Tag: AM/FM radio stations

iHeartMedia reports operating results for the second quarter of 2024 and reveals consolidated revenue of $929 million, an increase of 1% over the same period on 2023. iHeartMedia reports its business in three segments. The Multiplatform Group – which includes its AM/FM radio stations – achieved revenue of $575.9 million – a decline of 3.4% over the same period in 2023. The Digital Audio Group’s revenue was $285.6 million – an increase of 9.5% over Q2 of 2023. The Audio & Media Services Group revenue was $70 million – an increase of 6.5% over the second quarter of 2023. iHeartMedia chairman and CEO Bob Pittman comments, “Our second quarter results mark the first quarter that our consolidated revenues increased year-over-year since Q4 2022. We continue to see strong momentum in our podcast business, our Digital ex. Podcast business, and have seen sequential improvement of our Multiplatform Group’s year-over-year revenue performance. This performance is built on iHeartMedia’s strong and unparalleled audience and demonstrates the progress we are making in maximizing the monetization of it.” Company COO and CFO Rich Bressler adds, “We continue to see signs of improvement throughout our business and the broader advertising marketplace, and our second quarter 2024 results were in line with, and in the cases of revenue, slightly above guidance. Our high-growth Digital Audio Group revenues were up 10% year over year, and represented 31% of our company’s revenues, and our Multiplatform Group revenues exceeded our previously provided guidance. Our full year 2024 political revenues are currently pacing approximately 20% higher than the last presidential election cycle, which gives us confidence that this will be a record political year for us, and we expect to see a significant year-over-year improvement in our full year Adjusted EBITDA performance.”