Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.
Townsquare Media has released its third quarter financial results with a very slight uptick in total revenue during the period.
During the three-month window, the company reported $115.3 million in revenue. That figure is a $200,000 uptick compared to the same window year over year.
Despite the uptick, if political revenue is excluded, the company experienced a downturn of 2.5%. Broadcast revenue told a similar story. In total, it was up 0.3% but was down 5.8% when political advertising was excluded.
However, the company saw a net revenue of $11.3 million during the quarter compared to a loss of $36.5 million last year.
Digital advertising revenue rose 4.7% while the company’s digital marketing division was up 3% overall.
As expected, digital led the way for Townsquare Media. The sector accounted for 52% of the company’s total revenue year to date with a 1.1% increase compared to lats year.
Townsquare Media CEO Bill Wilson said the company’s quarterly success was “Driven by sequential improvement across each of our three business segments, due to our local focus and our unique and differentiated digital platform, as well as the benefit from political revenue.”
“In total, Digital represented more than half of Townsquare’s net revenue in the first nine months of the year, a true point of differentiation from others in local media, as we have evolved from a local broadcast radio company that was founded in 2010, to a Digital First Local Media Company with a world class team and a unique and differentiated strategy, assets, platforms and solutions.”
