iHeartMedia CEO Bob Pittman on the future of audio and big tech: 'Audio is hot for the first time in decades, and people don’t quite appreciate the nuance of it.'
In January, a court approved iHeart’s plan to exit bankruptcy and reorganize the company’s debt. With iHeart’s debt now reduced from $16.1 billion to $5.75 billion, the company has new plans for growth. [This interview has been edited for brevity.]You are a former chief operating officer at AOL. Should big tech be broken up as Elizabeth Warren and Rupert Murdoch are both suggesting?
A: Things go in waves. They’re very cool and very hip and at a certain point, they won’t be cool and hip, and so we may see for the first time in 20 or 30 years that tech is not necessarily cool. That happens to every business in every industry. I don’t think it is necessarily bad, but you know you no longer have Teflon.Being in radio, you have perhaps a broader view of what’s going on beyond the coasts. iHeart is based in Texas.
Something like the smart speaker has been terrifically important to us with [Amazon’s] Alexa. It has replaced the home radio. We were having a problem. It’s hard to find a plain old radio anymore, and now we have one. The number one use is AM/FM radio, and number two is check the weather, number three is a reminder, and then we get down to the streaming music services. It has replaced the clock radio. We envision it’s probably going to cars.
There was a study on trust, and the most trusted of all media is radio. We are regulated by the U.S. government and we are careful and controlled about what we say so we don’t have these breaches of trust that can come in markets where you don’t either apply that yourself or have the government apply it to you.Will you acquire other companies or do you see yourselves potentially being part of something else? TheWe’re looking for additions either through make it, partner, or buy it.
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