Top 20 Ranker. December 2016

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Top 20 Ranker December 2016 The Top 20 Ranker is a listing of the top performing digital audio publishers and networks measured by the MRC Accredited Webcast Metrics platform. It includes global and U.S. listening, as well as insights into listening trends.

December 2016 Digital Audio Insights & Trends Total weekday listening remains steady at 4.87 million in the U.S. 5,000,000 4,000,000 3,000,000 All measured clients within the U.S. reported a total of 4,879,472 Average Active Sessions (AAS) during the Monday through Friday 6:00am to 8:00pm daypart and 4,140,464 AAS during the Monday through Sunday 6:00AM to Midnight daypart. 2,000,000 1,000,000-2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 2010-Q3 2010-Q4 2011-Q1 2011-Q2 2011-Q3 2011-Q4 2012-Q1 2012-Q2 2012-Q3 2012-Q4 2013-Q1 2013-Q2 2013-Q3 2013-Q4 2014-Q1 2014-Q2 2014-Q3 2014-Q4 2015-Q1 2015-Q2 2015-Q3 2015-Q4 2016-Q1 2016-Q2 2016-Q3 2016-Q4 Weekday listening shows highest peak at 3:00pm. Midweek listening shows peak AAS occurring at 3:00pm in December 2016. On the weekend, listening shows peak AAS at 1:00pm before gradually declining throughout the evening. 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000-1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Time of Day Mon-Fri Sat-Sun

66.52% Holiday format shows largest gain at 66% increase. 18.55% When compared to November 2016, the Holiday format showed the largest listening gains with a 66.52 percent increase in AAS during the Monday through Friday 6:00am to 7:00pm daypart, followed by Adult Contemporary and Top 40 (CHR). 0.27% -6.12% -10.23% -11.53% -11.81% -17.97% -20.46% -26.37% Detroit market shows largest gain at 10.86% increase. 10.86% Looking at the Top 15 Markets as compared to November 2016, Detroit showed the largest listening gain with a 10.86 percent increase in AAS during the Monday through Friday 6:00am to 7:00pm daypart. 3.95% 3.89% 2.22% 1.00% 0.40% 0.04% -0.29% -0.31% -0.64% -1.28% -1.55% -1.95% -2.03% -2.52%

Total listening shows over 10% year-over-year growth. Total listening for all publishers showed positive listening gains when compared to December 2015, with a 10.28 percent increase in AAS during the Monday through Friday 6:00am to 8:00pm daypart, and 10.86 percent increase during the Monday through Sunday 6:00am to Midnight daypart. Year-Over-Year Listening For All 10.28% 10.86% 2015 2016 M-F 6A-8P M-S 6A-MID Year-Over-Year Listening for Pureplay 12.00% 12.87% 2015 2016 M-F 6A-8P M-S 6A-MID Year-Over-Year Listening for Broadcasters 2.32% 0.04% Decrease 2015 2016 M-F 6A-8P M-S 6A-MID

December 2016 Digital Audio Top 20 Ranker Triton Digital has released its monthly digital audio Top 20 Ranker for December 2016. The Ranker is a listing of the top-performing digital audio stations and networks measured by the Webcast Metrics audience measurement platform. Webcast Metrics uses a proprietary platform to track audience data and convert it to audience metrics that can be easily understood by stations, publishers and advertisers. Audience rankings are done on the basis of Average Active Sessions, with "Session Starts" and Average Time Spent Listening also displayed. Average Active Sessions (AAS) is defined as Total Listening Hours (TLH) divided by hours in the reported time period. TLH is defined as the total number of hours that the station/publisher has streamed during sessions with duration of at least one minute in total within the reported time period. Session Starts (SS) is defined as the number of different requests for streams (i.e., stream requests) with a duration of at least one minute in total within the reported time period. Average Time Spent Listening (ATSL) is defined as the average number of hours for each session with a duration of at least one minute in total within the reported time period. Calculated as total time spent listening divided by active sessions. Rankers are divided into Domestic and All Streams. The Domestic Ranker quantifies listening done inside the U.S. based on log-based information provided by the station, this report is not MRC accredited. The All Streams Ranker merely verifies the quantity of streams without qualifying where they are being consumed, and is MRC accredited. For more information on measurement collection and limitations, please view the Triton Description of Methodology available at: www.tritondigital.com/media/default/rankers/triton-digital-methodology.pdf If you have any further questions, please contact: Measurement@TritonDigital.com See December rankings below:

DECEMBER DOMESTIC RANKER (based on AAS) DAYPART 6:00am to 8:00pm, Monday through Friday Station Average Active Sessions Session Starts Average Time Spent Listening iheartmedia Network 1 1,031,911 496,401,248 0.63 1 Pandora Corporate 2,421,003 1,262,215,964 0.58 2 Spotify Corporate 1,568,424 1,215,811,518 0.39 3 iheartradio 417,273 256,716,441 0.49 4 NPR Member Stations 2 53,258 19,699,423 0.80 5 Cumulus Streaming Network 48,808 19,407,281 0.75 6 CBS Radio Inc. 44,623 17,235,845 0.77 7 AccuRadio 24,727 3,548,573 2.08 8 Entercom Communications Corp. 23,555 10,532,830 0.68 9 ESPN Radio Corporate 19,633 8,317,654 0.71 10 Univision 18,912 11,750,568 0.49 11 EMF Corporate 16,013 4,109,556 1.17 12 Beasley Broadcasting Corporate 3 14,987 5,438,510 0.83 13 Townsquare Media 11,945 2,880,240 1.24 14 Salem Communications 11,624 4,560,353 0.76 15 New York Public Radio 10,715 3,573,551 0.88 16 Hubbard Broadcasting 10,228 2,537,219 1.20 17 Emmis Communications 9,131 4,099,736 0.67 18 Radio One 8,875 3,913,165 0.68 19 Bonneville Corporate 7,338 2,911,958 0.76 20 Prisa Radio 5,807 2,871,124 0.60 Average Active Sessions (AAS): Total Listening Hours (TLH) divided by hours in the reported time period. TLH is defined as the total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total within the reported time period. Session Starts (SS): The number of different requests for streams (i.e., stream requests) with a duration of at least one minute in total within the reported time period. Average Time Spent Listening (ATSL): The average number of hours for each session with a duration of at least one minute in total within the reported time period. Calculated as total time spent listening divided by active sessions. Total Listening Hours (TLH): Total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total and any duration within the reported time period. Active Sessions (AS): Number of sessions that were active, with a duration of at least one minute in total and any duration within the reported time period. Note: Ranker data only includes clients that participate for the full month for which the ranker is being released 1 iheartmedia Network includes all iheartmedia owned streams and the streams related to network affiliations 2 Publisher experienced minor and varied data issues through the period 3 Beasley Broadcasting Corporate includes Greater Media Corporate In accordance with the Media Rating Council s Invalid Traffic Guidelines, the Triton Streaming Audio Ranker discloses gross received traffic versus net measured traffic. This is represented in Total Listening Hours (TLH) and Active Sessions (AS). The difference between gross received traffic and net measured traffic represents traffic that is excluded from processing as part of the measurement process, as noted below: Gross Total Listening Hours: 1,464,544,346 Net Total Listening Hours: 1,462,038,501 Gross Active Sessions: 2,922,416,710 Net Active Sessions: 2,917,708,694 % Filtered Total Listening Hours: 99.83% % Filtered Active Sessions: 99.84%

DECEMBER ALL STREAMS RANKER (based on AAS) DAYPART 6:00am to 8:00pm, Monday through Friday Station Average Active Sessions Session Starts Average Time Spent Listening iheartmedia Network 1 1,049,237 504,016,124 0.63 1 iheartradio 422,863 259,625,321 0.49 2 Prisa Radio 86,029 28,752,076 0.86 3 NPR Member Stations 2 59,289 21,768,040 0.81 4 Cumulus Streaming Network 50,587 19,884,955 0.76 5 CBS Radio Inc. 45,093 17,414,919 0.77 6 AccuRadio 39,342 5,789,885 1.97 7 Entercom Communications Corp. 24,393 10,835,485 0.69 8 ESPN Radio Corporate 20,469 8,666,652 0.71 9 Univision 19,978 12,259,327 0.50 10 Sky Radio B.V. 19,909 3,425,491 1.42 11 EMF Corporate 17,293 4,570,473 1.13 12 Beasley Broadcasting Corporate 3 15,364 5,571,197 0.83 13 Townsquare Media 12,637 3,046,416 1.24 14 Karnaval.com 12,429 7,552,685 0.47 15 Salem Communications 11,850 4,634,558 0.76 16 New York Public Radio 11,670 3,937,358 0.87 17 Hubbard Broadcasting 10,338 2,591,795 1.18 18 Emmis Communications 9,215 4,144,604 0.67 19 Radio One 8,931 3,938,287 0.68 20 Grupo Acir 8,496 2,771,294 0.93 Average Active Sessions (AAS): Total Listening Hours (TLH) divided by hours in the reported time period. TLH is defined as the total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total within the reported time period. Session Starts (SS): The number of different requests for streams (i.e., stream requests) with a duration of at least one minute in total within the reported time period. Average Time Spent Listening (ATSL): The average number of hours for each session with a duration of at least one minute in total within the reported time period. Calculated as total time spent listening divided by active sessions. Total Listening Hours (TLH): Total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total and any duration within the reported time period. Active Sessions (AS): Number of sessions that were active, with a duration of at least one minute in total and any duration within the reported time period. Note: Ranker data only includes clients that participate for the full month for which the ranker is being released 1 iheartmedia Network includes all iheartmedia owned streams and the streams related to network affiliations 2 Publisher experienced minor and varied data issues through the period 3 Beasley Broadcasting Corporate includes Greater Media Corporate In accordance with the Media Rating Council s Invalid Traffic Guidelines, the Triton Streaming Audio Ranker discloses gross received traffic versus net measured traffic. This is represented in Total Listening Hours (TLH) and Active Sessions (AS). The difference between gross received traffic and net measured traffic represents traffic that is excluded from processing as part of the measurement process, as noted below: Gross Total Listening Hours: 279,454,945 Net Total Listening Hours: 279,101,161 Gross Active Sessions: 445,048,125 Net Active Sessions: 444,661,248 % Filtered Total Listening Hours: 99.87% % Filtered Active Sessions: 99.91%

DECEMBER DOMESTIC RANKER (based on AAS) DAYPART 6:00am to 12:00am, Monday through Sunday Station Average Active Sessions Session Starts Average Time Spent Listening iheartmedia Network 1 705,675 654,224,756 0.59 1 Pandora Corporate 2,077,778 1,974,057,412 0.58 2 Spotify Corporate 1,440,341 1,988,407,961 0.40 3 iheartradio 310,650 372,544,336 0.46 4 NPR Member Stations 2 41,206 27,593,806 0.81 5 Cumulus Streaming Network 32,642 23,606,739 0.75 6 CBS Radio Inc. 31,049 21,573,854 0.78 7 AccuRadio 16,469 4,303,380 2.07 8 Entercom Communications Corp. 15,962 12,941,303 0.68 9 ESPN Radio Corporate 13,337 10,283,973 0.71 10 Univision 12,888 14,200,020 0.50 11 EMF Corporate 10,914 5,609,140 1.06 12 Beasley Broadcasting Corporate 3 9,931 6,583,529 0.82 13 New York Public Radio 8,339 4,940,275 0.90 14 Salem Communications 7,830 5,474,950 0.77 15 Townsquare Media 7,825 3,436,261 1.24 16 Hubbard Broadcasting 6,607 2,998,727 1.19 17 Emmis Communications 6,467 5,473,524 0.65 18 Radio One 5,832 4,789,841 0.66 19 Bonneville Corporate 4,891 3,572,803 0.75 20 Prisa Radio 4,163 3,729,198 0.61 Average Active Sessions (AAS): Total Listening Hours (TLH) divided by hours in the reported time period. TLH is defined as the total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total within the reported time period. Session Starts (SS): The number of different requests for streams (i.e., stream requests) with a duration of at least one minute in total within the reported time period. Average Time Spent Listening (ATSL): The average number of hours for each session with a duration of at least one minute in total within the reported time period. Calculated as total time spent listening divided by active sessions. Total Listening Hours (TLH): Total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total and any duration within the reported time period. Active Sessions (AS): Number of sessions that were active, with a duration of at least one minute in total and any duration within the reported time period. Note: Ranker data only includes clients that participate for the full month for which the ranker is being released 1 iheartmedia Network includes all iheartmedia owned streams and the streams related to network affiliations 2 Publisher experienced minor and varied data issues through the period 3 Beasley Broadcasting Corporate includes Greater Media Corporate In accordance with the Media Rating Council s Invalid Traffic Guidelines, the Triton Streaming Audio Ranker discloses gross received traffic versus net measured traffic. This is represented in Total Listening Hours (TLH) and Active Sessions (AS). The difference between gross received traffic and net measured traffic represents traffic that is excluded from processing as part of the measurement process, as noted below: Gross Total Listening Hours: 2,273,345,021 Net Total Listening Hours: 2,268,337,473 Gross Active Sessions: 4,559,096,008 Net Active Sessions: 4,550,255,524 % Filtered Total Listening Hours: 99.78% % Filtered Active Sessions: 99.81%

DECEMBER ALL STREAMS RANKER (based on AAS) DAYPART 6:00am to 12:00am, Monday through Sunday Station Average Active Sessions Session Starts Average Time Spent Listening iheartmedia Network 1 719,790 665,848,313 0.59 1 iheartradio 315,801 377,529,708 0.46 2 Prisa Radio 60,231 38,595,358 0.82 3 NPR Member Stations 2 46,668 31,003,534 0.81 4 Cumulus Streaming Network 34,170 24,333,432 0.76 5 CBS Radio Inc. 31,474 21,860,948 0.78 6 AccuRadio 28,420 7,761,496 1.93 7 Entercom Communications Corp. 16,645 13,400,400 0.69 8 Sky Radio B.V. 15,948 5,077,665 1.42 9 ESPN Radio Corporate 13,998 10,800,175 0.71 10 Univision 13,574 14,775,760 0.51 11 EMF Corporate 12,029 6,345,304 1.03 12 Karnaval.com 10,272 12,109,866 0.44 13 Beasley Broadcasting Corporate 3 10,229 6,772,441 0.83 14 New York Public Radio 9,189 5,521,242 0.89 15 Townsquare Media 8,398 3,690,019 1.23 16 Salem Communications 8,025 5,583,916 0.78 17 Hubbard Broadcasting 6,710 3,092,505 1.17 18 Emmis Communications 6,541 5,549,494 0.64 19 Radio One 5,879 4,828,653 0.66 20 Grupo Acir 5,655 3,531,041 0.88 Average Active Sessions (AAS): Total Listening Hours (TLH) divided by hours in the reported time period. TLH is defined as the total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total within the reported time period. Session Starts (SS): The number of different requests for streams (i.e., stream requests) with a duration of at least one minute in total within the reported time period. Average Time Spent Listening (ATSL): The average number of hours for each session with a duration of at least one minute in total within the reported time period. Calculated as total time spent listening divided by active sessions. Total Listening Hours (TLH): Total number of hours that the station/publisher has streamed during sessions with a duration of at least one minute in total and any duration within the reported time period. Active Sessions (AS): Number of sessions that were active, with a duration of at least one minute in total and any duration within the reported time period. Note: Ranker data only includes clients that participate for the full month for which the ranker is being released 1 iheartmedia Network includes all iheartmedia owned streams and the streams related to network affiliations 2 Publisher experienced minor and varied data issues through the period 3 Beasley Broadcasting Corporate includes Greater Media Corporate In accordance with the Media Rating Council s Invalid Traffic Guidelines, the Triton Streaming Audio Ranker discloses gross received traffic versus net measured traffic. This is represented in Total Listening Hours (TLH) and Active Sessions (AS). The difference between gross received traffic and net measured traffic represents traffic that is excluded from processing as part of the measurement process, as noted below: Gross Total Listening Hours: 368,796,903 Net Total Listening Hours: 368,199,363 Gross Active Sessions: 617,475,486 Net Active Sessions: 616,808,557 % Filtered Total Listening Hours: 99.84% % Filtered Active Sessions: 99.89%