A broad vary of widespread podcasts, similar to Stuff You Ought to Know and Drama Queens, helped iHeartMedia revenues develop 10.7% to $954 million within the second quarter, the corporate introduced throughout its earnings report on Wednesday (Aug. 4). That was inside the firm’s earlier steerage vary of 10% to 14% year-over-year development.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) was $237.2 million, up 28.5% from the prior-year interval and inside the firm’s steerage $225 million to $245 million. Free money move improved to $106 million, excluding $20 million from the proceeds of actual property gross sales, up from detrimental free money move of $3 million a 12 months earlier.
iHeartMedia shares rose 10.1% to $9.46 in after-hours buying and selling instantly following the earnings announcement.
Podcast income, though a small portion of whole income, posted a 60.4% achieve to $86 million. Podcasts accounted for 9% of companywide income, up from 2% within the second quarter of 2020, and contributed to many of the development in iHeartMedia’s digital audio group, which had income of $253 million — up 28% 12 months over 12 months. IHeartMedia topped Podtrac’s trade rankings in June with 30.3 million U.S. distinctive viewers and 431.3 million international streams and downloads. The No. 2 and No. 3 podcast publishers, Amazon-owned Wondery and NPR, had a mixed 345.4 million streams and downloads.
Two-thirds of the corporate’s income comes from the multi-platform group, which incorporates broadcast radio, networks, and sponsorships and occasions. That section’s income grew 4.5% to $633 million, and its adjusted EBITDA improved 7.2% to $195 million. Income for the audio and media providers group, which incorporates Katz Media Group and broadcast know-how supplier RCS, improved 16.2% to $71.1 million.
Steerage for the third quarter is a 3% to 7% improve in whole income and adjusted EBITDA between $240 million and $255 million.