Total radio revenue for HT&E's ARN jumped 5% in the March quarter.
The rise was driven by strong growth in regional (up 9%), with metro revenue in line with market (up 3%).
In a rrading update at the company's AGM, HT&E told shareholders total radio revenues for the June quarter are pacing well.
April finishing ahead 9% and May is on track for double digit increases, as metro markets return to strong growth.
The update: "Encouragingly, Q2 national revenues onto regional are pacing to exceed 10% growth, providing a level of confidence around revenue synergy targets of $6m-$8m identified for 2022, subject to market conditions.
"Q1 digital billings finished up 50%. Against strengthening comparatives, Q2 digital billings are pacing to finish ~60% ahead of the prior comparative period."
CEO Ciaran Davis, said: “We are also determined to capitalise on our already strong market position and realise future returns for shareholders through our investments in the booming world of digital audio.
"In 2022, we are investing an additional $8-9 million and are confident our digital audio strategy will be profitable in 3 years. “In podcasting, will be investing to increase our slate of original content and build a commercial offering capable of driving meaningful revenue growth.
“Live streaming of radio on digital platforms has accelerated during Covid with 66% of the population now listening on the device of their choice.
"We will be investing in the iHeartRadio brand, building our 1st party data, and encouraging our audiences to listen live on the platform.
“And finally, we have recently relaunched our Sydney station, The Edge, as new national youth culture brand called Cada. Targeting the 3.4 million lucrative, but elusive, 15-29 year old Australian demographic, Cada is building a new model for digital audio and content creation.
“Championing one of the most popular genres of music in Australia – Hip Hop and R and B - a space untouched by other commercial media, Cada will build an audience on the platforms in which these audiences are engaged – social media, Youtube, podcasts etc and generate revenues via advertising and partnerships. It will also act as an incubator for new talent and the building of valuable new digital media formats.”
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