Townsquare Media has released its financial results for the 2023 fiscal year, and the company saw a slight drop in total revenue for the year.
In total, the company had its second-highest revenue year ever, bringing in $454.2 million in total revenue. However, that figure represents a 1.9% decrease in year-over-year results. That number drops to less than 1% when political advertising is excluded.
Like many other radio companies, Townsquare saw growth in its digital revenue in 2023, with a 7% increase reported.
“Despite the lack of tailwinds at our back in 2023, I am very pleased with how the Townsquare team navigated the progressively challenging economic landscape. We outperformed competitors and gained market share due to our local focus and our digital platform,” said CEO Bill Wilson.
“I believe that our performance over the past several years has demonstrated the efficacy of our Digital First Local Media strategy, and validated our focus on local markets outside of the Top 50 U.S. cities, reinvigorating my confidence in our business model and our path moving forward.”
Additionally, the company announced that its Board of Directors has approved a quarterly cash dividend of $0.1975 per share.
