iHeartMedia released its first quarter results Thursday, and the company showed a slight decrease in overall revenue.
During the first three months of 2024, the company secured revenue of $799 million, which is down 1.5%. When excluding political revenue, the company saw a decline of 2.5% during the quarter.
While overall revenue was down, digital revenue was up 7% to $239 million. Specifically, podcast revenue was up 18% to $91 million during the quarter.
“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,” said iHeartMedia Chairman and CEO Bob Pittman.
The company’s operating loss was down significantly compared year-over-year. In the first quarter of 2023, iHeartMedia lost $49 million. That figure dropped to $35 million during the first three months of 2024.
