NEW YORK--(BUSINESS WIRE)--iHeartMedia, Inc. (NASDAQ: IHRT), the leading audio company in America by reach, announced today a new operating structure under which its Digital Audio Group business, which includes its successful iHeartRadio digital service as well as its industry-leading podcasting business, will publicly report its financials separately from its Multiplatform Group business, which includes its broadcast radio assets. Each group will now operate as a separate reportable segment with dedicated management.
As of Q4, the iHeartMedia Digital Audio Group encompassed almost 20% of the company’s consolidated revenue and 23% of its earnings, and in Q4 2020 grew revenue by 53% year-over-year and Adjusted EBITDA by 74% year-over-year i. The company expects the Digital Audio Group will continue to grow as an increasing proportion of its business in the future. Separate reporting of these two operating segments will provide improved visibility into the underlying performances, results and margin profiles of these distinct audio-driven businesses.
The company has created a management structure for each business reportable segment that will both strengthen and tighten the focus of these groups and enable them to work closely together to deliver industry-leading products and services to benefit all of the company’s marketing and advertising partners across iHeart’s full array of platforms and products, including broadcast radio, digital streaming, podcasts, social, data, live events, its SmartAudio suite of data targeting and attribution products and its digital advertising technology companies. Both segments will continue to report to Bob Pittman, iHeartMedia Chairman and CEO, and Rich Bressler, iHeartMedia President, Chief Operating Officer and Chief Financial Officer.
The iHeartMedia Digital Audio Group
The iHeartMedia Digital Audio Group includes the company’s fast-growing and high-profile podcasting business – iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings – as well as the industry-leading iHeartRadio digital service; the company’s digital sites, newsletters, digital services and programs; and its digital advertising technology companies, including Jelli, RadioJar, Unified and Voxnest, and will also include the recently-announced Triton Digital upon completion of the acquisition. The iHeartMedia Digital Audio Group will be led as a team by Conal Byrne as Chief Executive Officer and Darren Davis as Chief Operating Officer, with Carter Brokaw serving as the President of Digital Revenue and Jessica Jerrick as Executive Vice President of Digital Distribution and Platform Partnerships.
The iHeartMedia Multiplatform Group
The iHeartMedia Multiplatform Group represents almost 75% of iHeartMedia’s revenue and remains the foundation business that has been at the heart of the company’s success, playing an important role in building its successful digital and podcasting businesses.