Net revenue

Townsquare Media Q4 net revenue up 1.9% to $110.6 million

Townsquare Media Q4 net revenue up 1.9% to $110.6 million

Town Square Media

Townsquare Media said fourth quarter net revenue increased 1.9% to $110.6 million from $108.5 million in 2020. Digital advertising increased 11.3% to 31 $.6 million, while broadcast advertising decreased 7% to $57 million. Excluding political revenue, net revenue increased 9.8% to $108.9 million, and broadcast advertising increased 6.4% to $55.3 million. Adjusted EBITDA decreased 5.4% to $25.6 million from $27 million. The company posted a 57.6% drop in net profit to $1.9 million from $4.5 million a year ago.

“I am proud to report our very strong 2021 results which exceeded expectations and set records for the business, driven by our transformation into a leading digital local media company with nearly 50% of profits and revenue coming from our digital solutions,” commented CEO Bill Wilson. “Over the past two years, the pandemic has presented an optimal opportunity to separate us from our local media peers, which we have been able to achieve by continuing to execute on our strategy, accelerating our strategic growth plan and highlighting our world-class team and our unique and differentiated strategy, assets, platforms and solutions.”

Wilson added, “Starting with our 2021 year-end report, we have re-segmented our business to provide greater visibility to our existing and potential investors. Importantly, this re-segmentation will highlight the profit characteristics of our digital platform, which are essentially equal to those of our broadcast platform, each with profit margins of approximately 30%. Given this new and more detailed information, Townsquare should be viewed and valued as a digital first local media company, rather than being painted with a traditional broadcast radio brush. ”