iHeartMedia delivered stronger revenue growth in the second quarter as digital audio and podcasting continued to drive results. The company also highlighted new opportunities in video podcasting across major streaming platforms.
What We Know: iHeartMedia reported second-quarter revenue of $977 million, up 4.7% from the same period last year. The company saw its strongest growth in digital audio and podcasting, while its Multiplatform Group declined. Meanwhile, operating income remained essentially flat, and Adjusted EBITDA fell modestly. iHeartMedia also pointed to its expanding video podcast strategy, including recently announced distribution relationships with Netflix and Disney’s Hulu.
What the Numbers Show:
| Metric | Q2 Result | Change |
|---|---|---|
| Total Revenue | $977 million | 🟢 ↑ 4.7% |
| Digital Audio Group Revenue | $364 million | 🟢 ↑ 12% |
| Podcast Revenue | $162 million | 🟢 ↑ 21% |
| Multiplatform Group Revenue | $536 million | 🔴 ↓ 2% |
| Operating Income | $36 million | 🟢 ↑ 0.4% |
| Adjusted EBITDA | $152 million | 🔴 ↓ 2.9% |
What They Said: “We’re pleased with our second quarter results, generating Adjusted EBITDA of $152 million, slightly above the midpoint of our previously provided guidance range. Our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter and above our guidance. Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the #1 podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace – an incremental growth opportunity for us, including on streaming video services including Netflix and Disney’s Hulu, which we announced today. And our work in building our digital assets continues to pay off; this is the sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA.” -CEO Bob Pittman
What It Means: iHeartMedia’s results reinforce the company’s shift toward digital audio and podcasting. At the same time, traditional broadcast remains important to its strategy. Now, the company sees video podcasting as another avenue for growth. If that marketplace expands, iHeartMedia could leverage its podcast scale and broadcast reach to compete for audiences across streaming platforms.
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Iheart!! Bragging out how much money you are making, yet you continue to let go of your best assests and talent! What is wrong with you, Iheart Radio? Now you “lay-off Intern John, Sos, Eric & Hoody…wtf you can’t say you can’t afford A, B, C and lay-offs are your only solution, out of one side of your mouth and then out of other side of your mouth talk about how much money you are profiting…
As a listener and fan of Radio even prior to internet let in alone streaming services and on demand podcasts which has afford me the opportunity to listen to many different radio shows not just my local area shows ( specifically Morning shows from all over the countryon podcasts) I have built my daily playlists from all my favorite hosts on various morning radio shows which included the Kane show and then continued on with Intern John and Sos as one of my favorites. Intern John and your morning show was the One show that I would make sure to listen to everyday. I call this the final straw, Iheart dismissing Intern John show and I have removed all Iheart media from my currated listening playlist. For Iheart to continue making catastrophic failures in deciding radio programming off the charts horrible decisions such as firing talent, laying off talent, discontinuing whole shows without cause or rationale and worst yet, making up false justification for such ridiculous decisions; makes me completely disgusted and mistrusting of entire Iheart corporation. Deleted Iheart podcast app and every remaining Iheart sponcered show, if any left, from my favorites list and from all podcast player apps.
There is a reason none of the Iheart media programs have anything good to say about being a part of Iheart media and it’s the same reason I have delete/ canceled Iheart media from my life. Iheart doesn’t care about people, they don’t appreciate their talent… to throw out without reason or heads up nothing, (handling and showing as much care or even less care as a narcissist breaking up a long term relationship over text message…) to one of their best shows and best talent that has given 19 years of loyalty 110% everyday of his life the boot without notice, it is just deplorable behavior and I hope you, Iheart media, are shown that same amount of disrespect insolence and rudeness from everyone and anyone always here on out.
You suck Iheart and you should be CANCELED