Net revenue (on a same station basis) came in at $93.7 million, an increase of 4.7% for the first three months of 2019. Excluding political, which was down $400,000, Townsquare was up an even stronger 5.1% and the company continues to knock it out of the park when it comes to digital.
Townsquare Interactive net revenue increased 31.6% to $14.1 million. Advertising net revenue, which includes Townsquare’s radio stations and digital advertising products increased 1.7% to $74.3 million. Live events, a business Townsquare is slowly exiting from, declined 9.2% to $5.2 million.
The strongest performing categories for the company in Q1 were entertainment, food and beverage, health and real estate.
For the second quarter Townsquare expects revenue to be between $109.5 and $115.5 million, an increase in the range of 2% to 4%.
CEO Bill Wilson said, “We believe our performance in 2018 and Q1 2019 continues to validate that our decision in the Fall of 2017 to reorient the Company to a “Local First” strategy was the right move. We are extremely pleased with our great start to the year, as well as our Q2 pacings and our current outlook for the full year 2019, which in turn gives us the confidence to raise our Adjusted EBITDA guidance for the full year.”
