The update also brings a new player, which you can unlock by going to Settings > Player Display. Search also has been rebuilt from scratch, says the changelist. According to iHeartRadio, the new search is "lightning fast." The entire app uses less battery power than prior to the update, which means that you get to listen to more music before your battery crosses over.
The updated iHeartRadio is in the Google Play Store where it is waiting for you as version 5.0. Looking up and down the Apple App Store for the iOS version of the update? You'll have a better chance of finding a happy Miami Heat fan on South Beach. The update for the iOS flavored version of the app is not quite ready for prime time, but should touch down in the App Store in about a week.
source: iHeartRadio via Engadget