Industry News

iHeartMedia Second Quarter Revenue Down 3.6%

Reporting its operating results for the second quarter of 2023, iHeartMedia reveals net revenue of $920 million, a decline of 3.6% over the same period in 2022. The company reports an operating loss of $897 million compared to the operating income of $82.9 million it reported in Q2 of 2022. After posting a net income of $15.1 million in the second quarter of 2022, the company reports a net loss of $882.9 million in Q2 of 2023. Looking atim iHeartMedia’s financial by segment, broadcast radio revenue was $429 million, a decline of 7.2% over Q2 of 2022. Network radio was $122 million (down 4.2%), digital revenue (excluding podcast) was $164 million (down 1.6%), and podcasting revenue was $96.7 million (up 12.9%). iHeartMedia chairman and CEO Bob Pittman says, “We are pleased to report that our second quarter 2023 results reflected Adjusted EBITDA slightly above the midpoint of the guidance range, and more than double the Adjusted EBITDA we generated in the first quarter, and our consolidated revenue were above the guidance range. The continued positive performance of our Digital Audio Group, led by our Podcasting business, and the significantly improved relative performance of our Multiplatform Group during this soft advertising period, are encouraging metrics for us, and we’re seeing indications of improving macroeconomic trends which we expect to have a positive impact for us in the second half of the year, with most of that impact in Q4.”