It was an unusually busy Thursday morning for radio broadcasting industry analysts and investors, as both Townsquare Media and iHeartMedia released their third quarter financial results and held earnings calls prior to the Opening Bell for U.S. financial markets.
While Townsquare Media’s earnings are fueled by digital growth, iHeartMedia, the nation’s largest owner of AM and FM properties, also enjoyed strong digital audio revenue in Q3. Podcast revenue was particularly noteworthy.
That said, Multiplatform Group revenue remains the bulk of iHeart’s total dollars, and the growth struggle will likely be a key focal point of iHeart’s C-Suite as 2024 arrives.
