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.”
news/talk KOGO-AM, talk KLSD-AM, sports talk KGB-AM, and five music brands. iHeartMedia San Diego market president Noreen Ippolito says, “We are so excited to welcome Taylor into our San Diego cluster. Her knowledge of the audio business and track record speak for themselves. We are eager for Taylor to bring her skill set and big ideas from Miami to an already incredible cluster of stations.”
Effect’s most popular personalities for a day full of live podcast tapings and informative discussions aimed at aspiring podcasters in the Black community. He says, “We are proud to return to Atlanta for the second year in a row to showcase the talent across our network, and some of the biggest shows in podcasting. Through culture-defining storytelling, unique brand partnerships, compelling panel discussions, special live podcast recordings and more, we are inviting everyone to experience the power of The Black Effect and the many ways Black creators are driving the culture forward.”
The fourth of four rounds of ratings data from Nielsen Audio’s January 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey covered January 4 – 31. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Milwaukee, iHeartMedia’s news/talk WISN adds 2.5 shares to finish with an 11.5 share (weekly, 6+ AQH share) good for its fifth straight month ranked #1, while Good Karma Brands’ crosstown news/talk WTMJ does not appear in this survey. (TALKERS has reached out to GKB for clarification.) In Nashville, Cumulus Media Group’s news/talk WWTN-FM rises 1.5 shares to finish with a 5.4 share that lifts it to the #6 rank, while iHeartMedia’s news/talk WLAC adds nine-tenths for a 2.1 share finish good for the #18 rank. In Providence, Cumulus Media Group’s news/talk WPRO-AM/WEAN-FM tacks on a full share to wrap the survey with a 6.9 share, lifting it to the #4 rank, while iHeartMedia’s news/talk WHJJ-AM is up two-tenths for a 1.0 share finish and the #13 rank. 
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.”
Jacksonville. Both stations will air the full slate of FOX Sports Radio programs. These format flips spell the end of the “Accion Radio Network” airing Spanish-language news/talk and information. iHeartMedia North Florida area president Paul Rogers says, “We remain fully committed to providing the best quality entertainment and information to the Hispanic residents on the First Coast and will continue to explore ways we can increase our impact there. The opportunity to return the FOX Sports brand to its original home on AM 930 in Jacksonville was simply too good to pass up. Its appeal cuts across and unites every segment of our community.”
reach 17% more voters.” The study references Pennsylvania Senator John Fetterman’s 2022 campaign, noting that it deployed radio to reach voters in Philadelphia and Pittsburgh. In doing so, it allocated 20% of media dollars to radio and generated a 10% lift from radio above the local TV campaign, amounting to 676,000 additional voters at no extra cost. Audacy SVP of strategy, partnerships and analytics Jon Blum says, “When campaigns activate a TV plan, they should activate a corresponding radio plan and incorporate it into the mix with TV. The portion of the population that isn’t reachable via TV could be the swing vote and what throws it over the top for a candidate.” Nielsen’s study noted that if a campaign moved 20% of ad spending to radio, the optimized media plan would connect with 15% more Democratic and Republican voters and 23% more unaffiliated voters. 
previously announced acquisition of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC has closed, and the company has received $101.4 million of proceeds related to its equity interest in BMI. iHeartMedia says it plans to use the proceeds for general corporate purposes, which may include the repayment of debt.
video stream in partnership with YouTube on the iHeartRadio Channel. Podcast fans help decide the winner of the Podcast of the Year by voting online at iHeartPodcastAwards.com now through February 18. This year’s nominees include “Crime Junkie,” “The Daily,” “My Favorite Murder,” “New Heights,” “Normal Gossip,” “On Purpose with Jay Shetty,” “The Retrievals,” “Scamanda,” “SmartLess” and “Wiser Than Me with Julia Louis-Dreyfus.” iHeartMedia Digital Audio Group CEO Conal Byrne says, “As the podcast industry continues to rapidly grow, this past year has clearly proven that podcasters are always innovating in the audio space and finding new ways to reach and engage new audiences. The nominees for the 2024 iHeartPodcast Awards reflect the results of honing that creativity and we’re thrilled to celebrate and once again empower these creators and elevate the podcast industry together live in person at SXSW.” 
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.
sales division. Farber was most recently an executive director in sales at The Walt Disney Company and ABC. iHeartMedia SVP of sales Joe Donnarumma says, “Nicole’s extensive expertise and Todd’s strategic acumen, paired with their 
proven leadership in navigating the Bay Area’s competitive landscape, make them ideally suited to lead our sales teams toward greater success.” iHM San Francisco region president AJ Punjabi adds, “Bringing Nicole and Todd on board reinforces our mission to innovate and excel. Their fresh approaches are key to elevating our position as a leader in the evolving landscape of audio and digital media.” 
The fourth of four rounds of ratings data from Nielsen Audio’s Holiday 2023 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey period covers December 7, 2023 – January 3, 2024. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Raleigh, iHeartMedia’s news/talk WTKK-FM falls a full share to finish with a 5.0 share (weekly, 6+ AQH share) that leaves it ranked #5, while Curtis Media’s news/talk WPTF loses two-tenths for a .6 share finish good for the #22 rank. In Milwaukee, iHeartMedia’s news/talk WISN sheds six-tenths to wrap the survey with a 9.0 share, but remains ranked #1 for the fourth consecutive survey, while Good Karma Brands’ news/talk WTMJ declines 1.2 shares for a 6.4 share finish that leaves it ranked #5. In Nashville, Cumulus Media’s news/talk WWTN-FM falls four-tenths to a 3.9 share good for the #12 rank, while iHeartMedia’s news/talk WLAC-AM dips three-tenths to a 1.2 share and remains ranked #19. 
Sundays from 9:00 am to 12:00 noon ET on more than 150 stations. Dr. Martin got his start in radio as a fill-in talk host on KFYI, Phoenix and for two decades he served as a full time iHeartMedia staffer. Radio America VP for affiliate marketing Steve Graham says, “We are excited to celebrate Dr. Bob’s anniversary in this highly competitive industry. The additional hour to Dr. Bob’s show will only enhance his presence. He has been a solid part of our lineup for decades. It’s exciting to continue and deepen our partnership with his program.”
Multimedia’s KNDK- AM/FM, Langdon and KXPO-AM/FM, Grafton, North Dakota add the program to their lineups. “The Joe Pags Show,” hosted by Joe Pagliarulo, is based at flagship WOAI, San Antonio where Pagliarulo and iHeartMedia recently signed an extension through 2026. The program is now heard on more than 170 markets across the country. Joe Pags comments, “I’m incredibly excited to welcome Tampa, Tucson and North Dakota listeners to the show to start off the 2024 presidential election year.”
become synonymous with insightful, spirited broadcasting. This contract is more than an agreement; it’s a promise of continued excellence and engagement with our beloved San Antonio community and the great state of Texas.” Pags’ program is nationally syndicated and is heard on more than 170 stations. He comments, “It has been an absolute honor to be on WOAI for 18 years now and I’m so thankful to continue talking with the great people of San Antonio and beyond for years to come! Growing with this community and with iHeart has been an incredible ride. Being on this station has given me the opportunity to reach the kind of national audiences I only dreamed would happen one day. I remain driven and motivated to produce the best show I can every day – and am thrilled it will continue from WOAI!”
national news and entertainment. The station will play host to nationally syndicated programs like “The Ramsey Show,” “The Michael Berry Show,” “The Joe Pags Show,” “Armstrong & Getty” and “Michael DelGiorno” as well as “Bloomberg Radio.” iHeartMedia Tampa Bay SVP of programming Tommy Chuck adds, “Tampa Bay is one of the fastest-growing communities in the United States. As the region’s economy continues to grow, we are pleased to offer programming tailored to the people making that happen. Around the clock, the programming will keep listeners informed on issues affecting their everyday lives and pocketbooks.”
real-time-bidding across iHeartMedia’s broadcast and digital audio inventory through a single activation channel. iHeartMedia chief data officer and president of revenue strategies Brian Kaminsky says, “With today’s consumers spending a third of their media time with audio, expanding programmatic’s access to iHeart’s audio assets is imperative for the industry. Not only are we expanding what role programmatic can play for advertisers, we are also improving the efficacy of their campaigns by allowing them to use real-time data to message their audience in the most engaging way possible, in an environment of trust and interest. We’re excited to expand our partnership with Magnite because they have proven expertise in programmatic and the ability to build technology fit for the unique needs of audio advertising to take its place in omnichannel.”
The awards “honor the best and most innovative industry podcasts and creators of 2023.” The ceremony will broadcast live on select iHeartMedia radio stations nationwide, through the iHeartRadio app and via a video stream in partnership with YouTube on iHeartRadio’s YouTube Channel. iHeartMedia Digital Audio Group CEO Conal Byrne comments, “Each year we look forward to celebrating the podcast industry’s most groundbreaking and innovative voices as the medium continues to evolve and explode. Over the past few years, SXSW has become a dynamic and effective setting for us to host many of our interactive podcast panels, discussions, and experiences. There’s no better location to bring this celebratory industry event back, live and in person, than Austin at South by Southwest.”