iHeartMedia is confident in the podcast business and says it has yet to see the long-term impact of advertising, despite fears of a difficult economic environment.
Talking about JP Morgan Global Technology, Media and Communications Conference On Tuesday, iHeartMedia CEO Bob Pittman said The company was seeing the opposite trajectory from Snap, which issued a warning Forecasting second-quarter earnings on Monday, he said “the macroeconomic environment has deteriorated faster than expected.” iHeartMedia affected advertising in April, but May and June are bigger, Pittman said.
On the one hand, iHeartMedia has the advantage of a diverse advertising base, with exposure to 160 markets across the country and multiple advertising platforms, including broadcast, premier national networks, podcasts and digital businesses. But in the uncertain environment of the pandemic, Pittman added that radio has particularly benefited from low CPM, which could make it more attractive to advertisers.
iHeartMedia is also seeing growing demand for digital audio advertising business. The podcast segment grew 79% In the first room. The podcast business alone accounts for 10% of a company’s revenue, with a larger margin than that of the entire company.
Pittman took a holistic view of the space, saying the American podcast society is obsessed with a love of community and a good story. He says audiences are turning to the medium more than anyone else he’s seen in his career.
“In the video, we don’t have time for looks anymore. “So if you want to see something, it’s at the expense of seeing something else,” Pittman said. “In the audio we fill in the time previously allocated to calm and serenity.”
Much of the growth in the podcast space comes from existing podcasts, Pittman said, which means there is room to continue creating franchises rather than constantly releasing new material. The how things work For example, podcasts have expanded into various shows.
To build an audience, iHeartMedia has an advertising advantage because the company can broadcast shows on the radio, use podcasts as radio content, and post new podcast trailers for existing franchises. Still, Pittman said the company will launch the new podcast in about two to three weeks with a big commercial to see if it’s a hit.
Source: Hollywood Reporter
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