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.”
President, will also become a Region Division president. In addition, Nick Gnau, formerly a Community Division president, will become a Metro Division president, and Shosh Abromovich and Dan Lankford will add Nick’s former Markets to their responsibilities as the Community Division presidents. Amy Leimbach, who served as senior vice president of sales for Austin, Dallas and San Antonio, will become president of those Markets. The company also announces changes that will enable it to increase its focus on a number of high-growth opportunities. Kevin LeGrett, president of the iHeart Sports Network, makes the transition from his role as division president of Los Angeles to now focus exclusively on leading and growing the company’s leading Political and Sports platforms. Additionally, Tony Coles, president of BIN: Black Information Network, now leads all multicultural efforts as the president of multi-cultural business and development. The new division presidents will report directly to Hartley Adkins, president of the iHeartMedia Markets Group, and Coles and LeGrett, as well as Adkins, will report to Rich Bressler, iHeart’s president, COO and CFO and CEO of the iHeartMedia Multi Platform Group. The company will be making this transition over the next few weeks.