The small- and medium-market operator reported a net revenue increase of 1.9% in Q2 and 2.6% for the first six months of 2018. Co-CEO Dhruv Prasad said the strong performance is due to the execution of the 4-point plan he and Co-CEO Bill Wilson put into place at the end of 2017.
That plan included focusing on local content and sales execution, reducing complexity by reorganizing its live events and national digital divisions, allocating resources to Townsquare Interactive, and product innovation.
On the digital front, the company reported $11.7 million in digital revenue in the quarter and $22.5 million for the first six months of the year. At the end of Q2 Townsquare Interactive had 13,650 subscribers, each paying approximately $300 per month. Townsquare Interactive is the company’s digital marketing solutions business that provides services including traditional and mobile-enabled website development and hosting services, search engine and online directory optimization services, online reputation management, and social media management to small and mid-sized businesses.
