Buoyed by strong political advertising, iHeartMedia generated $1.126 billion in total revenue during the 4th quarter of 2022, an increase of 6%. When you back out political, revenue increased 1%.
According to CEO Bob Pittman, Digital now makes up 25% of iHeartMedia’s total revenue and was up 10% in Q4. Within the digital category, podcasting revenue increased 17% and iHeart’s other digital assets were up 7%. Pittman called podcasting the “fastest growing mass reach medium.”
iHeart’s multi-platform group, which includes its radio stations, increased revenue by 1% to $733 million. Excluding political the multi-platform group was down 2.8%.
iHeart generated $165 million in Free Cash Flow on the 4th quarter of 2022.
The company expects Q1 to be down in the mid single digits compared to the 1st quarter of 2022.
NOTE: An earlier version of our story incorrectly stated Q4 revenue came in at $1.126 million.
