iHeartMedia Q3: Podcasting spurred 33% growth in digital revenue

iHeartMedia published its third-quarter financial results. The media conglomerate posted a 3% on-year increase in revenue to reach $948.3 million. Quarterly net income was $12.37 million, down from $71.78 million in the year-ago period. The company noted that operating income dropped related to its exit from bankruptcy earlier in the year.

Digital revenue rose 33.4% year-over-year, and iHeartMedia cited podcasting as the main growth driver for that segment. Within the company’s traditional radio business, broadcast revenue fell 0.6% and networks revenue increased 9.2%.

“This quarter, we advanced our offerings of goal-oriented marketing solutions to advertisers, expanding our addressable pool beyond radio,” Chairman and CEO Bob Pittman said. “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, the company’s 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.”