• by Ray Schultz , March 3, 2024

Audio producer iHeartMedia experienced a 4% decline in revenue in 2023 YoY for a total $3.75 billion. 

But the firm’s podcast revenue grew by 13.8% and its overall audio by 5%. 

Q4 revenue fell by 5% YoY to  $1,067 billion. However, the digital audio group revenue totaled $318 million, up 6%, and podcast revenue hit $132 million, a jump of 17%, driven by advertiser demand. 

Digital audio revenue increased $16.6 million, or 5.5%, again due to increases in demand for podcast advertising.

In addition, digital revenue not including podcast fell slightly by 1% to $186 million, down 1%.

The company reported Q4 operating income of $80 million, down from $173 million in Q4 2022.

Looking forward, iHeartMedia expects to see “a significant year over year improvement in our 2024 financial performance, supported by our ongoing efficiency efforts and what is anticipated to be record-setting political advertising year,” says Rich Bressler, president, COO and CFO of the firm. 

That includes probable flatness or a 2% decline in Q1 consolidated revenue. 

“We view 2024 as a recovery year in which the company returns to growth mode--we expect to see our Multiplatform Group performance improve quarter by quarter throughout the year, and we expect our Digital Audio Group, including our industry leading podcast business, to continue to grow and reinforce its leadership position in the segment,” says Bob Pittman, chairman and CEO of iHeartMedia.