Those are the words of CEO Bill Wilson who says just as many people come to the company’s digital products as their radio stations. “We are not your average radio company. Although radio remains a core part of our offering, is our DNA and is still the largest part of our business today, its just the starting point for Townsquare as we continue to evolve and grow across all platforms.”
Wilson says Townsquare is best described as a premier local media and digital marketing solutions company, with a thriving digital business that has net revenue growth in excess of 20%. “In fact, 70% of our broadcast clients buy more than just our broadcast product. This data point speaks to the fact that although we have a wide breadth of advertising solutions across broadcast, digital and live events, they all intersect and operate in the same local market ecosystem, which allows us to focus on super-serving our local clients and helping their business grow.”
Townsquare Interactive operated at a 31% profit margin in the first quarter of 2019. Townsquare Interactive is a $300 per month subscription based digital marketing solutions program that started out with website hosting and has grown into a suite of digital offerings that clients can choose from to help them stand out in the local marketplace. The company has deployed the product its 67 local markets and is having great success selling it outside its radio markets. 850 net subscribers were added in the first quarter of 2019 – marking the fourth consecutive quarter with 850 net subscriber adds. Townsquare has approximately 16,200 subscribers using the product and expects to generate $100 million from this division over the next 3-5 years.
Wilson also expects Townsquare Interactive, the company’s programmatic digital platform, to generate $50 million in revenue this year and become a $100 million business over the next 3-5 years.