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Bob Pittman, Clear Channel CEO, on the second-annual i Heart Radio music festival kicking off in Las Vegas.
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-- to promote the service joining us now live from Las Vegas the CEO of clear channel.
Bob Pittman I know I know you're at some of the on the -- checks Bob we interrupted due -- -- -- seen so far -- again.
-- I went last -- to the rehearsals on salt peak I saw Gwen Stefani and no doubt just miss Dodgers I was walking in last night.
I -- a spectacular show that you don't was Kim Kardashian and with usher.
Not that it matters I didn't see -- -- Pass all the gossip Bob -- let's talk about what's happening with I heart radio.
What stuns me and and gets me excited about this is that this is really only your second year and you re launch the service itself to make it more customized correct.
Bright we used to just carry the radio stations is really an older service didn't promote it much and last year we really brought out we consider the I -- radio.
Product which has custom radio whether it.
Deep social integration and radio stations.
Tell you about be active listeners and how you deal with the competition -- know that you have.
When it comes to terrestrial radio and digital radio hundreds of millions of -- spot.
When it comes to I heart radio itself you're still -- just a bit behind pandora.
Lots of competition from Spotify there's something called -- group shock shark Spotify X seven has its own operation.
How are you distancing yourself separating yourself.
Well first -- where the number one radio service out.
We've got all radio stations we take them and the customers through that pandora just does custom radio Spotify is doing some scriptural well ahead of Spotify.
If you look at FaceBook fans were ahead of everybody.
But I think you really have to look at ones music collection.
One is radio radio we are really the -- there.
In the music collection we actually do pretty well on the custom radio area and we've been up 445%.
Of -- Use each year over year and we have in terms of -- we've had about 110 million downloads.
It's harm -- mobile products so we an upgrade so we are off.
A major player here not -- quite happy with it I know we talked advertisers -- and the consumers obviously.
We at 240 million.
Monthly users of our broadcast stations along nobody comes close -- -- -- that's more than FaceBook or who will get on the US or any of the TV networks -- -- -- media company.
So for us this is an add on and it's part of being a complete multi platform.
Company -- also got a 140 million users are our people that are billboards.
We've got that we -- 20000 events a year people sort of forget we do that well obviously I heart radio music custom.
Being the biggest of them are so we covered they'll hold waterfront here and this is a piece of the equation is not the whole equation for -- -- When I hear you at.
Articulate all that is happening at this company and we know what kind of leadership you provide you and I spoke in January the Consumer Electronics Show I've never seen -- so excited about things it was going incredibly well.
The stock has lacked what does Wall Street have wrong about clear channel.
Well I think really do we don't really have much equity out there I think -- you know we're -- highly leveraged company really controlled by Bain and TH Lee.
And so why I don't I don't think you sort of evaluate -- the same way -- would have would have a normal public company.
Do you think that digital radio is truly the way of the future and if so how do you increase the margins I'm just wondering.
If you could customize everything out there -- go to basic radio why go to something like get some serious aside from of course you get to hear things like Fox News MSNBC whatever you wanna hear.
For -- its National Hockey League talk but.
And get when you when you think about the future of radio is it digital is it the apps that go through things like the autonomy -- right.
-- most of those things that are called radio not radio there really.
Play list -- you music collection though the ones where you don't wanna hear people telling you what the weather is they're doing contests.
Or hearing other people on the air -- news.
Radio fortunately it's the opposite of that radio through his social medium -- say what's going on the world you turn on the radio here all the gossip we hear whether -- -- actions doing something.
We see Justin Bieber new haircut that right go to our web sites.
And we -- here contest here news you hear commercials.
And that's part of keeping up with the world so I think that doesn't go away in the new year love the Z 100 new Yorker the kiss -- and -- or they KF five.
Those are stations have enormous loyalty you know you love Ryan Seacrest who love Elvis -- -- -- Steve Harvey these are all people have strong following added change.
The what may change is where you listen to it my wife comes on the trained from the suburbs she listens to the radio now which she couldn't do.
On -- on online on her on her iPhone.
So I think it's opening up new ways for people to listen the radio and for us obviously we can push a little bit -- that music collection.
With the custom radio which against more than music collection but think we have permission to do it and obviously results have been fantastic for us.
Well Bob Pittman of when you see what part of the collection is of he had the talent the artists who -- coming through for this concert.
They're doing it because they see the trend to right.
I think they love -- for them this is a collaboration.
To -- when we did at the working model watch live aid which I've done you know point 15 years ago ashore and it where artists come together and collaborate as opposed to just doing -- gig.
And we felt that last year I'm feeling again this year I think this is magic in the hall tonight in the.
Tomorrow night all right let us know BC -- and Kanye.
-- all excited I promise -- ask what did Bob Pittman of clear channel radio out in Vegas for the I heart radio.
Music festival to see you next time thank you.
