Digital Audio Group leads iHeart revenue; podcasting even more

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.

Brad Hill