iHeartMedia reported a notable increase in podcast revenue, which rose 8% in the second quarter compared to the same period last year, reaching $104.5 million. This growth contributed to a 10% rise in overall revenue for the digital audio group, which includes podcasting, totaling $286 million. Despite this, the company experienced a wider net loss this quarter compared to the previous year.
Overall consolidated revenue for iHeartMedia in Q2 increased by 1%, reaching $929 million, slightly surpassing the company’s guidance of remaining flat. When excluding political revenue, the company’s revenue remained stable. Multiplatform revenue, encompassing iHeartMedia’s broadcast radio networks and events business, fell by $20 million, or 3.4%, primarily due to a decline in broadcast advertising amid uncertain market conditions. This decline was partially offset by increases in non-cash trade revenues and political revenues.
iHeartMedia reported an operating loss of $910 million for Q2 2024, compared to $897 million in Q2 2023. This loss includes non-cash impairment charges of $920 million this quarter, compared to $961 million in Q2 2023.
Bob Pittman, chairman and CEO of iHeartMedia, highlighted the significance of this quarter’s results: “Our second quarter results mark the first time our consolidated revenues have increased year-over-year since Q4 2022. We continue to see strong momentum in our podcast business and our Digital ex. Podcast business, and we’ve observed sequential improvement in our Multiplatform Group’s year-over-year revenue performance. This performance underscores iHeartMedia’s robust audience base and the progress we are making in optimizing its monetization.”
Rich Bressler, president, COO, and CFO, added optimism for the future: “Our full-year 2024 political revenues are currently pacing about 20% higher than in the last presidential election cycle, which leads us to expect a record political year and significant year-over-year improvement in our full-year Adjusted EBITDA performance.”
iHeartMedia reported a notable increase in podcast revenue, which rose 8% in the second quarter compared to the same period last year, reaching $104.5 million. This growth contributed to a 10% rise in overall revenue for the digital audio group, which includes podcasting, totaling $286 million. Despite this, the company experienced a wider net loss this quarter compared to the previous year.
Overall consolidated revenue for iHeartMedia in Q2 increased by 1%, reaching $929 million, slightly surpassing the company’s guidance of remaining flat. When excluding political revenue, the company’s revenue remained stable. Multiplatform revenue, encompassing iHeartMedia’s broadcast radio networks and events business, fell by $20 million, or 3.4%, primarily due to a decline in broadcast advertising amid uncertain market conditions. This decline was partially offset by increases in non-cash trade revenues and political revenues.
iHeartMedia reported an operating loss of $910 million for Q2 2024, compared to $897 million in Q2 2023. This loss includes non-cash impairment charges of $920 million this quarter, compared to $961 million in Q2 2023.
Bob Pittman, chairman and CEO of iHeartMedia, highlighted the significance of this quarter’s results: “Our second quarter results mark the first time our consolidated revenues have increased year-over-year since Q4 2022. We continue to see strong momentum in our podcast business and our Digital ex. Podcast business, and we’ve observed sequential improvement in our Multiplatform Group’s year-over-year revenue performance. This performance underscores iHeartMedia’s robust audience base and the progress we are making in optimizing its monetization.”
Rich Bressler, president, COO, and CFO, added optimism for the future: “Our full-year 2024 political revenues are currently pacing about 20% higher than in the last presidential election cycle, which leads us to expect a record political year and significant year-over-year improvement in our full-year Adjusted EBITDA performance.”
