Excluding political from 2020, broadcast revenue at Townsquare increased 18%. CEO Bill Wilson said he was very pleased with the performance of Townsquare’s 322 radio stations as advertising continues to return a little more every quarter.
Wilson added that there has not yet been a full advertising recovery from the dramatic decline in revenue caused by the pandemic. And, he’s not surprised by that. He says advertising at Townsquare’s 322 radio stations was the most impacted during the pandemic. Radio is still pacing down in the mid-teens compared to 2019 but Wilson expects Q4 2021 to be better than Q3 2021.
Wilson expects broadcast revenue to continue to rebound from 2020’s suppressed levels through 2022, and possibly 2023. “In the long-term, we view radio as an extremely valuable asset, with significant cash flow properties, unparalleled reach, and an important, local connection to our audience. But as a mature cash cow business , our growth will continue to be driven primarily by our digital platform and solutions for local businesses.”
The company held 21 events in Q3, under half of Q3 2019’s 45 events. The largest Q3 event was a 2-day event called the Taste of Fort Collins, which sold out both days for the first time ever, and outperformed 2019’s event, and set all-time revenue and profit records. In total, third quarter Live Events net revenue was $2.7 million, and profit was $0.4 million, a 13.2% profit margin
