iHeartMedia chairman and CEO Bob Pittman told an investor conference on Thursday that podcast advertising trends have remained strong during the coronavirus pandemic and described podcasting as a Netflix for radio.
Speaking during the virtualBank of America Securities 2020 Media, Communications & Entertainment Conference in a session that was webcast, he said: "Podcasting is already bigger than streaming music services like Spotify, and the growth continues, so we are investing heavily into it." Pittman also shared the company's take on the space, saying: "Internally, we think about podcasting as sort of like Netflix was for TV, it's sort of the on-demand version of radio." But he emphasized that iHeart doesn't plan to leave the business.
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