iHeartMedia has released its 2nd quarter financial results, and the company reported a slight revenue increase during the window.
In total, the company’s revenue was $934 million during April, May, and June. That figure represents a 0.5% increase compared to the same quarter in 2024.
When political advertising is excluded, the company’s revenue grew 1.5% year-over-year.
The Digital Audio Group for iHeartMedia saw 13% growth, up to $324 million. Podcast revenue specifically grew 28% to $134 million. The company’s digital revenue outside of the podcasting space was up to $190 million during the quarter. That is a year-over-year increase of 5%.
The Multiplatform Group revenue — which encompasses the company’s radio stations — was down 5% to $545 million in total revenue. That figure remained the same when political advertising was excluded.
“Our second quarter performance was solid and slightly ahead of our initial expectations, with our Q2 adjusted EBITDA of $156 million at the upper end of our previously provided guidance range and 4% above prior year and our consolidated revenue for the quarter was above our guidance range, up 0.5% above prior year,” said iHeartMedia Chairman and CEO Bob Pittman.
“We continue to make progress on our ad tech platform, specifically building the capabilities to allow our broadcast radio inventory to be bought and sold like digital advertising, and to be a part of the key integrated buying systems,” continued Pittman. “And today, we announced that Lisa Coffey is joining the company in the newly-created role of Chief Business Officer to drive those efforts. Lisa has a long history in ad tech, and digital and mobile advertising, including leading the team that introduced Amazon Advertising to the U.S. Agency Marketplace.”
“In the second quarter, the Digital Audio Group’s revenues were $324 million, up 13.4% year over year, slightly above our guidance, and the Digital Audio Group’s Adjusted EBITDA was $108 million, up 17.1% year over year,” added iHeartMedia President, COO, and CFO Rich Bresler. “The Multiplatform Group’s revenue was $545 million, down 5.4% compared to prior year, at the higher end of our guidance range, and Adjusted EBITDA was $96 million, down 7.6% from the prior quarter. We are still on track to our previously announced modernization initiatives, which will generate net savings of $150 million in 2025 when compared to 2024.”
The company’s Adjusted EBITDA was $156 million at the quarter’s conclusion, compared to $150 million in the same window in 2024.
Additionally, the company’s GAAP operating income was $35 million, compared to a GAAP operating loss of $910 million in last year’s second quarter.
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