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Clear Channel CEO Bob Pittman on iHeartRadio, its new service, “Perfect For”, and how the company can monetize it.
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Okay thank you very much thank you very much the call we looked into the -- part of the central hall again one point eight million square feet here.
Everybody vying for attention and for any of you who thought that radio was -- last millennium.
You have heard about I heart radio and by the -- pandora -- of its competitors did the keynote speech.
A lot of people talking about Internet radio but this -- Bob Pittman who is the CEO.
-- Clear Channel Communications and I heart radio joining us to talk about.
No announcements that you've really made up here now and lots of vehicles are you not well of course all of our radio stations guardian everything -- -- America like 860 -- Absolutely so this is just the matter bringing I heart radio and all the Internet stuff we do faulty into the park so that we can do a lot more tricks in the -- of the customer -- future.
And when we know and we also announced that revenue each of -- perfect for.
So instead of putting a song and it having a particular place the -- like you can now say I'm running it's Tuesday afternoon I'm running.
Give me let the stuff that's perfect for running -- meatless is perfect for what he didn't -- is perfect for sleeping.
And it's it's like let's not.
Gets up off the edge of the cliff after upscale markets or walking down the -- -- yeah.
Went up so.
-- -- How you generate money isn't that how we monetize -- well of course -- we make money that's clear channel and all of our radio states Switzerland -- -- -- bucket.
And this is this one more part of what we offer advertisers to an appetite so funny to reach more people anybody else who reads 239 million people in America.
More than all broadcast networks Google FaceBook anybody in the US.
But now we -- that we've also -- digital we can do specialized digital we can go everywhere you years ago which is part of the way we think.
I don't -- founded and ran MTV for somebody hears you know.
Means it costs money and royalties we don't Angeles -- some real issues without.
How do you get around the this is causing it -- -- -- -- -- -- revenues just to -- artists.
Plus it's also we look at homeless quickly again.
And because we make millions of dollars totally -- that's just one -- lost I think we're all working the record industry artists that costs.
Trying to figure out how we build sustainable market.
Not just stop you money today but how -- we build market which.
Continue to make -- over time and -- the movie on night's fare share the revenues and so we're making great progress every sign I think five or ten companies up.
-- those sorts of deals already beginning to talk to the companies about new ways of looking at building -- Markets also you -- how easy.
I know -- -- you're somebody -- and pandora Spotify there's room shark.
That they're all kinds of competitors out there it's it's easier barrier to entry just startup Internet -- -- -- topic right yeah it's not having me if you look.
Most of the listening in America 93%.
Is done to over the air radio about 7%.
Everybody including night our radio and buying the -- so it's saying it overwhelmingly -- against radio.
And of course we take the other parts off my -- radio and we use it to say okay you wanna go on the Internet for you wanna listen and your cellphone -- that are just.
-- -- -- -- -- -- -- The business itself now we need to explain to clear channel's take.
Private part name several years ago and -- actually yeah that's right let's give them credit gets -- Here is what you get in debt and and some of the ratings agencies are concerned that this -- about ten billion of it.
Comes due in 2016.
You can make your payments for 2013 fourteen could -- -- 300 million about a billion.
Well obviously we think we're in pretty good -- then.
Higher invested working for the company I was at a restaurant -- -- equity behind all the dad I put my million mile money and so.
I obviously think it's good.
I didn't that we all have to make you know why aren't justice about it but from my standpoint I think having an elaborate just the reason I'm here to.
It is called how leveraged buyout for recent.
And I think this is no difference that we feel good and and you know what we really feel good about it the success of the business.
Is that we are really reinventing -- advertisers can use this medium which patents were overblown this is one of the few.
Vehicles that hasn't -- flying time more people using radio today percentage wise and making I don't and you wouldn't -- -- -- radio stand.
Layoffs coming up find out he's quietly laid off something.
We don't -- It's interesting what we've done is we've continued rebalancing out of a lot of people would create a whole national sales increase in national program -- -- -- digital team.
And at the same time we went back and look at what -- legacy positions which are necessary to more than we really need to re purpose.
To go for the new areas are constantly moving -- all he has a tequila company -- we give -- -- you expect a positive donuts.
Drink get you'll -- entering your help fight the hot ticket here at CES that catch up -- radio -- -- it would it would satellite -- Pittman.
Thank you thank you so much speaking first on fox business and enjoy.
Thank you -- us.
