iHeartMedia generated $69 million in podcast revenue in the first quarter, while total revenue reached $843.5 million, beating Wall Street’s expectations.
The company’s digital audio group, which includes podcasts, accounted for about 25% of iHeart’s total revenue for the quarter, although streaming remained a top revenue driver, with a total of $416.5 million per quarter. However, iHeart posted a net loss of $48.7 million for the quarter.
The company continued to expand its presence in the podcast space, launching a Series A investment round in the Sounder podcast platform in February. The investment comes about a year after iHeart acquired Triton Digital, an audio advertising technology company, for $230 million.
“We are pleased to announce another quarter of strong results, and we believe our performance is further proof of the success of our cross-platform and digital transformation strategy,” said Bob Pittman, President and CEO of iHeartMedia, in announcing the results. “We remain committed to transforming iHeart into a digitally focused data management company; Invest in areas with high growth potential; And continue to focus on innovation and be at the forefront of new technologies and digital platforms that create growth opportunities in audio.”
Source: Hollywood Reporter
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