iHeartMedia‘s third quarter 2019 revenue was up 3% year-to-year to $948.3 million (up 4.9% excluding political revenue). Digital revenue showed a 33.4% increase to $96.7 million. Growth was primarily driven by growth in podcasting, as well as other digital revenue. Networks revenue rose 9.2% to $160 million, while Audio & Media Services fell 14.3% to $59.9 million and Sponsorships increased 4.4% to $55.5 million.
“During the third quarter, our integrated multi-platform approach to meeting listeners wherever they are continues to drive our strong performance, and we’re seeing momentum across all of our businesses – from broadcast radio to digital, social, podcasts and live events,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “This quarter, we advanced our offerings of goal-oriented marketing solutions to advertisers, expanding our addressable pool beyond radio. And we continued to strengthen our leadership position in our podcasting business, announcing multiple new partnerships and a slate of exciting new content. Looking ahead, iHeartMedia is well-positioned to continue to grow our leadership position in the audio space.”
“When iHeartMedia returned to the public equity markets, we set clear goals to increase our share of radio advertising spend, tap into TV and digital advertising revenue pools, and extend our leadership in podcasting and drive sponsorship revenue,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer. “Our results demonstrate significant progress against these goals and we are pleased with the revenue growth we’ve seen across the board. We continue to work to build long-term shareholder value, and de-leveraging remains a key priority.”