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Townsquare Media Reports Record Setting 1st Quarter

Its digital advertising segment, was the top growth driver, with revenue growing by 15.4% and profits increasing by 23% year-over-year.

Maddy Troy

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Townsquare Media reported strong financial results for the first quarter of the year, as its digital and local advertising sales continued to perform well.

Townsquare revenues increased by 2.9% to $103.1 million during the period, setting a new record for the first quarter. This growth exceeded Townsquare Media’s earlier guidance for both profit and revenue, demonstrating its strong performance in the market.

“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,” CEO Bill Wilson said in a press release Wednesday morning ahead of a quarterly earnings call with analysts.

Its digital advertising segment, Townsquare Ignite, was the top growth driver, with revenue growing by 15.4% to $33.7 million and profits increasing by 23% year-over-year. Revenue at Townsquare Interactive, the subscription-based digital marketing services segment, decreased 1.3% to $21.6 million.

Total digital revenue grew 8.2%, with over half of the company’s Q1 revenue (54%) and profits (63%) driven by digital products. Despite remaining the largest of the company’s operating segments, broadcast radio advertising decreased 4.8% to $45.9 million, with national ad sales driving the decline while local remained positive. Broadcast radio now accounts for only 35% of Townsquare’s profits.

“Our growth engine has been and will continue to be our digital solutions,” Wilson said. “We believe that our Digital First business model and strategy position us to navigate the current macro-economic environment better than most, and that our revenue, profit, and cash flow results will be among the best in the local media industry, particularly when compared to 2019 pre-COVID financials given our growth in revenue and profit since 2019. Our confidence is directly tied to the Townsquare team’s efforts and talent, as well as our large, growing, and profitable digital platform which contributes more than half of Townsquare’s total net revenue and profit.”

The company has announced that it has seen growth in cash flow from operations to $9 million in the first quarter of the year. Following this, the company’s board has approved an ongoing quarterly cash dividend of 19 cents per share. The company also used cash on hand to buy back $12 million of its unsecured senior notes at a discount. With $42 million in cash on hand, Townsquare’s net leverage reached 4.29 times, the lowest point in the company’s history.

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Media Business

Curtis LeGeyt: NAB ‘Depend on AM’ Radio Campaign ‘Played Crucial Role’ in Support for Congressional Bill

“We are making significant progress, but our work is far from over.”

Barrett News Media

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A photo of Curtis LeGeyt
(Photo: Jay Mallin NAB)

The AM Radio for Every Vehicle Act continues to wait to be voted on by both houses of Congress. NAB President/CEO Curtis LeGeyt believes an initiative from the organization played a paramount role in garnering support for the legislation.

In a story authored by the executive for Radio Ink, he made the case that the “Depend on AM” campaign released by the organization was pivotal for Congressional support for the industry.

“The NAB’s Depend on AM campaign has played a crucial role in rallying this support. We’ve emphasized the importance of AM radio not just as a cultural, news and sports hub, but also as the resilient lifeline during emergencies, offering unmatched reach and reliability,” LeGeyt wrote. “This legislation ensures that AM radio remains accessible to all Americans, especially during public safety crises. We are making significant progress, but our work is far from over.”

Curtis LeGeyt claimed more than 250 members of the House of Representatives and 62 Senators have backed the bill that would require automakers to include AM radios in new and electric vehicle models or require manufacturers to inform customers the new model was not equipped with the band.

The NAB has been a vocal proponent of the bill’s passage, with LeGeyt testifying in front of Congress in support of the legislation.

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Media Business

Local News Becoming Less Prevalent on Radio, New RTDNA Study Shows

68.4% of locally-owned operations air local news updates, while 54.1% of non-locally owned outlets do the same.

Barrett News Media

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RTDNA logo

Local news has been a focal point for radio stations for decades. But that may be fading away, a new RTDNA study shows.

65% of commercial stations still air local news in 2024, down slightly from 66.2% in 2023. Non-commercial stations have dropped 12% points in the past two years, down to just 60.7% airing local news.

However, the disconnect appears to come from locally owned stations versus non-locally owned. 68.4% of locally-owned operations air local news updates, while 54.1% of non-locally owned outlets do the same.

Not only are there drops in the number of stations broadcasting local news, but the airtime those updates occupy has also shrunk, according to the RTDNA study.

“The biggest drop in average minutes came in large markets, suggesting that fewer all news or news/talk stations there filled out the Survey this year,” the study states. “Medium markets are down a bit; small markets dropped an average of over 20 minutes per weekday.”

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Media Business

YouTube Largest Podcast Discovery Platform By Wide Margin, Westwood One Study Shows

Not only is the Google-owned video platform the most used among podcast newcomers, but it also holds that distinction for heavy podcast consumers and longtime podcast listeners.

Barrett News Media

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A photo of the YouTube logo displayed on a phone

In the span of three years, YouTube has gone from the third most popular podcast discovery platform to the top spot, a Westwood One study suggests.

In a study of more than 600 weekly podcast listeners, 31% say YouTube is the most utilized podcast listening platform. 21% say they use Spotify most frequently, while 12% claimed Apple Podcasts was their go-to destination.

Not only is the Google-owned video platform the most used among podcast newcomers, but it also holds that distinction for heavy podcast consumers and longtime podcast listeners.

YouTube’s podcast listening profile is slightly more male-dominated and also younger than the typical Apple Podcasts audience, according to the results from Westwood One Audio Active Group.

Naturally, the majority of Apple and Spotify users utilize smartphones to access their favorite podcasts, while 38% of YouTube’s audience uses computers and televisions for their favorite shows.

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