Townsquare Media CEO Bill Wilson reported Q4 2021 and full-year earnings on Thursday and once again the story is about the company’s digital revenue gains. Digital revenue now makes up 48% of Townsquare’s total revenue.
For the year digital revenue came in at $199 million, an increase of 19% over 2020. $61 million of that was profit, or 31%. Wilson says he expects double-digit net revenue from digital to continue and has set a new digital revenue goal by 2024 of $275 million.
Townsquare Interactive, the company’s digital division that provides local advertisers with website solutions, and charges them monthly, netted over 4,000 new subscribers in 2021. The division, which launched in 2012, became profitable in 2014 and generated $82 million in 2021. Wilson says there is an abundance of room to grow in this area, calling it a $32 billion revenue bucket with 9 million potential customers. The company is opening a west coast office to keep up with its growth.
Radio advertising revenue for the year was was up 6.6% and 13.9% excluding political.
Overall, net revenue in 2021 is at 97% of 2019’s pre-pandemic level.
In Q4 radio advertising revenue decreased 7%. Excluding political advertising in Q4 and Townsquare’s net revenue on the radio side was up 6.4%
Overall in Q4, net revenue increased 1.9% and 9.8% excluding political.
Wilson said “radio is an extremely valuable asset. It is a mature cash cow business.” However, he added, the growth of the company will be driven by digital.
Wilson says the in Q1 he expects revenue come in at approximately $97-$99 million, an increase of about 10% over Q1 2021.
