Tonwsquare’s Local Marketing Solutions division, which includes radio and digital, saw a net revenue increase of 3.8% in the third quarter. Political revenue will come in at just under $9 million for the year, $1 million shy of the company goal of $10 million.
CEO Steven Price said national was a drag, automotive was among the company’s worst categories in the quarter, and several energy markets, such as Texas and Louisiana, were a challenge. Retail and Financial Services were high-performing categories in the quarter.
Entertainment revenue decreased nearly 5% due to severe weather at four of Townsquare’s largest fairs. In Q4, the company expects to see positive net revenue growth of 4-7% and between $514 and $518 million in revenue.
