After doing TV deals with the CW, launching iHeartRadio, now launching the iHeartRadio Theater in Los Angeles, and garnering a variety of other big deals, iHeartmedia (formerly Clear Channel) Media is definitely making some massive moves in the world of radio.
When asked “How does iHeartRadio work for iHeartmedia (formerly Clear Channel) at a time when Internet radio doesn’t seem to be very profitable?”
Bob Pittman had this to say, “Remember, we do all this at an incremental cost. If you look at iHeartRadio, Pandora and all the Internet radio players, it’s only 8% of all the listening. The other 92% is broadcast radio, so we’ve not forgotten where the monster is. Actually, broadcast radio has increased, and digital is in addition to that, so this is really a time of feast for the radio business, and I think the Internet has really helped us expand our reach.”