iHeartMedia Q4 2023 Revenue Down 5.25%
iHeartMedia reports its operating results for the fourth quarter of 2023 and for the full year of 2023. The company’s consolidated revenue for Q4 of 2023 was $1.06 billion, a decline of 5.25% from Q4 of 2022. The company reports net income of $13.9 million during Q4 of 2023. For the full year of 2023, revenue was $3.75 billion, a decline of 4.1% from the full year of 2022. iHeartMedia reports a net loss of $1.1 billion for the full year of 2023 compared to the net loss of $262.6 million it reported for the full year of
2022. iHeartMedia breaks down its operations into segments and here’s what it reports for the full year of 2023: Broadcast Radio revenue was $1.75 billion (down 7% from 2022), Networks revenue was $466 million (down 7.3%), Podcast revenue was $407.8 million (up 13.8%), and Digital (excluding Podcast) revenue was $661 million (basically flat). iHeartMedia chairman and CEO Bob Pittman states, “We’re pleased to report that our fourth quarter results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. This quarter the Digital Audio Group achieved the highest Adjusted EBITDA and margin in its history, illustrating the success of this high growth business. We view 2024 as a recovery year in which the company returns to growth mode – we expect to see our Multiplatform Group performance improve quarter by quarter throughout the year, and we expect our Digital Audio Group, including our industry leading podcast business, to continue to grow and reinforce its leadership position in the segment.”
devotion to Internet radio broadcasting, we are launching ‘The Mike Church Show’ into terrestrial radio syndication! The launch date of ‘The Mike Church Show’ will be March 1 and the show will begin its repatriation of AM/FM radio in Atlanta, Georgia’s #7 U.S. radio market on WXKG “The King”! Church adds, “We’ve always known that terrestrial radio was going to play a part in our industry leading development of Internet radio, we just didn’t know in what way. Over the last two years, that role began to materialize with the dearth of quality talk shows and the opportunities to fill that gap left by the wrecking ball that was consolidation’s march through local radio properties.” The program airs live from 7:00 am to 10:00 am ET. 
solidifying our confidence that a large number of AM/FM streaming listeners are willing to pay a subscription to avoid commercials while listening to their favorite stations. The challenge now becomes how to grow the free tier user base in the most cost-efficient manner possible to increase our pool of potential subscribers. The Radio FM acquisition allows us to acquire 4.6 million retained users at a customer acquisition cost (CAC) that is approximately 70% lower than the cost to acquire a free tier user through our direct marketing methods.”
Are you a sales curmudgeon? You know, that old-school, out-of-touch terrestrial radio ad sales rep who is too lazy to learn the new digital/social media sales world?
Paul Anderson says, “We are beyond fortunate to have Scott as part of the Workhouse family. Scott is a smart, disruptive thinker whose background and entrepreneurial drive make him the perfect person to lead our new sports vertical.” Workhouse EVP John McConnell adds, “I’ve worked alongside and across the table from Scott for 30 years. He is a best-in-class executive and is perfectly positioned in this role.” McCarthy says, “I could not be more excited or honored to be joining the Workhouse Media team and getting the opportunity to work alongside Paul, John, and 
president and Sara Morris is elevated to vice president of government affairs. Pigue joins iHeartMedia following seven years advising U.S. Senator Dan Sullivan (R-AK) on technology, telecommunications, consumer protection, finance, banking, budget, tax, health care and judiciary policy issues. Gonzalez most recently served as deputy director of scheduling and assistant to the chief of staff for Senator Jon Ossoff (D-Georgia). iHeartMedia chairman and CEO Bob Pittman states, “Our company is deeply appreciative of iHeartMedia’s Government Affairs team and their hard work on behalf of our company as well as on issues of critical importance to the broadcast radio industry. I congratulate Jessica and Sara on their promotions, and welcome David and Sophia to the iHeart team.”
January 2024 PPM Data – Information for the January 2024 survey period (January 4 – January 31) has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.
When reviewing our industry’s awards such as the Crystals or Marconis there are two categories missing. They are: “Best New” and “Best Innovation.” Imagine if winners were announced for these prizes:
January 2024 PPM Data – Information for the January 2024 ratings period (January 4 – January 31) has been released for New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union (New Jersey).
Have we passed the disappointment of 2023?
“He arrived in the area in 1986, and in 1994, he helped launch WDFN ‘The Fan.’ In the late 1990s, he teamed with Bob Wojnowski for the ‘Stoney and Wojo Show,’ that made Stone a household name for decades to come.” Stone told his listeners, “I am somewhat sad that I will not be on the air every day. But I know that sadness ends when there’s no fricking alarm at 4:30 in the morning.” 
Post says it confirmed the report with Audacy and the company added, “The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business.” The story cites an insider close to the situation who is a Republican saying he believes its “possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election.” 
challenges. The mix of diverse and insightful voices on this year’s boards will continue the important work of prioritizing recognition, connection and education of women across all facets of media.” The officer roles include: Katina Arnold, chair, VP, corporate communications, ESPN; Monica Bloom, incoming/vice chair, chief marketing officer, MHz Choice | Topic Streaming; Annie Howell, immediate past chair, chief communications officer, Hallmark Media; Catherine Badalamente, treasurer, president & CEO, Graham Media Group; and Marie Tedesco, treasurer-elect, CFO, Beasley Broadcast Group. New to the board of directors are: Isabel Lara, chief communications officer, NPR; Jaclyn Levin, president, Shriver Media and founder, Liminal Space Media; Christine Moran, head of creator partnerships, Electrify Video Partners; and Debra O’Connell, president, news group and networks, Disney Entertainment. 
Super Bowl LVIII could have been the best ever.
Shelley says, “It is our sacred duty to promote, protect and defend the First Amendment, which makes journalism the only vocation specifically protected in our Constitution. The individuals represented in this group of recipients embody the spirit of such journalism. And their work reminds us why it is so important to defend the First Amendment each and every day.” The honorees include: Gio Benitez, ABC News; Lauren Chooljian, New Hampshire Public Radio; Ingrid Ciprián-Matthews, CBS News; Evan Gershkovich, Wall Street Journal; Dylan Lyons, Spectrum News 13 “Citation of Courage”; Joan
its inception in 2010. Cook told his listeners, “It’s been a blast with you guys.” Cook is also a sportswriter for the Pittsburgh Post-Gazette. He’ll leave that position after his last column appears on Sunday. Audacy Pittsburgh SVP and market manager Michael Spacciapolli comments, “From the first day ‘93.7 The Fan’ signed on the air, Ron brought instant credibility to the station with, not only with reputation as one of the top columnists in the market, but also a trusted voice that sports fans wanted to hear from. That is a rare combination, and to this day we are fortunate that Ron was here with us from the beginning.” 
RAB in 2000 to help create databases and programming as RAB.com was emerging on the internet. Since then, she has designed RAB’s proprietary systems touching nearly every aspect of RAB services and operations including, RAB’s CRM product Account Manager, GoCart (RAB’s e-commerce platform), training and education management platform and Radio Mercury Awards’ database and entry platform. Promoted in July 2023, Madison Wright is the director of events and communications for RAB, intertwining her passions for public relations, social media and creating “memory-making moments” with her love for radio. RAB president and CEO Erica Farber states, “RAB is proud and delighted to promote all three dedicated and accomplished team members. I am truly excited to see how they will continue to grow professionally and super serve RAB’s membership.”
appointed to the National Association of Broadcasters Radio Board of Directors by Radio Board chair Collin Jones. Berge started her career in the broadcast industry in 2011 as an account executive for iHeartMedia in Eau Claire. She was named SVP of sales in 2018, before assuming her current role as market president. Berge assumes the board seat of Joel McCrae.
I’m no expert, but I do have a theory.
NO ONE has done more to elevate the status and improve the working conditions of on-air talent as much as Howard Stern.
One’s WFNI, Indianapolis “The Fan.” After leaving “The Fan,” Dakich began hosting a late morning program streamed on the Outkick Network. Cumulus Indianapolis VP and market manager Darlene Park says, “Indiana’s very own Dan Dakich returns to the airwaves as opinionated as ever and ready to break down all things sports on ‘Indy’s Sports Ticket 1430 AM’ every weekday from 12:00 noon to 3:00 pm. He is an Indiana sports legend, and we are so excited he is bringing his game to our team.” Dakich comments, “Couldn’t be more thrilled to join the fantastic team at ‘Indy’s Sports Ticket 1430 AM.’ The state of Indiana and I have had a lifetime love affair that extends way beyond sports and sharing that daily is going to, once again, be a blast! Can’t wait to get started as we build ‘Indy’s Sports Ticket 1430 AM’ into Indy’s go-to home for all things sports.”
Avoid THE most-common mistake I hear in promos for talk stations’ weekend ask-the-expert shows: Opening with the Close.
Kinkead and talking about Audacy’s impending bankruptcy. Kinkead reports that Audacy executives weren’t happy with Marks broaching the subject and consequently fired him from the CBS Sports Radio position. Marks told Kinkead, “I am no longer doing CBS Sports Radio because I was terminated by the company following the interview with you…. I wanted to be honest and candid about it. I didn’t rip the company. I wasn’t killing the company. I was very fair and spoke very highly of everybody that worked at WIP, and I wasn’t blaming Audacy (like) it was their fault, I was just talking about the financials of being in the radio business today…” 
Acknowledging that this publication is fiercely non-partisan and that I – in my role as a broadcaster – am basically the same, I offer the following, not as a political opinion piece, but rather a personal observation based on experience that might shed light on the deeper nature of a large segment of the American population prone to listen to talk radio.