Surpassing its predictions, iHeartMedia reported 19.4 percent growth in its first quarter 2022 total revenue, reaching $843 million, with a $136.8 million increase year-to-year from $497.9 million. iHeart’s Digital Audio Group saw revenue of $214 million, up 36 percent vs. the first quarter of 2021. Podcast revenue grew 79 percent to $69 million in Q1 while digital revenue, excluding podcasting, was up by 22 percent to $146 million in the quarter.
iHeart’s Multiplatform Group revenue, which encompasses radio, saw an increase of $73.3 million, or 14.7 percent, to $571 million. Broadcast radio revenue was up 16.2 percent from $358.5 million in Q1 of last year to $416.5 million this year. Digital Audio revenue increased $56.7 million, or 36 percent, to $214.2 million and Audio & Media Services revenue increased by $5.7 million to $60.1 million.
“We’re pleased to report another quarter of strong results, and believe our performance is further evidence of the successful execution of our digital transformation and multiplatform strategy, and the power of our position as the #1 audio company in America across broadcast radio, digital radio, and podcasting,” said Bob Pittman, Chairman/CEO of iHeartMedia. “We remain committed to building on iHeart’s transformation into a data-led, digitally-focused business; to investing in areas with high growth potential; and to continuing our focus on innovation and being at the forefront of new technologies and digital platforms which create incremental growth opportunities for Audio.”
“Bob and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $145 million, and consolidated revenues up 19.4% year-over year — slightly exceeding the high end of the revenue guidance range we provided — despite external factors that have been impacting the economy,” said Rich Bressler, President/COO/CFO of iHeartMedia. “We remain focused on continuing Adjusted EBITDA margin expansion, the generation of Free Cash Flow and making progress toward reducing our net leverage to 4x.”
