Digital Revenue Drives Townsquare Strong Q1 Growth

RADIO ONLINE | Tuesday, May 7, 2019

Townsquare Media

Townsquare Media reported first quarter net revenue increased 6.5% to $93.7 million as compared to $88 million in 2018. Advertising net revenue grew 3.9% to $74.3 million, while Townsquare Interactive net revenue climbed 31.6% to $14.2 million. Live Events net revenue fell 8.6% to $5.2 million. Excluding political revenue, net revenue gained 7% to $93.4 million and Advertising net revenue increased 4.5% to $74 million. The company posted a net loss of $4.8 million as compared to a net loss of $26.6 million in the year-ago period.

"Townsquare is off to a great start in 2019 with strong operational and financial performance, demonstrated by our first quarter Adjusted EBITDA growth of 8.3%," commented CEO Bill Wilson. "We have continued the strong momentum we experienced throughout 2018, as our team once again delivered double-digit revenue growth in our Townsquare Ignite and Townsquare Interactive divisions, leading to total net revenue growth of 6.5% in the first quarter of 2019."

He continued, "As a result of our continued growth and strength in digital, we are pleased to announce that for the first time in our history, digital revenue contributed over one-third of the Company's total net revenue. Given our diversified revenue base, today and moving forward we believe Townsquare is best described as a premier local media and digital marketing solutions company."