iHeartMedia showed year-over-year growth of 0.5% or $4.6 million in the second quarter of 2025 compared to the same time period in 2024.
iHeart stated that its digital audio revenue increased by 13.4% by $38.2 million by continuing increases in demand for digital advertising, including podcast advertising. It’s multiplatform group revenue decreased by $31.3 million from a decrease in broadcast advertising in connection with continued uncertain market conditions. Broadcast revenue specifically decreased by 7% year-over-year or $31.3 million driven by lower spot revenue. Network revenue was up $1.2 million, while sponsorships and events dropped by $2.6 million.
iHeart’s Audio & Media Services revenue decreased $2.3 million, or 3.3%, primarily as a result of lower political revenues at Katz Media, as 2024 was a presidential election year, partially offset by an increase in digital advertising.
The company’s consolidated direct operating expenses increased $9.1 million due to higher variable content costs, including higher podcast profit share and third-party digital costs related to the increase in digital revenues, partially offset by a decrease in employee compensation cost in connection with modernization initiatives taken in 2024.
iHeart’s consolidated GAAP Operating income was $35.4 million compared to $909.7 million GAAP Operating loss in the second quarter of 2024. Adjusted EBITDA increased to $156.1 million from $150.2 million in the prior year’s second quarter.
Cash provided by operating activities was $6.8 million, compared to $26.7 million in the prior year period primarily due to the timing of receivable collections, partially offset by the timing of interest payments. Free Cash Flow was ($13.2) million, compared to $5.6 million in the prior year period.
Chairman/CEO Bob Pittman said, “Our second quarter performance was solid and slightly ahead of our initial expectations, with our Q2 adjusted EBITDA of $156 million at the upper end of our previously provided guidance range and 4% above prior year and our consolidated revenue for the quarter was above our guidance range, up 0.5% above prior year. We continue to make progress on our ad tech platform, specifically building the capabilities to allow our broadcast radio inventory to be bought and sold like digital advertising, and to be a part of the key integrated buying systems. And today, we announced that Lisa Coffey is joining the company in the newly-created role of Chief Business Officer to drive those efforts. Lisa has a long history in ad tech, and digital and mobile advertising, including leading the team that introduced Amazon Advertising to the U.S. Agency Marketplace.”
President/COO/CFO Rich Bressler continued, “In the second quarter, the Digital Audio Group’s revenues were $324 million, up 13.4% year over year, slightly above our guidance, and the Digital Audio Group’s Adjusted EBITDA was $108 million, up 17.1% year over year. The Multiplatform Group’s revenue was $545 million, down 5.4% compared to prior year, at the higher end of our guidance range, and Adjusted EBITDA was $96 million, down 7.6% from the prior quarter. We are still on track to our previously announced modernization initiatives, which will generate net savings of $150 million in 2025 when compared to 2024.”
