In an 8K filing Monday Townsquare posted updated financial information about its Q3 performance and company executives were eager to emphasize things are starting to ramp back up.
The new financial information showed the company achieved its goal, stated on their last earnings call, to reduce Q2’s net revenue decline of -35% to the low 20’s. In August the Townsquare revenue decline was only 16% – much better than expectations. Every radio company is attempting to fight out of a huge revenue hole as a result of the government mandated shutdown of most businesses due to COVID-19.
The company also disclosed that Townsquare Interactive continues to grow, from Q2’s +10% year over year increase to +15% in August vs prior year. And, the company’s digital programmatic division Ignite and Amped, Townsquare’s division for monetizing its owned and operated web sites and apps, both returned to year over year positive revenue growth in July.
Townsquare operates in small and medium markets across the country.
