Townsquare Media has released its first-quarter revenue results, and while there was a drop in that category, the company ultimately posted a strong profit during the quarter.
Overall, the company saw a revenue decline of 3.4%, down to $99.6 million from the $103.1 million it earned in the fourth quarter of 2023. Digital revenue accounted for 53% of the company’s quarterly revenue, with digital advertising seeing a 1.3% year-over-year growth.
Despite the slight revenue decline, Townsquare saw a quarterly profit of $1.6 million. That represents a complete turnaround from the same quarter in 2023, when the company saw a loss of $1.9 million.
“Our first quarter performance improved over the fourth quarter across each of our segments. Importantly, our Digital Advertising segment returned to revenue growth in the first quarter (+1.3% year-over-year), and our Townsquare Interactive segment achieved net subscriber growth and month-over-month revenue growth in March, a meaningful turning point for the business. In total, Digital represented 53% of Townsquare’s first quarter 2024 net revenue and Adjusted Operating Income,” said CEO Bill Wilson.
“Our performance and building momentum reinforces my confidence in our Digital First Local Media strategy, our focus on markets outside of the Top 50 U.S. cities, and our path moving forward. I am pleased to share that others share this view as well,” he continued.
