom by his father, Joseph Field.
Alas, while more categories have invested more in advertising with Audacy’s on-demand audio offerings and its broadcast radio stations, the struggle is real for the Philadelphia-based company.
The company still registered a net loss in Q3, although a smaller one than one year ago. The problem? Analysts expected earnings per share of $0.09. Audacy missed the mark by 13 cents per share.
Audacy selected as its new Chief Revenue Officer the founder and former President of Katz Digital — an individual who also served as President of Christal Radio within the Katz Media Group and General Sales Manager for iHeartMedia’s East Coast Top 40 flagship, “Z100.”