1 of 1- RadioActive
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Stingray's Profits Go Boom
Stingray, the giant radio company that owns Boom 97.3 here, is in rough shape, like many of its competitors. It's all thanks to the COVID crisis.
"Radio revenues decreased by 62 per cent, while broadcasting and commercial music revenues were down by 3.7 per cent in the quarter."
62%? Yikes!
Stingray reports lower Q1 revenue, earnings as pandemic hits radio business
- John D
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Re: Stingray's Profits Go Boom
I have to say that I really love the Stingray app. I love the diversity. It is weird though that my wife can get a channel on her app called Classical Calm and I can't get it. Doesn't make sense. However channels dedicated to instrumentals of the 60's to 50's singers and The British Invasion of the 60'. I could go on. Thank you Stingray. My only wish is that I could talk to them. I read that only if your a business can you get in touch with them.
Last edited by John D (August 5, 2020 8:34 am)
- markow202
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Re: Stingray's Profits Go Boom
Absolutely love Stingray and their channels and app. I hope they dont go belly-up!.
- rawkgurl
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Is anyone really shocked that radio profits went down? I remember it being a ghost town here where I live. Sounds like "pandemic fatigue here"
- RadioAaron
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rawkgurl wrote:
Is anyone really shocked that radio profits went down? I remember it being a ghost town here where I live. Sounds like "pandemic fatigue here"
It's brutal. When businesses have to cut back, marketing is usually the first to go. Stingray might be the first public numbers we've seen for radio, but they're not an outlier.
- Radiowiz
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Absolutely love Stingray and their channels and app. I hope they dont go belly-up!.
The CEO expects "rapid growth".
If this is true, Stingray is not going away any time soon...
Rapid growth as COVID's impact fades, new services unfold:
Last edited by Radiowiz (August 5, 2020 11:39 pm)
RadioWiz & RadioQuiz are NOT the same person.
RadioWiz & THE Wiz are NOT the same person.
- RadioActive
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Re: Stingray's Profits Go Boom
It's not just Stingray. Bell is getting wrung by the COVID effect as well. From the Financial Post:
"...revenue in the company’s media division was down by 31.2 per cent as ad revenue dropped and many customers trimmed their packages to save money...
"All three of Canada’s big telecom players reported tough financial results due to the pandemic, but BCE had the biggest hit to profit.
"Rogers Communications Inc.’s net income was down 53 per cent and Telus Corp.’s net income was down 39.4 per cent, compared to Bell’s 64 per cent decline."
Still, I'm pretty sure there are no tag days in the future for any of them. It's the potential for more layoffs that worries me.
BCE profit plunges 64% on COVID-19 economic turmoil and lower TV revenue
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