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.
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