Townsquare Media reported a third-quarter revenue decline of 5% compared to the same time period in 2022. However, the company still hit its revenue goals for the quarter.
The company brought in $115.1 million in the three-month segment, with earnings falling 12% to $27.2 million compared to the $30.9 million it saw last year.
Its digital advertising property — Townsquare Ignite — saw a 5.5% gain to $39 million in revenue, while its subscription digital marketing branch was down 12.6% to $20.3 million.
“Our performance this year, and particularly the growth of our digital advertising segment, has reinforced our confidence in our Digital First Local Media Strategy, our deliberate focus on markets outside of the Top 50, and the long-term, profitable growth potential of our digital platform,” said CEO Bill Wilson in a press release.
Broadcast radio was the largest revenue driver, but also saw a decrease, dropping 8.6% to $54,2 million.
While seeing declines in some aspects, Townsquare garnered $39 million of cash flow through the first three quarters of 2023, which represents a growth of $7 million compared to 2022.
“We could not be more pleased to share that given our strong cash position, we were able to repurchase and retire approximately $14 million of our unsecured senior notes at a discount during the third quarter, bringing our year-to-date total bond repurchases to $27 million,” Wilson added.
