Revenue for Townsquare Media jumped 10.6% to $117.5 million in the second quarter, driven by a large spike in live events revenue. Local ad revenues were up 0.6% to $78.5 million, while event revenues increased 50.4% to $29.7 million.
The company says its local ad revenues grew mainly from an increase in non-political advertising and were partially offset by decreases in political advertising. Townsquare attributed the dramatic growth in live events billings to increases in attendance and revenue per attendee at its events, including three new music festivals.
"We believe our second quarter net revenue growth of 10.6% highlights the strength of our diversified revenue strategy,” chairman & CEO Steven Price said in a statement. “We saw growth in each of our operating segments in the second quarter.”