Covid clips Stingray revenues, but earnings stay positive

MONTREAL – Music distribution and radio company Stingray reported Tuesday first quarter 2021 revenues decreased 35% to $52.3 million compared to the first quarter of last year, primarily of course due to the impact of the Covid-19 pandemic. While the company did see some organic year-over-year growth in some sectors (such as subscription video on demand which saw an increase of 436,000 subscribers, an 18.6% jump), its Canadian broadcast radio revenues decreased 62.1% at its 104 Canadian radio stations. However, the company cut its quarterly operating costs by 43.8% to $28.3 million. It laid off approximately 90 employees during the...