Townsquare Media Reports Significant Digital Revenue

Townsquare Media, Inc. reported earnings results for the third quarter and nine months ended September 30, 2024. 

For the third quarter, the company reported sales was USD 115.31 million compared to USD 115.1 million a year ago. 

Net income was USD 10.85 million compared to net loss of USD 37 million a year ago. Basic earnings per share from continuing operations was USD 0.71 compared to basic loss per share from continuing operations of USD 2.27 a year ago. Diluted earnings per share from continuing operations was USD 0.63 compared to diluted loss per share from continuing operations of USD 2.27 a year ago.

For the nine months, sales was USD 333.17 million compared to USD 339.45 million a year ago. Net loss was USD 37.26 million compared to USD 42.62 million a year ago. 

The company's CEO, Bill Wilson, highlighted the strategic successes, noting, "This quarter, our growth was primarily driven by the robust performance of our digital and broadcast advertising segments and the beneficial impact of political advertising revenues. Our focus on local markets and our differentiated digital platforms continue to yield substantial returns."

Digital revenue represented a significant portion of the company's earnings, constituting 52% of the total net revenue year-to-date. Digital advertising, including the services provided by Townsquare Ignite, grew by 4.7% year-over-year, while broadcast advertising showed a modest increase of 0.3%. However, the company's Subscription Digital Marketing Solutions segment saw a decrease of 5.8%.

Despite the overall growth in revenue, the company reported a decrease in Adjusted EBITDA, which fell by 6.3% year-over-year to $25.5 million, primarily due to an increase in operating costs and a more competitive market landscape.