iHeartMedia brought in $69 million in podcast revenue during the first quarter while total revenue reached roughly $843.5 million, surpassing Wall Street expectations.
According to The Hollywood Reporter, the company’s digital audio group, which includes podcasts, accounted for roughly 25 percent of iHM’s total revenue for the quarter, though broadcast radio remained one of the strongest drivers of revenue bringing in a total of $416.5 million during the quarter. Still, iHM swung to a $48.7 million net loss for the quarter.
The company has continued to expand its presence in the podcast space and, in February, led a Series A investment round in the podcast platform Sounder. The investment came roughly a year after iHeart acquired Triton Digital, an audio ad tech firm, for $230 million.
“We’re pleased to report another quarter of strong results, and believe our performance is further evidence of the successful execution of our digital transformation and multiplatform strategy,” Bob Pittman, the chairman and CEO of iHeartMedia, said in announcing the results. “We remain committed to building on iHeart’s transformation into a data-led, digitally-focused business; to investing in areas with high growth potential; and to continuing our focus on innovation and being at the forefront of new technologies and digital platforms which create incremental growth opportunities for audio.”
Second Quarter Pacing Up 10% to 14%
The double-digit revenue growth is on track to continue in the second quarter, management said. The company is calling for 10% to 14% year-over-year growth with April revenue up 8%, and May and June currently pacing up in the mid-to-high teens. Second quarter earnings are expected to clock in between $225 million and $245 million, according to Inside Radio.
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