And that’s not bad being that we’re still stuck in the throws of a national pandemic. In Q3, Townsquare’s revenue was down 21% in July, 16% in August and 9% in September, compared to the same three months in 2019.
By comparison, Townsquare’s Q2 revenue was off by 34.5%, compared to 2019.
Townsquare Interactive’s net revenue increased 14.5% to $18.2 million in Q3, compared to 2019, with a profit margin in that division of 30%. 1,150 net subscribers were added, making Q3 the 10th consecutive quarter of 850 or more net subscriber additions and the most quarterly net subscriber adds in nearly six years.
Townsquare Interactive is the company’s website creation division. For $300 per month the company creates local website for small businesses. About 60% of the website are created outside Townsquare’s radio markets. The company expects that division to generate $100 million in revenue in 2-3 years.
Radio ad revenue improved from a its low of -52% in April, and -45% in Q2, to -23% in Q3. September was only down 14%. Political revenue was “on fire” this year, according to CEO Bill Wilson. Q3 political revenue came in at $4.5 million, more than 3X 2016. For the year political is expected to top $16 million, 75% more than 2016, the last year for the Presidential election.