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Shutterstock Expect broadcasters to report big growth this year as we emerge from the pandemic, but the context is everything. Radio stations were among the hardest hit entertainment companies in 2020, but they re battling back to recapture some of their losses. This was reflected in the first quarter 2021 earnings reports issued last week by iHeartMedia, Audacy (formerly Entercom, pronounced like “odyssey”) and Cumulus, the three largest radio companies in the U.S. For all the gains in digital radio and podcasts, the recovery of radio companies comes down to broadcast advertising, still the backbone of these increasingly diversified businesses. Unfortunately, broadcast radio isn’t close to full health. iHeartMedia’s broadcast radio revenue, which accounted for 50.7% of total revenue, was 47% greater than 2020 s second quarter, the pandemic’s low point, but still 22.3% below Q1 2020. Audacy s local and national broadcast advertising was down 24.2% year

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