iHeartMedia has released its Q4 and full-year 2023 financial report. The media and entertainment company, which operates through segments such as multiplatform, digital audio and audio and media services group, has had a challenging year, with a decline in its revenue.

The Texas-based company recorded revenues of US$1 billion in the last three months of 2023, a decrease of 5.2% compared to the same period in 2022. For the full year, it generated US$3 billion, a decline of 4.1%.

Revenues from its multiplatform division fell 7%, due to a challenging macroeconomic environment and a decrease in advertising revenues, according to the company. Sponsorship and event sales were down 4.8% year-on-year.

The audio and multimedia services group also posted a 28.6% decline in the quarter. However, the digital audio group – which includes the company’s podcasting business – was a bright spot. Group revenue was up 6% in the fourth quarter, driven primarily by increased demand for podcasting from advertisers. Podcasting revenue rose 17%.

Its digital audio segment includes iHeartRadio, which has has been operating in Canada since 2016 as a digital service that showcases audio content from Bell Media.

For the full year, the digital audio group’s revenues climbed by 5%. And the multiplatform group’s revenues remained flat. It dropped 6%, while the audio and media services segment decreased 15%.

“Our results this quarter are a strong indication that the reallocation of resources towards our high growth digital audio group has been successful – through our relentless focus on efficiencies we have reduced our multiplatform group expenses by approximately 7% since 2019, which has in part enabled us to build a digital business that generated US$1 billion of revenue in 2023 with an adjusted EBITDA margin of 33%,” said Rich Bressler, iHeartMedia’s president, COO and CFO.

iHeartRadio has been expanding recently in Canada. Stingray signed an agreement with Bell Media last year to make its more than 60 radio stations across the country available digitally through the iHeartRadio digital streaming app. And Bell also launched Addressable Audio, a new format that inserts digital audio ads into live linear programming, and on-demand content on iHeartRadio.ca and the iHeartRadio Canada app.

“We expect to see a significant year over year improvement in our 2024 financial performance, supported by our ongoing efficiency efforts and what is anticipated to be record-setting political advertising year,” said Bressler.

iHeartMedia expects first quarter revenues to be flat or down 2%.