iHeart Revenue Down, Company Announces Layoffs
HeartMedia, reported a loss of over $900 million for the second quarter, ending on June 30, 2024.
The results topped Wall Street expectations, meaning Wall Street thought they would lose more, but that Is still an incredible sum of money.
Digital and podcasting increased revenue, while AM/FM radio lost money.
iHeartMedia reports its business in three segments:
The Multiplatform Group – which includes its AM/FM radio stations – reported revenue of $575.9 million, a decline of 3.4% over Q2 2023.
The Digital Audio Group, which includes podcasting, reported revenue of $285.6 million, an increase of 9.5% over Q2 of 2023.
The Audio & Media Services Group, which includes Katz Media Group and RCS, reported revenue of $70 million, an increase of 6.5% over Q2 2023
CEO Bob Pittman expects ad revenue to be higher going into the election as political spending increases.
That said, iHeart announced another round of layoffs in the radio division today. DCRTV has not heard of anyone locally affected. More as we hear it.
Locally iHeart Media owns in Washington: WASH, Hot 99.5, DC 101, Big 100.3, WMZQ, BIN 1120, 1190 iHeart Sports DC, and Freedom 104.7. In Baltimore they own: 102.7 Jack FM, WPOC, Z104.3, Heaven 600, and Baltimore’s BIN 1370.
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