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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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.