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Stingray Reports Third Quarter 2021 Results
Stingray Group Inc.February 3, 2021 GMT
Third Quarter Highlights
Revenues decreased 10.8% to $72.6 million from $81.3 million, primarily due to the impact of the COVID-19 pandemic on Radio revenues
Broadcasting and Commercial Music revenues increased 0.7% and Radio revenues decreased 21.8%, beating the Canadian Radio market in most comparable measures
Marked organic growth of 6.3% in Broadcast and Recurring Commercial Music revenues(1) excluding the impact of foreign exchange and impressive organic growth of 13.7% in the United States
Operating expenses materially decreased by 20.7% to $40.6 million from $51.2 million