After iHeartMedia posted whole income of $920M for Q2 2023, the musicFIRST Coalition put the printed firm on blast for refusing to pay artists.
iHeartMedia’s whole income for Q2 2023 dropped 3.6% from a yr in the past. Multiplatform income for the radio large was down 5.9%, which it attributes as a consequence of decreases in broadcast promoting “as a consequence of a difficult macroeconomic surroundings” and the general decline in political promoting. Whole income for its digital audio group was bolstered by podcasting and is up 8% year-over-year, due to demand for podcast promoting. However following that earnings report, former Senator Mark Pryor, Chairman of the musicFIRST Coalition, shared a press release.
“iHeart’s hypocrisy and disrespect for the music artists that make their whole enterprise mannequin doable was as soon as once more on full show throughout in the present day’s earnings name,” Pryor shares. “Because the broadcasting large celebrated its quarterly monetary efficiency with traders on Wall Avenue, their efforts to persuade lawmakers that they will’t afford to pay artists a single cent when their music is performed on AM/FM radio proceed.”
“The concept that artists must be paid for using their work just isn’t a novel idea. In reality, it’s been accepted as a fundamental customary in each different democratic nation, and on each different music platform. However with the assistance of their lobbying machine on the Nationwide Affiliation of Broadcasters, grasping broadcasting behemoths like iHeart are preventing tooth and nail to stop artists from making a residing.”
“iHeart’s newest earnings report is one more reminder that massive broadcasters like iHeart can afford to pay artists, regardless of their claims on the contrary. The bipartisan American Music Equity Act (AMFA) would tackle this excellent subject by guaranteeing music artists obtain the fundamental compensation they deserve for AM/FM radio performs, whereas additionally serving to to guard small broadcasters. It’s time we maintain Massive Radio accountable by passing this lengthy overdue, widespread sense piece of laws.”