iHEART PULLS IN NEARLY $1B IN Q2

iHeartMedia pulled in nearly $1b in the second quarter thanks to greater demand for broadcast advertising, the return of live events and an increase in political ads.

The company’s consolidated revenue increased $92.4m—10.7%—to $954m, in line with guidance provided to Wall Street. Multi-platform revenue of $633m was up 4.5%, while digital-audio revenue spiked nearly 28% to $253m. The return of live events like the iHeartRadio Music Awards pushed the sponsorship & events unit up 33% over 2021, to $38m.

“We’re pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong Free Cash Flow generation. The Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group continues to demonstrate that it is a growth engine for the company as well,” said iHeartMedia Chairman and CEO Bob Pittman. “As the #1 audio company in America across broadcast radio, digital radio and podcasting—and the largest consumer-reach audio company in the U.S. by far—we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners.”