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Podcast Quarterly Earnings & 6 Other Stories
Episode 6
This week on The Download: Quarterly earnings, more quarterly earnings, Audio is getting its own track at Advertising Week, and Spotify is giving podcasts their own space in its app. Arielle: Hope you’re ready for some earnings reports, because we’ve got two segments worth of second quarter earnings to go over. First up: the big platforms. Last Wednesday https://www.marketingbrew.com/stories/2022/08/03/spotify-siriusxm-and-acast-report-growing-podcast-ad-biz-in-q2?mid=4afb33bb7ffe284d840660fb3604ff60Things kick off with a silver lining: “Call it what you want, the ad biz is not looking its best right now. But according to these execs, the growing podcast segment is keeping its head above water.” Economic uncertainty is undeniably impacting the ad industry. The CEOs of Spotify and SiriusXM both cite ‘macro’ trends as being notably dire but not to podcast ads sales. SiriusXM’s Q2 ad revenue for Pandora and associated platforms reports a 5% year over year increase, reaching 403 million. Spotify posted a 31% year over year gain, earning around 366 million. This time around they neglected to isolate their podcast ad revenue as its own statistic. Meyers quotes Spotify CFO Paul Vogel as saying they’re experiencing “strong growth on the podcasting side.” Hosting service Acast has been busy this second quarter, citing new features, a massive increase of podcasts on the platform, and their acquisition of Podchaser as driving factors of their 39% net sales growth. A figure that calculates out to 31 million USD. While the macro trends are concerning, The Download will never pass up an opportunity to report numbers going up in podcasting. Big or small, names in the industry are increasing ad revenue, and that’s a good thing. Shreya: Now to cover the Q2 numbers from three large broadcasters: iHeartMedia, Cumulus Media, and Audacy. There’s a few dark spots throughout but, interestingly, their podcast numbers are shining beacons of hope in all three reports. Overall https://www.businesswire.com/news/home/20220804005680/en/iHeartMedia-Inc.-Reports-Results-for-2022-Second-Quarter, despite, in the words of company president Rich Bressler: “the uncertain economic environment.” Podcast revenue is up to 86 million, a 60% year over year increase. Meanwhile, https://www.cumulusmedia.com/wp-content/uploads/2022/08/CMLS-2022.06.30-Earnings-Release-FINAL.pdfjoined the macro club during president Mary Berner’s opening statement: “Despite the challenging macro environment, we increased revenue in the quarter by more than 5%, driven by our digital businesses whose growth accelerated in Q2 to 20% year-over-year.” Podcasting made Cumulus around 15 million this last quarter, up 27% year over year. All told, podcasting accounts for 6% of the company’s revenue. Not too shabby. Finally,https://seekingalpha.com/pr/18894187-audacy-reports-second-quarter-results: “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%.” The company made a nice $69m from “digital,” which includes podcasting, and is up 18% year over year. Podcast downloads grew 40% year-over-year. Revenue from podcasts is supposedly in the upper teens of percentage growth, but Audacy didn’t give specifics. Even with the ad market head
Published on 2 years, 8 months ago