iHeartMedia Revenue Dips Amid Continued Weakness in Broadcast Advertising Market

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iHeartMedia, a radio company, experiences a decrease in revenue due to the ongoing weakness in the broadcast advertising market. However, there is a 13% increase in podcasting revenue, and the company expects an overall recovery in the ad market later this year. CEO Bob Pittman mentions that the decline in multiplatform revenue is not as severe as it was during the 2020 economic downturn, with Q2 multi-platform group revenues down by 53.4 percent compared to the previous year.

noted that the decline in multiplatform revenue is still less than it was during the 2020 economic downturn, when Q2 multi-platform group revenues were down 53.4 percent year over year.

Audio & Media Services revenue fell $5.3 million year-over-year due to a decrease in political revenue. The company reported an operating loss of $897 million after reporting income of $83 million in Q2 2022, due to $961 million of non-cash intangible impairment charges. The charges were related to the “impairment of our goodwill and indefinite-lived intangible assets balances.”

 

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