iHEART'S DIGITAL DRIVE POWERS Q1
iHeartMedia’s consolidated revenue rose nearly 20% to $843.5m in the first quarter of 2022, buoyed by a booming digital business that pulled in $214.2m.
The increase in consolidated revenue is attributable to the continued recovery from the macroeconomic effects of COVID-19 and the ongoing growth of iHeart’s operating businesses. Compared to the first quarter of 2021, multi-platform revenue increased $73.3m, or 14.7%, to $561.2m, primarily resulting from strengthening demand for broadcast advertising and the return of live events.
Digital Audio revenue increased $56.7m—a 36% spike—driven primarily by increases in demand for digital advertising and the growth of podcasting. Audio & Media Services revenue was up $5.7m to $61m, primarily due to recovery from the impact of COVID-19.
Adjusted EBITDA increased to $145.2m, compared to $102.2m in the prior-year period.
“We remain committed to building on iHeart’s transformation into a data-led, digitally focused business; to investing in areas with high growth potential; and to continuing our focus on innovation and being at the forefront of new technologies and digital platforms that create incremental growth opportunities for Audio," said Bob Pittman, Chairman and CEO of iHeartMedia.
