As a seasoned gamer who’s weathered numerous storms in the virtual world and seen many companies rise and fall, I can’t help but draw parallels between the gaming industry and the recent developments at iHeartMedia. Just like how a game level might require a few less players to make it more efficient, iHeartMedia is trimming its workforce to streamline operations – a move that’s as common in the radio world as boss battles are in RPGs.
IHeartMedia is laying off workers this week.
Approximately 5% of the radio and podcasting company’s workforce, numbering around 10,000 employees, is being let go. This move aims to remove redundancies and improve efficiency within the organization, as reported by a reliable source to The Hollywood Reporter.
Wendy Goldberg from iHeartMedia stated that our radio audience has grown since a decade ago and we’re particularly seeing an uptick in Gen Z listeners, as reported by Nielsen Edison. Notably, we lead the pack as the top podcast publisher, surpassing the combined total of the second and third places, and we’re five times larger than the next biggest digital radio service. We’ve managed to accomplish this by updating our company strategy and embracing technology to create superior radio stations with the most talented personalities across all U.S. markets.
These adjustments represent another milestone on our path. While only a small number of positions in our workforce of 10,000 have been impacted, every single one matters deeply to us. We don’t make such decisions lightly, regardless of the scale; each team member is valued, respected, and admired by us.
iHeartMedia is set to release its third-quarter financial results on Thursday. In their previous earnings report, they reported an increased operating loss, from $897 million in Q2 2023 to a wider loss of $910 million. However, podcasting has been a significant contributor to the company’s growth, particularly within its digital audio division. Despite this, iHeartMedia’s consolidated revenue for the second quarter only increased by 1%, reaching approximately $929 million in the last reporting period.
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2024-11-06 01:24