How iHeartMedia Makes Money

iHeartMedia earns almost all of its money from advertising, sold through two reporting segments plus a smaller services unit. The Multiplatform Group sells local and national spots on about 860 AM/FM stations, plus network and syndicated programming through Premiere Networks and sponsorships around events. In 2025, broadcast radio brought in $1.633 billion, networks $439.8 million and sponsorship and events $182.0 million. The Digital Audio Group sells ads in podcasts and in streaming on the iHeartRadio app and partner platforms. That segment made $1.329 billion in 2025 ($563.7 million from podcasts) and had the highest margins in the company, with a segment Adjusted EBITDA margin of 33.8% in Q2 2026. The Audio & Media Services Group, made up of Katz Media representation and Triton Digital ad technology and measurement, added $272.5 million. Listeners pay nothing; advertisers pay for reach, and more of that buying now happens programmatically. iHeart expects about $200 million of programmatic revenue in 2026.

iHeartMedia's growth plan rests on four moves: (1) keep podcast revenue growing at double-digit rates by building new talent-led shows and promoting them on the radio; (2) sell more inventory programmatically, with programmatic revenue targeted at about $200 million in 2026, up roughly 50%; (3) open new video distribution, such as the Netflix partnership and video podcasts on other streaming services including Disney+ and Hulu; and (4) cut costs through automation and AI tools, with $125 million of in-year savings targeted for 2026.