Townsquare Media reported its financial results for the second quarter of 2021, with net revenue up 45 percent from a year ago. Net revenue in Q2 this year was $107.3 million from $74.1 million a year ago. Net income grew to $10.1 million vs. a net loss of $26.8 million in Q2 2020.
Townsquare Interactive net subscription revenue increased $3.3 million, or 19.7 percent, to $20.2 million. Advertising net revenue increased by 50.4 percent to $85.9 million.
“Townsquare’s strong performance continued in the second quarter of 2021, with significant growth in net revenue, Adjusted EBITDA, net subscribers and net income. In the second quarter of 2021, net revenue increased +45% year over year, but more importantly, Townsquare achieved 99.4% of Q2 2019’s net revenue when excluding Live Events net revenue (in Q2 2019 there was $6.3 million of Live Events net revenue). Total digital revenue growth accelerated to +36% year over year (+27% vs. Q2 2019), contributing approximately 47% of Townsquare’s total net revenue in the first six months of 2021. Over the next three years, we expect double-digit digital net revenue growth to continue, fueling the growth of our digital platform from $180 million of revenue (on a trailing twelve-month basis as of June 30, 2021) to $250 million,” commented Townsquare Media CEO Bill Wilson.
“Most impressively, I am extremely proud to report that Townsquare’s second quarter Adjusted EBITDA of $30.3 million not only exceeded our expectations, our previously stated guidance, and 2019 levels (+1% vs. Q2 2019), but it was also the highest Adjusted EBITDA generated in any single quarter in Townsquare’s history. To accomplish this strong result only one year after the start of the pandemic is a testament to the strength of the Townsquare Team, our digital platform and solutions for local businesses, and our careful expense management efforts.”
Wilson continued, “As a Digital First Company, our digital revenue and profit growth has accelerated, driving the diversification of our business, total Company growth and separation from our local competition. I am incredibly optimistic about Townsquare’s future, and very proud that we are on the path to achieving 2019’s Adjusted EBITDA in 2021, on the verge of a full revenue recovery in 2021, and plan on delivering strong revenue and profit growth in 2022.”
