iHeart Execs: 2019 Levels By End of Year

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After a Q2 that generated a revenue increase of nearly 77%, both CEO Bob Pittman and CFO Rich Bressler believe iHeartMedia will be back to 2019 levels by the end of 2021. The unknown of course is the rising number of COVID cases across the country.

The second quarter of 2020 was the hardest hit by the COVID economic shutdown. iHeart revenue in Q2 2020 was down nearly 50% from 2019. What a difference one year makes. With revenue of $862 million in Q2 2021, iHeart revenue declined only 6% from 2019.

Looking at each division for the company, radio was up 85% to $451 million, the network business was up 28.3% to $123.6 million with Premiere up 13%, sponsorship and events were up over 90% to $28.6 million, digital doubled to $144.5 million and podcasting increased 151% to $53.4 million.

Looking ahead CFO Rich Bressler says Q3 should be up about 20%. July finished up 26%.

Pittman mentioned that while some of iHeart’s events will remain virtual, he also mentioned that many of the big events, like the iHeartRadio Music Festival and Wango Tango are going to be live events this year.

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