iHeartMedia reports that its revenue for the first quarter of 2024 was $799 million, a decline of 1.5% from the same period in 2023, and in line with the company’s guidance. The company posts a net loss of $18.1 million, a dramatic reduction from the $222 million loss it reported in Q1 of 2023. The company’s Broadcast Radio segment revenue was $359.3 million, a decline of 6.2% from Q1 2023 and networks
revenue was $102 million, down 5.5% from the same period a year ago. The company’s Digital Audio Group revenue was $239 million, up 7% over Q1 2023. Breaking that segment down, Digital (excluding Podcast) revenue was $148.3 million (up 1.2%), and Podcast revenue was $90.6 million (up 18%). iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever. Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”
