Both ARN and SCA saw revenue drops for Q1, but are predicting growth heading into Q2.
For SCA, revenue was down 4.3 per cent compared to the same period last year, improving on predicted rates of a six to eight per cent loss.
Their full year EBITDA is now forecast as $118 million to $125 million, while their net debt forecast is $55 million to $65 million.
For ARN, owned by HT&E, revenues were down by 2.5 per cent as compared to the same period last year, while April revenues were up 53 per cent as compared to the same period last year.
The company has said that they are anticipating more growth in Q2.
According to HT&E’s CEO and MD Ciaran Davis (pictured), their “operations have emerged from 2020 in better shape and we are encouraged that this momentum is continuing in 2021.”
He also said that, “ARN’s radio revenue was down 21 per cent, while the overall market was down 25.2 per cent. Additionally, digital audio revenues were up 122 per cent on a like basis and we saw good momentum in podcasting and streaming revenues.”
The podcast side of HT&E was particularly successful as Q1 increased over 180 per cent compared to last quarter. Davis predicted a doubling of podcast revenues in 2021.
“The iHeartRadio platform is another point of difference for us in the radio market with an active unique audience approaching 1 million and total registered users approaching 2 million.”
