iHeartMedia has released its fiscal report for the fourth quarter of 2021 as well as its full-year numbers. The company’s Q4 revenue totaled $1.062 billion, up 14 percent from the fourth quarter of 2020. Excluding political impact, Q4 revenue grew by 25 percent. Broadcast radio revenue was up 4.9 percent to $519 million, with network revenue increasing by one percent to $136.5 million. Sponsorship and events revenue rebounding by 92.7 percent to $66.7 million. All in all, total revenue for iHeart’s Multiplatform Group, which includes radio and live events, increased to $726.3 million, a 9.2 percent jump.
For the full year 2021, iHeart’s revenue grew 21 percent to $3.558 billion vs. $2.95 billion in 2020. The Multiplatform Group’s revenue was up 13 percent year-to-year, reaching $2.49 billion, with its Digital Audio Group revenue growing by 76 percent to $834.5 million. Broadcast revenue for the full year 2021 was $1.812 billion, a 12.9 percent increase vs. 2020. Network revenue grew by 3.7 percent to $503 million. Sponsorship and events revenue grew 48.9 percent to $160 million.
“We are pleased to report another strong quarter and to wrap up a very strong year, further evidence of our momentum and the continuing digital transformation of iHeartMedia into a data-led, digital business with important new platforms like podcasting built on the unparalleled scale and audience reach of our broadcast radio assets,” said iHeartMedia Chairman/CEO Bob Pittman. “We believe that this strong performance in Q4 and full year positions us well for continued growth in 2022.”
“Bob and I are pleased to report that our strong top line growth continues to be coupled with margin expansion, generating Adjusted EBITDA of $294 million in the fourth quarter. We remain confident that we will continue to grow revenue going forward and, combined with our strict cost discipline, that we will continue to generate profit and Free Cash Flow as we remain focused on reducing our net leverage to approximately 4x,” said iHeartMedia President/COO/CFO Rich Bressler.
