The media giant is also seeing increased demand for its digital audio advertising business, with its podcast segment up 79 percent in the first quarter.
is leaning into its podcast business, while saying it has not yet seen an impact on longer term advertising despite fears of a difficult economic environment. Tuesday, iHeartMedia CEO Bob Pittman said theMonday for second quarter revenue expectations saying “the macroeconomic environment has deteriorated further and faster than anticipated.” iHeartMedia saw an impact on advertising in April, but sees May and June pacing higher, Pittman said.
On one hand, iHeartMedia has the advantage of a diversified advertising base, with exposure in 160 markets across the country and multiple advertising platforms, including broadcast radio, premiere national networks, and a digital business. But in the uncertain environment of the pandemic, Pittman added that radio in particular has benefitted from lower CPMs, which may be more attractive to advertisers.
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