iHEART FEELS THE BEAT OF RECOVERY

Radio was among the many businesses that took a significant hit from COVID-19 in the spring of 2020. iHeartMedia’s financial results for the second quarter reflect a continued recovery.

Consolidated revenue—$862m—grew nearly 77% over Q2 2020, with Multiplatform Group revenue increasing by almost 70% to $606m due to strengthening demand for broadcast advertising.

The Broadcast Radio unit brought in $451m, an 85% spike over Q2 2020. Networks were up 28.3% to $123.6m, and podcast revenue of $53.4m was up more than 150% in the period ending 6/30.

“The strong recovery of our Multiplatform Group and the continued growth of our Digital Audio Group, including our industry-leading podcast business, continue to validate our multiplatform strategy for consumers, advertisers and creators,” said Bob Pittman, Chairman and CEO of iHeartMedia. “Our strength with all of our audiences, coupled with our unparalleled reach, supported by our unique ad-tech and data resources, positions our company as a one-of-a-kind leader in today’s audio industry. And the high operating leverage characteristics of all our businesses position us well to participate in the macroeconomic recovery of the economy.”

The company expects Q3 Consolidated Revenue to increase by approximately 20% over 2020 and that by the end of this year, iHeart will be back to 2019 Adjusted EBITDA levels.