For the second quarter of the fiscal year, Townsquare Media is reporting a net revenue of $121.9 million. That increase is 13.6% higher than the same quarter in 2021.
Meanwhile, the company had a net income of $4.9 million, which decreased from $5.2 million in the second quarter of 2021.
“I am proud to share that the Townsquare team delivered another quarter of strong revenue and profit growth, and in doing so, we achieved all-time record highs for both net revenue and Adjusted EBITDA”, CEO Bill Wilson said.
He also noted the company would be raising their fiscal year guidance after officially completing its purchase of Cherry Creek Broadcasting in June.
“As a Digital First Local Media Company focused principally on markets outside of the Top 50 in the United States, we have a resilient digital growth engine supported by subscription digital marketing solutions, with a large addressable market and limited competition. As we move forward, we expect double-digit digital net revenue growth to continue at strong margins, reaching our digital revenue target of at least $275 million in 2024.”
Wilson noted half of the company’s total revenue and profit comes from digital, and it will continue to be a meaningful part of Townsquare’s businesses.
