Welcome to our dedicated page for iHeartMedia news (Ticker: IHRT), a resource for investors and traders seeking the latest updates and insights on iHeartMedia stock.
iHeartMedia, Inc. (Nasdaq: IHRT) is a leading multimedia and entertainment company based in the United States, recognized for its wide-reaching influence in the audio broadcasting industry. With a substantial presence across multiple platforms, iHeartMedia boasts an impressive 245 million monthly listeners in the U.S., 87 million monthly digital uniques, and over 75 million social followers. The company has the largest reach of any radio or television outlet in America, serving over 150 markets through its 858 owned radio stations.
iHeartMedia operates through three primary segments: the Multiplatform Group, the Digital Audio Group, and the Audio & Media Services Group. The Multiplatform Group, which includes the company's broadcast radio, networks, sponsorships, and events businesses, is the company’s prime revenue driver. The Digital Audio Group encompasses iHeartMedia's digital ventures, notably including podcasting, which is a rapidly growing segment for the company. The Audio & Media Services Group includes Katz Media Group, a full-service media representation business, and RCS Sound Software, a provider of scheduling and broadcast software and services.
iHeartMedia's signature digital radio platform, iHeartRadio, is a top-ranking all-in-one digital audio service, boasting over 700 million downloads. It achieved a milestone by reaching its first 20 million registered users faster than any digital service in internet history, and it hit 70 million users quicker than any other radio or digital music service, outperforming even Facebook in terms of growth rate.
Recently, iHeartMedia has engaged in significant partnerships to expand its reach and influence. One notable collaboration is with MundoNow's Oyénos Audio Network. This partnership aims to distribute a diverse range of podcasts, enriching the podcasting landscape with multifaceted Latino experiences. Oyénos has experienced remarkable growth since its launch, averaging 1.5 million downloads per month. This partnership allows iHeartMedia to leverage its vast reach and extensive marketing assets to further grow the platform and bring diverse content to new audiences.
iHeartMedia continues to lead the audio media industry, reaching over 90% of Americans each month with its broadcast radio assets alone, which have more consumer reach in the U.S. than any other media outlet. The company is also the largest podcast publisher according to Podtrac, with more downloads than the next two podcast publishers combined. Its strong audience connection and unparalleled consumer reach enable it to build and innovate new platforms, products, and services.
iHeartMedia and Deep Blue Sports + Entertainment have launched the Women's Sports Audio Network (WSAN), the first audio platform dedicated solely to women's sports. The network features podcasts hosted by prominent athletes like Madison Packer, Sheryl Swoopes, and Sarah Spain. On June 18, WSAN will begin broadcasting “Women’s Sports Reports” on over 500 iHeartMedia radio stations, promising greater media coverage for women's sports. Capital One and e.l.f Cosmetics are founding partners. The new network aims to tap into the growing market for women’s sports, which is expected to become a $1 billion industry this year.
iHeartMedia announced the 2024 iHeartRadio Music Festival lineup, presented by Capital One, to be held on September 20 and 21 at T-Mobile Arena in Las Vegas. The event will feature performances by Big Sean, Camila Cabello, Doja Cat, Gwen Stefani, and more, hosted by Ryan Seacrest. Hulu will stream the festival live. Capital One cardholders get presale access starting June 12, and general ticket sales begin June 14 on AXS.com. The festival will also be broadcast across iHeartMedia's radio stations.
EasyKnock, a home equity solution platform, has announced an extensive marketing partnership with iHeartMedia, focusing on nationwide on-air and digital advertising. This collaboration aims to raise awareness about EasyKnock's unique service that enables homeowners to convert home equity into cash while staying in their homes, irrespective of their credit scores or lender requirements. CEO Jarred Kessler emphasized the significant opportunity presented by iHeartMedia's widespread and engaged audience. Joe Robinson, President of Corporate Development and Ventures for iHeartMedia, expressed optimism about the value this partnership will bring to listeners.
Can't Cancel Pride, now in its fifth year, will air on June 12 at 8 p.m. ET / 5 p.m. PT. The event includes performances by Billy Porter, Allison Russell, Ben Platt, Meghan Trainor, and others. Hosted by Billy Porter, who will also receive the Elton John Impact Award, the event aims to raise funds and visibility for LGBTQ+ organizations like GLAAD and The Trevor Project. The benefit has raised over $14 million since its inception and reached 23 million viewers in 2023 alone. Streaming platforms include iHeartRadio’s YouTube and Facebook pages, Hulu, Revry, and The Advocate Channel.
iHeartMedia awarded Every Mother Counts with its Spotlight Media Grant to raise awareness about the maternal health crisis in the United States. The campaign aims to address the rising maternal mortality rate, particularly among Black women, through a series of PSAs airing on 840 iHeart radio stations and digital campaigns. The partnership underscores the importance of safe and equitable pregnancy and childbirth for all.
iHeartMedia, Inc. reported Q1 2024 revenue of $799 million, down 1.5%. Adjusted EBITDA was $105 million, within guidance. Digital Audio Group revenue rose 7%, Podcast revenue up 18%. Multiplatform Group revenue down 7%. Cash balance of $361 million with $788 million liquidity. Q2 revenue expected flat, Adjusted EBITDA $140-160 million. Positive EBITDA growth, confident in 2024 recovery.
NBCUniversal has chosen iHeartMedia as its exclusive audio partner for the Olympic Games Paris 2024. iHeartRadio will provide 24/7 play-by-play audio channels of select NBCU linear coverage, create an original Olympic iHeartPodcast, produce Olympic-specific episodes from top podcasts, and promote tune-in for NBCU’s coverage. The partnership aims to engage Olympic fans through various audio platforms and podcasts.
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