Why iHeartMedia CEO Bob Pittman Is Doubling Down on Podcasts
IHeartMedia chief executive Bob Pittman said Thursday that the radio company plans to double down on its podcast efforts after podcast revenue doubled during the second quarter of this year. At the Bank of America Securities virtual conference on Thursday, Pittman and chief operating and financial officer Rich Bressler said iHeartMedia plans to continue producing and acquiring new podcasts after reporting podcast revenue grew 103% year-over-year in Q2 this year. (Revenue generated so far this year by podcasts is up 92%, the company said in its earnings report released Aug. 6.) The network reported in July that its podcasts counted 225 million monthly downloads worldwide and hopes to use that success to lure top talent to the genre. “We’re the first stop for someone who wants to make a big podcast,” Pittman said. “Just like in the TV or movie business, if you have a first look that is inherently an advantage, and we intend to use that.” Also Read: Why the 'Pandemic-Proof' Podcast Ad Industry Still Has Room to Grow A growing podcast business is key for iHeartMedia, which emerged from bankruptcy in January 2019 and reported a 47% drop in second-quarter revenue, to $488 million. The company retains...
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