One striking aspect of iHeartMedia’s revenue reporting for Q4 and full-year 2022: Digital revenue leads revenue growth, and podcasting leads even more.
The basic accounting is HERE. Key points for Q4:
- Consolidate revenue was +6% in the quarter
- The Digital Audio Group (which includes podcasting) showed +10% in Q4 (compared to +1% for the Multiplatform Group)
- Podcasting showed +17% in Q4.
That basic revenue profile held for full-year 2022 as well:
- Overall revenue +10%
- Digital Audio Group +1=22%
- Podcasting: +42%
- iHeart also broke out Digital Audio Group without podcasting: +14%
Despite all the plus signs above, IHRT stock is savagely down today in high volume trading. The analytical commentary we’ve seens attributes the negative sentiment to iHeart’s forecast of mid-single-digit decline in revenue for Q1.
