Clear Channel CEO Bob Pittman tells the Associated Press online streaming service iHeartRadio makes "hundreds of millions" of dollars in annual revenue, putting it in the range of Internet radio leader Pandora.
According to the AP, Pittman revealed the figure in an interview about the service reaching a milestone of 50 million registered users and 97 million visitors in May. Clear Channel Communications Inc., iHeartRadio's parent company, was taken private in 2008.
"We're in the hundreds of millions, not billions," Pittman said. "IHeartRadio would be a very valuable company on its own. In the grand scheme of things, it's an extension of the other businesses we're in."
Its usage growth is frequently cited in filings as contributing to Clear Channel's revenue, helping offset a decline in political ad revenue. Last year, Clear Channel's revenue was unchanged at $6.24 billion.