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Townsquare Media Q1 Revenues Up 2.9% to $103.1 Million
RADIO ONLINE | Wednesday, May 10, 2023 |
Townsquare Media reported first quarter net revenue increased 2.9% to $103.1 million from $100.2 million in 2022. Digital Advertising net revenue grew 15.4% to $33.7 million, and Subscription Digital Marketing Solutions net revenue declined 1.3%. Broadcast Advertising net revenue decreased 4.8% to $45.7 million. Adjusted EBITDA decreased 11.9% to $19.4 million from $22.1 million. The company posted a net loss of $1.9 million as compared to net income of $2.7 million in year-ago period.
"I am pleased to share that Townsquare's first quarter results exceeded our previously issued guidance for both net revenue and Adjusted EBITDA, due primarily to the continued strength of our digital and local advertising platform and solutions. In the first quarter, net revenue increased +3% year-over-year to $103 million, and Adjusted EBITDA decreased -12% yearover-year to $19 million," commented CEO Bill Wilson.
"Although we faced the same headwinds that have impacted the entire media sector, our first quarter results validate our Digital First Local Media strategy, with a focus exclusively on local markets outside of the Top 50. Digital Advertising was once again our largest driver of growth, increasing net revenue by +15% year-over-year in the first quarter," he added.
The company's board of directors approved a quarterly cash dividend of $0.1875 per share. The dividend will be payable on August 1 to shareholders of record as of the close of business on June 30.
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