iHeartMedia stock is among the “8 Best Music Stocks to Buy According to Hedge Funds,” according to Insider Monkey.
“iHeartMedia, Inc. is one of the top audio companies in the United States reaching nine out of 10 Americans every month. The firm has four times the reach of the largest ad-enabled streaming music audio service,” the reports stated.
iHeartMedia, which operates in three business segments – Multiplatform Group, Digital Audio Group, and Audio & Media Services Group – “has the only total audio media ecosystem that stands unique and has an unrivaled national scale,” Insider Monkey said. “The firm has a leadership position in audio which spans multiple platforms.”
The report details iHeartMedia’s reach, which includes 860 live broadcast stations, the iHeartRadio streaming platform available across over 500 platforms and 2,000 devices, and iHeartMedia podcasts, “with more downloads than the next two published combined.”
iHeartMedia will release its Q3 2024 earnings report on Thursday, and management remains confident about 2024 being a record political year, with full-year 2024 political revenues pacing approximately 20% higher than the last presidential election cycle.
“iHeartMedia, Inc. has robust business segments, an unparalleled reach, and a leadership position.” Insider Monkey said in conclusion. “The firm ranks on our list of the best music stocks to buy according to hedge funds.”