First quarter 2024 net revenue for Townsquare Media was $99.6 million, down 3.4% from the same period in 2023. The company posted net income of $1.55 million in Q1, compared to the net loss of $1.94 million it reported in the first quarter of 2023. Townsquare’s Subscription Digital Marketing Solutions net revenue was $18.2 million, down 15.3% from a year ago. Digital Advertising net revenue
was $34.1 million, up 1.3% over Q1 of 2023. Broadcast Advertising net revenue was $45.5 million, down just 1% from a year ago. Townsquare CEO Bill Wilson comments, “I am pleased to share that Townsquare’s first quarter results met our previously issued guidance, and that we are building momentum and gaining market share, primarily due to our local focus and our unique and differentiated digital platform… Our first 
quarter performance improved over the fourth quarter across each of our segments. Importantly, our Digital Advertising segment returned to revenue growth in the first quarter (+1.3% year-over-year), and our Townsquare Interactive segment achieved net subscriber growth and month-over-month revenue growth in March, a meaningful turning point for the business. In total, Digital represented 53% of Townsquare’s first quarter 2024 net revenue and Adjusted Operating Income. The strong cash generation characteristics of our assets provided us the ability to execute two attractive equity transactions in April using cash on hand: the accretive share repurchase of 1.5 million shares from MSG at an 11% discount to the pre-announcement share price, and an option buyout at an attractive price point, thereby avoiding shareholder dilution. In addition, during the quarter we repurchased $4 million of our common stock and paid a high-yielding dividend while also investing in our business. We ended the quarter with a strong cash balance of $57 million, and following the April equity transactions, maintained a cash balance of $28 million at the end of April, retaining financial flexibility moving forward.”
