iHeartMedia boosted total revenue with the help of its fast-growing podcast segment in its first quarterly earnings report since emerging from Chapter 11.
The media giant pulled in $913 million in the three months ended June 30, an increase of $21.6 million, or 2.4%, compared to the same period a year ago. iHeart said on Thursday that digital revenue alone increased by $22.5 million, nearly 33%, driven by growth in podcasting and its 2018 acquisition of Stuff Media, as well as other digital revenue like on-demand services.
Broken down by segment, broadcast radio is still iHearMedia’s main engine, accounting for $561 million of the quarter’s revenue haul — though that was down 1.4% year-over-year. Broadcast spot revenue decreased $7.8 million primarily due to a drop in political ad spending compared to last year’s election. Revenue from Network businesses, like Total Traffic & Weather, increased $8.9 million, and Audio and Media Services revenue decreased $2.9 million as a result of a $4.1 million decrease in political revenue.