iHeart Radio Betting on Spotify-Like App

iHeartMedia, facing $21 billion in debt, is exploring new revenue streams by expanding its live events business and launching a Spotify-like app. Despite having 265 million monthly listeners, the company struggles to grow its audience and revenue due to stagnant radio advertising. The new app aims to integrate radio streaming with on-demand features, offering a unique experience compared to Spotify and Apple. However, iHeartMedia's financial situation remains precarious, with private equity investors and creditors closely watching its next moves.

In what ways does the new app aim to enhance the user experience compared to traditional radio?

What strategies has iHeartRadio employed to manage its debt situation?