iHeartMedia reports Q2 revenue growth led by digital audio

iHeartMedia reported second-quarter revenue of $977 million, representing a 4.7% increase from the previous year and exceeding the company’s prior guidance. Adjusted EBITDA reached $152 million, while free cash flow improved to $46 million, up from a negative $13 million in the same quarter last year.

The company’s Digital Audio Group continues to drive growth, with revenue rising 12.4% year-over-year to $364 million. For the sixth consecutive quarter, adjusted EBITDA from the Digital Audio Group surpassed that of the Multiplatform Group, which includes broadcast radio and events. Podcasting revenue specifically grew by 20.7% to $162 million.

CEO Bob Pittman highlighted the company’s expansion into video podcasting through partnerships with streaming services. iHeartMedia has expanded its relationship with Netflix to include video versions of podcasts from various personalities and is bringing six podcast titles to Disney’s Hulu service.