Bankrupt radio groups like iHeart, Audacy, and Cumulus have leaned hard on podcasting to offset linear radio revenue declines but now, with spot ad revenue in freefall, and podcasting maturing (i.e., slower growth, higher competition, tighter margins), they’re cornered.
What’s at stake
- The decline is structural, not cyclical driven by advertiser migration to programmatic digital, YouTube, influencer deals, and streaming platforms with better data and targeting.
- But when you plug in podcasting’s growth and radio’s decline the math no longer works.
- iHeart traditional radio revenue dropped 5.2% YOY in Q1 2024.
- Audacy -- Local spot down 7%, national down 11% in same quarter.
- Cumulus -- Declines in the high single digits, with little offset from podcasting.
- Podcasting – That’s becoming a problem.
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