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TOWNSQUARE ANNOUNCES FIRST QUARTER RESULTS WHICH DEMONSTRATE ONGOING STRENGTH OF ITS DIGITAL FIRST STRATEGY

Townsquare Media Revenue Up, Income Down In First Quarter 2023

TOWNSQUARE MEDIA first quarter 2023 net revenue rose 3% year-over-year to $103.1 million, while net income fell from a gain of $2.7 million to a loss of $1.9 million (-14 cents/basic and diluted share), attributed to non-cash impairment charges. The bright spot for revenue was the Digital Advertising segment, up 15.4% to $33.7 million, while the Broadcast Advertising segment dipped 4.8% to $45.9 million and the Subscription Digital Marketing Solutions division dropped 1.3% to $21.6 .

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