iHeartMedia CEO Bob Pittman is again praising podcasts as the US’ largest radio broadcaster released its 2024 Q1 earnings. Digital audio growth was the strongest segment among mixed divisional results as iHeart looks for a more robust economic landscape.
The company reported a 1.5% year-over-year decrease in overall revenue to $799 million, within the forecasted quarter parameters of staying flat to a 2% decline. iHeart’s Digital Audio Group saw revenues climbing 7% to reach $239 million. This increase was driven significantly by an 18% surge in podcast revenue, which totaled $91 million. Other digital revenues saw a modest rise of 1%.
Conversely, the Multiplatform Group – which includes broadcast radio – faced more challenging conditions, with revenue falling 7% to $493 million. This decline was slightly more pronounced, at 8%, when excluding the impact of political revenue.
iHeart President, COO, and CFO Rich Bressler said, “As an early indication of the potential for political revenue, we are currently pacing up 16% for the full year in political revenue compared to 2020, the last presidential election cycle, which was the highest political revenue year for the company.”
As of March 31, the broadcaster maintained a cash balance of $361 million and total available liquidity of $788 million. A significant boost came from the sale of an equity interest in BMI in February, which contributed $101 million in cash proceeds.
Looking ahead, iHeartMedia projects its Q2 consolidated revenue to remain stable. Pittman commented, “Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”
FIRE Pitman and the entire board of directors.
They have killed radio!!!
IHEART=the destroyer of the radio industry.
Has ANYONE EVER run a company for as long as Pitchman has without EVER having even one profitable quarter??
He defines the word loser.
The Board of Directors at iHeart is stacked with Pittman’s people. Good move on his part. To your point, any major corporation with an impartial Board of Directors, would NEVER tolerate a CEO who has not made one dime in profit for the company for 13+ years!!
You might call Bobby “the cat with 9 lives”, lol!!
Keep in mind that under the terms of the bankruptcy, the lenders got 83% of the equity in the company. The members of the board were chosen by the lenders. Now it’s possible the lenders all trust Pittman to do what’s best with their money. But it’s their money and their decision. Not his.
Lost over $1B in market cap over the last three years.
$1.50 a share. WHAT A LOSER IHEART IS!!!