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MarketScreener Homepage  >  Equities  >  Nyse  >  Entercom Communications Corp.    ETM

ENTERCOM COMMUNICATIONS CORP.

(ETM)
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Entercom Communications : RADIO.COM Announces Continued Digital Audience Growth, Personalization and Mobile App Updates - Entercom Communications

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05/19/2020 | 11:56am EDT

PHILADELPHIA, PA -- Entercom, a leading media and entertainment company and the #1 creator of live, original, local audio content, announced continued double-digit audience growth for RADIO.COM, a leading digital audio and content platform that is the exclusive digital home for all Entercom content across its leading portfolio of over 230 stations, along with hundreds of affiliate stations, thousands of top podcasts, live and on-demand video, and premium content across local and national news, entertainment, music and sports in markets all across the U.S.

In an effort to super serve its growing audience, RADIO.COM launched a significant product update to its mobile app that drives content discovery through new personalized recommendation features to the platform. The update elevates the audio consumption experience by offering users a personalized homepage tailored with additional stations and podcasts based on listening habits. The enhanced experience will allow advertisers the opportunity to target listeners more precisely than ever before and serve more contextually relevant messages.

The platform has also added a new discovery experience where users can easily browse hundreds of radio stations and over 15,000 podcasts grouped by themes, category and location, as well as "City" pages for the top 25 U.S. markets that aggregate local news and sports content, local stations and relevant podcasts to the respective city.

Demand for RADIO.COM's premium audio content continued to grow and in March, time spent listening increased by 22% month-over-month, outpacing competitors in the market.1 The audio platform also delivered double-digit growth in total listening hours (TLH) for nine straight months continuing in April - the only publisher to do so - supporting the platform's continued growth and success across locations and devices and confirming the durability of digital audio's growth.

Other notable highlights include:

Entercom's portfolio of news and news talk stations are up 61% year-over-year in TLH, as audiences crave trusted information in these uncertain times

Despite altered schedules, audiences have carried their favorite stations with them and tuned in with greater intent as RADIO.COM smart speaker listening has increased 12% from pre-COVID times (weeks of 4/5 - 5/2 vs 2/2 - 2/292). Mobile listening is also up 2% as compared to before the crisis.3

COM music listening from Entercom's AM/FM stations is up 8% with smart speakers audio consumption up 96% year-over-year, as audiences streaming digitally seek comfort during these difficult times

This is particularly true for 93XRT (WXRT-FM) in Chicago, as the station's listening is up 16% from pre-COVID4

RADIO.COM Sports content is continuing to unite sports communities and keeping fans hooked; sports programming has seen an uptick despite no live games. In April, the NFL Draft served as a major attraction for the company's audience, driving sports listening up 17% year-over-year. The fans' enthusiasm around the NFL Draft was also reflected in RADIO.COM Rewind sessions, which increased 88%. NFL-related listening was strong across devices: smart speaker listening was up 73%, while mobile consumption saw a notable lift of 15%.5

RADIO.COM's robust performance was attractive for advertisers in a time when many brands struggle to reach and engage the right audience, with 40 million users staying connected through the platform's content. Compared to Q1 average, April sell-through rates and CPMs both increased significantly as advertisers connected with addressable audio listeners across platforms, bolstering their brands, driving traffic to their businesses and converting shoppers to buyers.

CONTACT:

Esther-Mireya Tejeda

Entercom

212-649-9686

Esther-Mireya.Tejeda@Entercom.com

@EntercomPR

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading audio and entertainment company engaging over 170 million consumers each month through its iconic broadcast brands, expansive digital platform, premium podcast network and live events and experiences. With presence in every major U.S. market, and accessible on every device, Entercom delivers the industry's most compelling live and on-demand content and experiences from voices and influencers its communities trust and love. The company's robust portfolio of assets and integrated solutions offer advertisers today's most engaged audiences through targeted reach, brand amplification and local activation-all at national scale. Entercom is the unrivaled leader in local radio sports and news and the #1 creator of live, original local audio content in the U.S. Learn more at www.entercom.com, Facebook and Twitter (@Entercom).

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1 Source: Triton Digital WCM, US M-Su 6a-12m, March 2020.

2 Source: Triton Digital WCM, Feb-May 2020.

3 Source: Triton WCM, April 2020.

4 Source: Triton WCM, April 2020.

5 Source: Triton WCM, Thu - Mon vs prior year Thu-Mon, April 2020.

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(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2020 1 113 M - -
Net income 2020 -19,0 M - -
Net Debt 2020 1 584 M - -
P/E ratio 2020 39,8x
Yield 2020 2,09%
Capitalization 330 M 330 M -
EV / Sales 2019
EV / Sales 2020 1,72x
Nbr of Employees 5 600
Free-Float 82,7%
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 2,00 $
Last Close Price 2,39 $
Spread / Highest target 46,4%
Spread / Average Target -16,3%
Spread / Lowest Target -58,2%
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NameTitle
David J. Field Chairman, President & Chief Executive Officer
Susan Larkin Chief Operating Officer
Richard J. Schmaeling Chief Financial Officer & Executive Vice President
Joseph M. Field Chairman-Emeritus
David J. Berkman Lead Independent Director
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