iHeartMedia has revealed its first-quarter financial figures. The company was one of the rare radio groups that reported a revenue increase.
During the quarter, iHeart saw a 1% increase in revenue compared to the same window last year, up to $807 million. The biggest driver of that revenue increase was digital audio, as that sector increased by $38.3 million during the quarter. That figure represents growth of 16% compared to the first quarter of 2024. Digital Audio revenue accounted for $277 million, with podcast revenue equaling $116 million of that figure.
The company’s Multiplatform Group saw a decrease of 4.2% — $20.5 million — during the quarter, while its Audio & Media Services division also saw a reduction of 14.2%, down $9.8 million during the first quarter.
“We are pleased with our Q1 results given the uncertain environment in which we are operating now, and we think these results demonstrate the resilience and relevance of our products and the tremendous growth opportunity we have with our podcast business in particular,” said CEO Bob Pittman.
iHeartMedia reported an Adjusted EBITDA of $105 million, which is flat compared to the first quarter of last year. Operating expenses decreased during the quarter. However, the company reported a net loss of $281 million due to a $135 million income tax expense. The company reported $168 million in cash at the end of the quarter, $559 million in total available liquidity, and a net debt of $4.6 billion.
“In the first quarter, we generated Adjusted EBITDA of $105 million, flat to prior year, consistent with our previously provided guidance, and our consolidated revenues for the quarter were up 1.0% compared to the prior-year quarter, above our guidance of down low-single digits, driven by the Digital Audio Group revenues and Adjusted EBITDA growth of 16% and 28% respectively,” iHeartMedai President, COO, and CFO Rich Bressler said.
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