iHeartMedia Q2 Consolidated Revenue Up 1%
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.”
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.”
“Math & Magic: Stories from the Frontiers of Marketing with Bob Pittman,” in which he speaks with leaders, entrepreneurs and visionaries across music, film, live entertainment, marketing and more. The first episode of this season features Kellyn Kenny, AT&T’s chief marketing and growth officer, who has also served with such companies as Microsoft, Hilton, Capital One and Uber. 
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.”
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.”
podcast), and Audio & Media Services Group. In the Multiplatform Group, broadcast radio revenue was $455 million, down 6.1% year-over-year, and networks revenue was $116 million, a decline of 8.6%. In the Digital Audio Group, digital excluding podcast revenue was $165 million, an increase of 1.1%, while podcast revenue was $103 million, an increase of 12.5%, year-over-year. iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report that our third quarter results were at the high end of our Adjusted EBITDA and Revenue guidance ranges. Our Digital Audio Group’s performance reflects the strong flow-through characteristics of the business and Podcasting continues to be a strong growth engine for the Company; additionally, while the Multiplatform Group does continue to be impacted by advertising industry uncertainty, we’ve seen sequential gradual quarter to quarter improvement throughout the year and we remain confident that the Multiplatform Group will be an additional growth engine for the company as the advertising marketplace recovers.”
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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.”
HALF of all radio stations in the United States lose money – at least they did back in 1991. The NAB used to put out an annual report revealing how many radio stations were profitable. Usually half the stations in America lost money. Since consolidation, the NAB stopped putting out that report. It is reasonable to believe that far, far fewer stations lose money today. Shared costs, real estate, technical economies due to digital equipment versus analog all indicate that there must be fewer money-losing properties.
within the realm of the company going forward?” “How can radio remain true to its roots and mission as an audio medium and theater-of-the-mind without missing the opportunities provided in a multiplatform environment?” plus more. Pittman says that this is a “golden moment” for both radio and the larger field of audio in which it is and will remain a major player. He pointed out that “25% of iHeart’s stations do not play music” and that more and more shows on the company’s music stations are “actually talk shows that play little or no music at all.” He reaffirmed the company’s awareness that personality plays an important role in the presentation of music and it is its intention to pivot back in that direction. He candidly addressed the divide between the coastal elites who influence the direction of national media but are largely out of touch with the heartland and the rest of real America. 
segment’s total revenue was $223.4 million, up 4% over the same period in 2022. The company’s Multiplatform Group reports total revenue of $529 million (a decline of 7%) and that segment breaks down as follows: Broadcast Radio revenue was $383.2 million (down 7.7% from Q1 2022) and Networks reports revenue of $107.9 million (down 8.2% from Q1 of 2022). Chairman and CEO Bob Pittman comments, “We are pleased to report that our first quarter 2023 results were a bit above the high end of our Adjusted EBITDA and Revenue guidance ranges – and that more importantly, while both the macroeconomic climate and the advertising marketplace remain uncertain, the audio and digital advertising markets appeared to be stronger in the quarter than we had initially anticipated. We expect that our second quarter Adjusted EBITDA, while below 2022 levels, will be approximately double what we generated in the first quarter, and this, in combination with our Q1 first quarter performance relative to guidance, gives us confidence that our Adjusted EBITDA results will continue to improve throughout 2023, and that we will be well positioned to build further in 2024 in terms of revenue growth, profitability, and Free Cash Flow generation.”
executives up to date with industry trends, and making it easier for brands to use audio to reach the largest addressable audience of media executives in audio.” iHeartMedia Digital Audio Group CEO Conal Byrne says, “We know that marketers are hot on podcasts with the majority planning on increasing their advertising spend in audio this year. While marketers are spending more, they’re also listening for longer, which is why we wanted to create a network of podcasts specifically for their industry with content that inspires and educates. iHeartMedia’s B2B Podcast Network brings this highly strategic audience into focus and provides the platform brands need to access them authentically.” Podcasts included on the network is “Math and Magic: Stories from the Frontiers of Marketing,” hosted by iHeartMedia chairman and CEO Bob Pittman.
NOW POSTED: This Weekend’s Installment of “The Michael Harrison Wrap: An Overview of the National Conversation.” The latest installment of the one-hour weekend special, “The Michael Harrison Wrap,” that looks back each week at the hottest topics discussed in American talk media per the research of TALKERS, is now posted. This new episode titled “Juries & Judgements” looks back at this past week of 10/10-10/14. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERS; 
(Thursday, 10/27), a 2:00 pm webinar presentation of the findings from the fourth annual such report explores specific types of spoken-word content, various spoken word platforms, and devices used to consume spoken-word content. National Public Media vice president of sponsorship marketing Lamar Johnson and Edison Research vice president Megan Lazovick will take part in the live webinar. Among topics they will cover are: how spoken-word audio fits into this country’s overall landscape; how “Gen Z” listeners consume spoken-word audio; how daily spoken-word audio listeners consume audio; which devices and platforms are used to listen to spoken-word audio; and how podcasts continue to impact the growth of spoken-word audio. The report includes trending data from Edison Research’s “Share of Ear” study, which measures daily listening habits of Americans using a 24-hour diary.
Montgomery’s five-station cluster includes news/talk WLWI “News Radio 1440” and sports talk WMSP “Sports Radio 740.” Cumulus Media senior vice president of operations Mark Sullivan remarks, “I’m excited for Paula’s next leadership role in Montgomery, as she has been such a positive force in [our] company. I look forward to working alongside her as she continues her track record of delivering strong results.” Divello comments, “I’m grateful for the opportunity to lead Cumulus Montgomery [and look forward] to joining the team [there]. I look forward to working in collaboration with our great employees on our next chapter of growth and success, making a positive impact on our staff, listeners, and advertisers alike.” Divello joined Cumulus Media’s Shreveport (Louisiana) stations five years ago as director of sales. She previously had similar responsibilities for Townsquare Media Lufkin, Texas and was digital marketing manager and senior account executive for Raycom Media.
like that. I can’t understand [how] any human being would delight in torturing the parents of dead children. I don’t know how you live with yourself if that’s what you do every day.” The Connecticut Democrat called on top Republican and conservative leaders to publicly denounce Jones in the wake of Wednesday’s (10/12) jury verdict that the “Infowars” talk show host must pay nearly $1 billion to the families of children killed in the 2012 massacre at Sandy Hook Elementary School. From 2007 – 2013, Murphy represented the Connecticut district where Sandy Hook is located; he has a long relationship with the families of the victims. “I want the focus to be much more broadly than on Alex Jones,” Murphy commented. “I’m not going to change Alex Jones’ business model, but man, why aren’t there more Republicans out there condemning this guy? Why is he still invited to all of these conservative conferences until the political right decides that these conspiracy theorists, these Sandy Hook harassers, are going to be purged from the right? Somebody will replace Alex Jones, because there’s a market there for it. So the culpability here is on Jones, but it is also much more broadly on the Republican Party that continues to celebrate Alex Jones.” In 2015, – three years after the Sandy Hook killings – then-presidential candidate Donald Trump appeared on “Infowars” and praised Jones’ “amazing” reputation.
Sex! with Lila” premiered yesterday (10/13). The series explores intimacy of all kinds through a sex-positive talk show on timely, tender and taboo topics. According to Donnolo, “As a society, we’ve become aware – more than ever before – of just how much we need intimacy in order to thrive. Most of us were indoctrinated with sexual shame, and this shame is detrimental to all aspects of our lives. The world desperately needs sex-positivity now. That’s why I’m so incredibly delighted to have iHeartRadio in my corner. iHeartRadio has given me a global megaphone: To paraphrase my psychiatrist friend, I’m so excited for the world to get to hear these perspectives.” Donnolo will host a multitude of episode formats including editorialized segments; “on-the-street” style interviews; intimate one-on-one conversations; and “kiss-and-tell” storytelling. Her five-year “Horizontal with Lila” podcast of conversations about sex, love, and relationships, which concluded earlier this year, was entirely recorded while she was lying down.
Broadcasting Foundation. Hosted by ABC News “Nightline” co-anchor Juju Chang, LABF’s annual “Giants of Broadcasting & Electronic Arts” luncheon ceremony at New York’s Gotham Hall will be produced by the International Radio and Television Society Foundation. In addition to Pittman and Walters, this year’s “Giants of Broadcasting & Electronics Arts” honorees are: TV chef Julia Child (honored posthumously); Standard Media Group chief executive officer Deb McDermott; CBS Sports chair Sean McManus; multi-award winning actress S. Epatha Merkerson; E.W. Scripps president/chief executive officer Adam Symson; ; recently-retired NBC News justice correspondent Pete Williams; and CNN anchor/Washington Post columnist Fareed Zakaria. The LABF event honors creators, innovators, performers and journalists who have left an indelible mark on the field of electronic arts. Proceeds from the luncheon support the work of LABF, which includes the Library of American Broadcasting, housed at the University of Maryland.
Wyoming PBS Foundation president Rubydee Calvert is elected vice chair. Ross comments, “It’s an honor and a privilege to work with my fellow board members; CPB’s leadership and staff; and our public media colleagues in support of our mission to serve the American people in communities across the country. As a result of our combined efforts, Americans of all backgrounds support the content and services of public media.” Ross has been CPB’s vice chair since 2020 and has been on the board since 2018. Four-year board member Calvert adds, “I second Laura’s statement of commitment to the outstanding work of CPB and its support of the mission of public media. I want to thank my fellow board members and the superb CPB staff for their dedicated service to public media.”
FOX News Media Seeks Freelance Radio Anchor. This onsite position in either Los Angeles, Chicago or New York is a freelance radio anchor for the FOX News Audio family as on-air talent for FOX News Radio Network/FOX News Headlines 24/7 Sirius XM Channel 115. In this position, you will work under tight deadlines and deliver top-notch newscasts. You have a passion for breaking news and the flexibility to work on a day’s notice. Learn more about this position 
