2024 financial results for Townsquare Media are in and the company reports mixed results throughout its various sectors.
The company’s digital advertising revenue through Townsquare Ignite reached $158.6 million in 2024. That represents a 5.5% increase compared to 2023. Its digital marketing business Townsquare Interactive saw an 8.4% year-over-year decrease but the company says it should return to profitability in 2025.
Broadcast advertising dropped by 1.3% — down $2.8 million — compared to 2023. However, when political advertising is excluded, the overall decline in that sector was 6.1%. Those declines were offset by the $8.3 million increase the digital advertising revenue from Townsquare Ignite featured.
Net revenue for 2024 ended at $451 million, down 0.7% compared to the $454.2 million it featured during 2023.
Despite the broadcast radio declines, Townsquare Media CEO Bill Wilson says capturing digital advertising dollars will be imperative going forward.
“Our Broadcast Advertising net revenue declined in line with our expectations for 2024 (mid-single digit ex-political decline) which aligns with our view that broadcast is a mature cash cow business that will continue to face headwinds going forward, as businesses will continue to share shift from traditional advertising to digital
advertising. Thankfully, we are often the beneficiary in that case, as we frequently have the most comprehensive set of digital advertising solutions available in our markets. Digital is and will continue to be Townsquare’s growth engine and we believe Townsquare’s ability to drive profitable, sustainable digital growth is a key differentiator for our Company, and consistent with our strategy of being a Digital First Local Media Company.”
The 2024 results included the report that the Adjusted EBITDA increased by 0.4%. Additionally, the company repurchased 2.3 million shares of its common stock at an average price of $10.31 during the year.
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