That said, the Digital Audio Group is the smaller of the two divisions, asMultiplatforms gross earnings ($684M) more than double those of the digital group ($318M). But while the Mutiplatform Group decreased 6.7% year-over-year, the Digital Platform Group increased 5.5%.
Digging into the digital earnings, podcast revenue is the star, increasing 16.6% year-over-year. iHeart earned $131.7M in the fourth quarter from its podcast ad business. Podcasting, in fact, was the only profitable part of the digital group, which declined 1.1% after removing podcasting financials. iHeart credits increased demand for podcasting from advertisers.
The two charts below show basic financials of the Multiplatform group and the Digital Audio Group:
The Digital Audio Group, iHeartMedia. POdcasting isin this group.
The Multiplatform Group.
The chart below shows Q3 and full-year income figures. Topline income reached billion-plus territory, with net income of about $14-million.
We also learn that iHeart’s broadcast radio business fell 6.9% in revenue for Q4 2023, in a year-over-year comparison. A nearly identical percent loss (7.0%) was calculated for full-year 2023 compared to full-year 2022:
Much more detail is presented by iHeart HERE.