Townsquare Media Q2 Net Revs Rise 7.4% to $113.1 Million

RADIO ONLINE | Monday, August 10, 2020

Townsquare Media

Townsquare Media reported second quarter net revenue grew 7.4% to $113.1 million from $105.3 million 2019. Advertising net revenue increased 6% to $91.5 million, while Townsquare Interactive net revenue was up 30.8% to $15.3 million and Live Events net revenue decreased 13.8% to $6.3 million. Excluding political revenue, net revenue grew 8.3% to $112.6 million and Advertising net revenue increased 7.1% to $91 million. The company posted a net income of of $9.1 million as compared to $1.6 million in the year-ago period. Net income from continuing operations increased 23.5% to $10.6 million.

"Townsquare's strong momentum continued into the second quarter, with net revenue, net income from continuing operations, and Adjusted EBITDA increasing 7.4%, 23.5% and 19%, respectively, over the second quarter of the prior year," commented CEO Bill Wilson. "Our second quarter growth rates were fueled by an acceleration in Advertising net revenue growth, which increased 7.1% excluding political revenue over the prior year, and the strong net revenue growth of Townsquare Interactive, which increased 30.8% over the prior year.

"Townsquare Interactive added approximately 1,100 net subscribers in the second quarter, a significant increase in quarterly net additions over prior quarters, while maintaining strong profit margins in excess of 30%. The ongoing strong performance of Townsquare Interactive and Townsquare Ignite, our proprietary digital programmatic advertising platform, reinforce our belief that each of those divisions will generate $100 million in annual net revenue within the next three to five years.

"With greater than one-third of our total net revenue originating from digital sources, Townsquare is not your average radio company. As a result of the ongoing strength of Townsquare Interactive and Townsquare Ignite, we believe that Townsquare is best described as a premier local and digital marketing solutions company, bringing large market solutions to small and mid-sized markets."