iHeartMedia has reported its financial results for the quarter ended March 31, 2024.
Financial Highlights a Q1 Revenue of $799 million, down 1.5%; in line with guidance range of flat to down 2%. Digital Audio Group Revenue of $239 million up 7%, Podcast Revenue of $91 million up 18%, Digital Revenue excluding Podcast of $148 million up 1%.
Statement from Senior Management
“We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. 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.”
“We continue to see signs of improvement throughout both our businesses and the broader advertising marketplace, and we expect 2024 to be a significant growth year,” said Rich Bressler, iHeartMedia’s President, COO and CFO. “Our high-growth Digital Audio Group’s Adjusted EBITDA was up 26% over prior year with first quarter revenues up 7.0% vs. prior year, and represented thirty percent of the company’s total revenue; we saw improvement in our Multiplatform Group; and 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.”
