Digital Revenue Over 33% of Total Net Revenue for the First Time Ever
Greenwich, CT – May 7, 2019 – Townsquare Media, Inc. (NYSE: TSQ) announced today financial results for the first quarter ended March 31, 2019.
“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 Bill Wilson, Chief Executive Officer of Townsquare. “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. 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.”
“To that point, beginning in the first quarter of 2019 I am very pleased to share that we have provided segmentation of our financial results. In particular this will allow you to see the strong profit that is generated by Townsquare Interactive, our digital marketing solutions business which currently serves approximately 16,200 monthly subscribers. In the first quarter of 2019, Townsquare Interactive had net revenue growth of 31.6% and Adjusted Operating Income growth of 34.8%, operating at a 31% margin. As noted previously, we believe that Townsquare Interactive, as well as our Townsquare Ignite division, will each generate $100 million in annual net revenue within the next three to five years.”
About Townsquare Media, Inc.
Townsquare is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the U.S. Our assets include 321 radio stations and more than 330+ local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive), a proprietary digital programmatic advertising platform (Townsquare Ignite) and approximately 200 local live events each year. Our brands include local media assets such as WYRK, KLAQ, K2 and NJ101.5; iconic local and regional events such as the WYRK’s Taste of Country, the Boise Music Festival, the Red Dirt BBQ & Music Festival and Taste of Fort Collins; and leading tastemaker music and entertainment websites such as XXLmag.com, TasteofCountry.com and Loudwire.com.