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Townsquare Media Q2 Net Revenues Up 44.9% to $107.3M
RADIO ONLINE | Tuesday, August 3, 2021 |
Townsquare Media reported second quarter net revenue climbed 44.9% to $107.3 million from $74.1 million in 2020. Net revenues grew 45.7% excluding political revenue. Adjusted EBITDA increased $28.2 million to $30.3 million from $2.1 million. The company posted a net income for the quarter to $10.1 million (50 cents per diluted share), increasing $36.9 million from a net loss of $26.8 million in the year-ago period.
"Townsquare's strong performance continued in the second quarter of 2021, with significant growth in net revenue, Adjusted EBITDA, net subscribers and net income. In the second quarter of 2021, net revenue increased +45% year over year, but more importantly, Townsquare achieved 99.4% of Q2 2019's net revenue when excluding Live Events net revenue (in Q2 2019 there was $6.3 million of Live Events net revenue)," commented Chief Executive Officer Bill Wilson.
He added, "Total digital revenue growth accelerated to +36% year over year (+27% vs. Q2 2019), contributing approximately 47% of Townsquare's total net revenue in the first six months of 2021. Over the next three years, we expect double-digit digital net revenue growth to continue, fueling the growth of our digital platform from $180 million of revenue (on a trailing twelve-month basis as of June 30, 2021) to $250 million."
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