iHeart Media Inc. Overview

iHeart Media Inc.

Introduction

Previously known and recognized as Clear Channel Communications Media Holdings, Inc, iHeart Media, Inc is the number 1 audio corporation in the United States, with its operations and services reaching nine out of every ten Americans in a month. iHeart Media, Inc is known to have a lot of listeners across the United States, and as a result, the company ranks higher with a greater market reach when compared with its competitors in the United States. Over the past years, the company’s audio reach has grown beyond average, spanning across several platforms including over 180 live broadcast stations as well as its online services known as iHeartRadio being made available in over 250 digital platforms and more than 2000 devices which include gaming consoles, Televisions, Smartphones, smart speakers, et cetera.  

In addition to its achievements and operational excellence, iHeart Media, Inc is also recognized as a leader in the audio industry for its efficient running of analytics and digital-driven technological tools. In the year 2022, iHeart Media, Inc was enlisted on the Fortune 500 list, indicating it to be one of the largest companies in the united states as well as the world based on its 2021 revenue generation. It ranks in the 238th position on Forbes America’s Best Employers 2021, and also in the 290th position on Forbes Best Employers for Women 2020 list. Its subsidiaries and affiliated companies include Broader Media, LLC, iHeartCommunications, Inc, iHeartMedia & Entertainment, Inc., iHeart Capital I LLC, as well as Voxnest, Inc. 

 In this article, however, you will be shown a more detailed, comprehensive, and extensive review of the company, iHeart Media, Inc. As a result, the kickoff will begin with the company’s key facts and it will flow to all aspects of its operations, and dealings. As such, all relevant information detailing its key facts, historical background, its products and service offerings, financial overview, as well as its pros and cons will be concisely covered to enable you to understand the significant and major elements of the corporation as quickly as possible.          

Statistics Overview 

Founding Year: iHeart Media, Inc was founded in the year 1972, approximately 50 years ago.        

Industrial Ranking: In the year 2022, iHeart Media, Inc was enlisted in the Fortune 500 list, indicating it to be one of the largest companies in the united states as well as the world based on its 2021 revenue generation. It ranks in the 238th position on the Forbes of America’s Best Employers 2021, and also in the 290th position on Forbes Best Employers for Women 2020 list.  

Company Type: A Public Corporation Company (PLC)        

Market Reach: iHeart Media, Inc operates globally, and its offices are mounted strategically in all 52 states of the U.S. federation as well as other major countries in the world.   

Industry Type: Broadcasting, Podcasting & Digital Media  

Trading Type: iHeart Media, Inc is traded on the New York Stock Exchange (NYSE) market under the ticker symbol, IHRT in Class A Common Stock. The company’s stock is traded on NASDAQ. IHRTB in the Class B common stock, and IHETW in the warrant classification. 

Workforce Strength: iHeart Media, Inc has more than 9, 500 employees in its workforce globally as of the 2021 report.        

Historical Background 

In the year 19722, iHeart Media, Inc the then Clear Channel Communications Holdings, Inc bought its premier FM station, situated in the San Antonio area of Texas, United States. The facility still serves as the company’s headquarters up to date. 

In the year 1975, the corporation bought its first AM station operating under the name, WOAI, and in the following year, 1976, the corporation extends beyond the shores of San Antonio, by buying several other Radio stations. 

In the year 1992, during the period when the United States Congress lessen the stringent measures placed on broadcasting corporations, the company bought two more stations per market. 

By the end of the year 1995, the company recorded the ownership of 43 radio stations as well as a total number of 16 television channels. 

In the year 1996, when the year the Telecommunication Act was passed into law, the company witnessed an expansion in its business line by purchasing over 70 more media organizations as well as individual stations. 

In the year 1997, the company extends its operations beyond pure broadcasting with its acquisition of a billboard company operating under the name, Eller Media. 

In the year 1998, the company extends beyond the shores of the United States with its acquisition of one of the United Kingdom’s leading outdoor advertising firms operating under the name, More Group Inc. 

The company continued its expansion move by purchasing more media companies across the world, as a result, the move led to the restructuring of the company making all its foreign acquired companies operate under one umbrella name called, Clear Channel International. 

In the year 1999, the company bought a Cincinnati-based radio company operating under the name, Jaco Communications. In that same year, the corporation stepped into making an investment deal with XM Satellite Radio in a bid to improve and expand its satellite radio services. 

In the year 2000, the company bought a concert promoting company operating under the name, SFX Entertainment. And in the year 2005, the corporation rips off its live events and entertainment venture to form an independent body to operate under the name, Live Nation. 

In the year 2006, the company went private sequel to its being acquired by two strong private companies operating under the name, Bain Capital and Thomas H. Lee Partners. 

In the year 2014, September, the company was rebranded as iHeartMedia. The rebranding became evident in all other brands operating under the company. 

In the year 2018, iHeart Media, Inc bought Stuff Media in a deal amounting to a total sum of $55 Million USD. In the following year 2019, iHeart Media, Inc pronounced its desire to buy an advertising platform provider company operating under the name, Jelli. 

In the year 2020, the company underwent a thorough restructuring affecting several aspects of its operations by restructuring its overall business segments into three market niches, including the Region (to target large markets), the Metropolitan (to target major cities and medium scale markets), as well as the Communities (to target smaller markets).  

Affiliates and Subsidiaries 

Broader Media, LLC 

iHeartCommunications, Inc 

 iHeartMedia & Entertainment, Inc. 

 iHeart Capital I LLC 

 Voxnest, Inc. 

Financial Overview 

Revenues: $3.558 Billion USD (Fortune 2022)   

Net Income (Profit): $-125.9  Billion USD (Fortune 202) 

Total Equity:  $907.4 Million USD (Fortune 2021)   

Total Assets: $8.881 Billion USD (Fortune 2021)   

Market Value: $2.728 Billion USD (Fortune 2022)  

Business Segments 

Radio Broadcasting 

Television Broadcasting 

Outdoor Advertising (Billboards) 

Digital Media 

Podcasting

Pros and Cons 

The following under-listed pros and cons are based on the reviews on Glassdoor as well as a critical study of the broadcasting corporation. 

Pros include: 

Market Reach: According to research, the company’s broadcast reaches nine out of every ten Americans in a month. Additionally,  iHeart Media, Inc is known to have a broad spectrum of listeners across the United States, and as a result, the company ranks higher with a greater market share when compared with its competitors in the United States 

Industrial Ranking: As you may have observed in the company’s statistics overview, the company is ranked and rated high by several top-ranking bodies including Forbes and Fortune which indicate the company to be excellent in its business approach. 

Dedicated Team: The company has a strong based workforce who are dedicated and committed individuals charged with the responsibility to provide listeners and the overall company’s clients the best service. 

Great People: Some employees on Glassdoor reveal that the company has a lot of great-spirited and positive individuals to work with 

Market Diversification  

Diversifying into different markets is sure one of the most common ways most large corporations leverage to build and expand their enterprise while addressing societal issues at the same time. iHeartMedia, Inc in its entirety has a lot of products and services targeting a diverse range of markets and bringing in multiple streams of income for the company while technically increasing its revenue and net income, and by extension creating a new way for the company to serve its customers better.  

Cons include: 

Relatively Low Payment 

Frequent Turnover 

Poor Management

Heavy Workload 

No Work / Life Balance 

Conclusion 

iHeartMedia, Inc has been in the industry for quite a long time and its root could be traced by to the year 1972 when it was founded.  However, since its inception hitherto this day, the company has witnessed several ups and downs, including expansion and bankruptcy, but was able to surmount its hard times, hence its existence up to this day. Finally, with all being said in the above sections of this piece, I hope your expectation, as promised in the introductory part of this piece has been met, and that you have adequately absorbed all there is to know about this ever-expanding company, iHeartMedia, Inc.