iHeartMedia has announced its third quarter financial report for 2022, with its overall revenue up seven percent to $989 million, compared to a year ago. The company’s Multiplatform group, which includes radio, was flat year-to-year at $660 million in revenue. Specifically, its broadcast radio revenue was up 0.4 percent to $485.57 million vs. $483.5 million a year ago. iHeart’s Digital Audio Group revenue was up in Q3 by 23 percent to $254 million, with podcast revenue growing 42 percent to $91 million. All other digital revenue increased 15 percent to $163 million.
“We’re pleased to report another quarter of solid operating results for iHeart, and our performance in the midst of the current climate of economic uncertainty is a strong indication of the successful transformation this company has undergone in which our high-growth digital revenues comprises 26% of total company revenues,” said Bob Pittman, iHeartMedia Chairman/CEO. “Our Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group has again demonstrated its resiliency during a difficult economic environment. We believe the strong positions of both of these groups with both consumers and advertisers give us the ability to both navigate through this period of economic uncertainty and position us for continued growth through the recovery and beyond.”
“This quarter our Adjusted EBITDA of $252 million, and our consolidated revenues, up approximately 7% year over year, were both at the high end of our guidance range – a solid performance despite the uncertain macroeconomic environment,” said Rich Bressler, President/COO/CFO. “We also continue to keep profitability and Free Cash Flow Generation at the forefront, and despite this uncertain environment, our business has continued to achieve year over year growth in users, revenues, Adjusted EBITDA and Free Cash Flow.”
