iHeartMedia Inc has reported its financial results for the third quarter of 2021, with total consolidated revenue growing 24.7 percent to $928 million. The company’s multiplatform revenue was up 18.7 percent to $659 million for Q3, with digital audio specifically increasing 77.1 percent to approximately $205.8 million from $116 million a year ago. iHeart’s audio and media services group revenue was down 11.9 percent from $75 million a year ago to $66 million in Q3 of this year.
“Our strong results this quarter are further evidence of the success of our company’s continuing transformation – data-led, digital and podcast focused, along with the unparalleled audience reach of our broadcast radio assets, and supported by the largest sales force and the only unified ad tech stack in audio advertising — all with the strong flywheel effect of our scale and leadership position,” said iHeartMedia Chairman/CEO Bob Pittman. “These results highlight both the strong growth and potential of our digital business, including podcasting, and the strong recovery and growth potential of our radio business.”
“Bob and I are pleased to report our strong top line growth was coupled with continued margin expansion, generating Adjusted EBITDA of $230 million in the third quarter. We remain confident that we’ll be back to 2019 Adjusted EBITDA levels by the end of 2021, and that we will continue to grow beyond that as our investments in high growth areas and strict cost discipline continue to generate profit and Free Cash Flow,” said iHeart President/COO/CFO Rich Bressler.
