COVID has severely impacted companies across an array of industries. However, the music industry has taken one of the most massive hits. iHeartMedia had announced plans to to cut $250 in spending this year. In turn, employees deemed “non-essential” were put on furlough in April 2020. Additionally, the CEO decided to forego his $23M salary.
Unfortunately, other long-term staff members have recently been let go as well. This includes Cities 97.1 host Hunter Quinn, 610 WTVN veteran Joey Riley, and additional personalities in the Wheeling, St. Louis, Toledo, Raleigh, Philadelphia, Nashville stations. Fans and loyal listeners have expressed their frustration with the company’s actions. It’ll be interesting to observe if there will be changes to listenership and ratings in the near future as a result.
The company’s second-quarter revenue was $488M, which is a 47% year-over-year decline. iHeartMedia’s Q3 financial report will be released on November 9th. These numbers will determine the efficiency and the impacts of the layoffs.
iHeartMedia has yet to issue a statement regarding these changes.