Only in a pandemic could a business have bounding optimism after losing a fifth of its revenue in one year. That’s radio in 2021 as companies dug themselves out of a deep second-quarter hole caused by store closures and stay-at-home orders across the country.
In the USA iHeartMedia’s 2020 revenue was $2.95 billion, down 20% from $3.68 billion in 2019, according to the company’s earnings report released Thursday.
The bright spot throughout the past year has been podcasts’ continued growth, which is expected to play a key role in these companies’ recovery.
At iHeartMedia, 99.8% growth in podcasting revenue helped digital revenue improve 53% in the fourth quarter. Cumulus’ 12% growth in digital sales was led by podcasting growth of nearly 40% in 2020.
