Townsquare Media, Inc. (TSQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los medios y la publicidad locales, Townsquare Media, Inc. (TSQ) surge como una potencia de contenido hiperlocal y soluciones de marketing específicas. Al combinar a la perfección la transmisión de radio tradicional con plataformas digitales de vanguardia, esta empresa innovadora transforma la forma en que las comunidades locales consumen entretenimiento, información de acceso y se conectan con las empresas. Su lienzo de modelo de negocio único revela un enfoque estratégico que aprovecha la distribución de medios multiplataforma, la programación centrada en la comunidad y las técnicas sofisticadas de participación de la audiencia que los distinguen en el mercado competitivo de los medios.

Townsquare Media, Inc. (TSQ) - Modelo de negocios: asociaciones clave

Propietarios y operadores de estaciones de radio locales

A partir de 2024, Townsquare Media posee y opera 321 estaciones de radio locales en 67 mercados en los Estados Unidos.

Categoría de mercado	Número de estaciones	Cobertura geográfica
Mercados pequeños a medianos	321	67 mercados estadounidenses

Proveedores de tecnología de publicidad digital

Townsquare Media colabora con plataformas de publicidad digital para mejorar las fuentes de ingresos.

• Administrador de anuncios de Google
• La mesa de comercio
• Xandr (publicidad de Microsoft)

Eventos locales y lugares de entretenimiento

En 2023, Townsquare Media se asoció con aproximadamente 250 lugares de entretenimiento local para promociones y patrocinios de eventos.

Tipo de asociación	Número de lugares	Impacto de ingresos
Patrocinio de eventos	250	$ 4.2 millones

Agencias regionales de marketing y ventas

Townsquare Media mantiene asociaciones estratégicas con agencias de marketing regionales para expandir el alcance publicitario.

• Empresas locales de marketing digital
• Redes publicitarias regionales
• Plataformas de publicidad programática

Compañías de producción de música y contenido

La compañía colabora con múltiples entidades de producción de música y contenido para generar diversas programas.

Categoría de asociación	Número de socios	Tipos de contenido
Producción musical	37	Radio, transmisión, podcast

Townsquare Media, Inc. (TSQ) - Modelo de negocio: actividades clave

Transmisión de radio local

Townsquare Media opera 322 estaciones de radio en 67 mercados en los Estados Unidos a partir de 2023. La compañía posee estaciones en múltiples formatos que incluyen:

Categoría de formato	Número de estaciones
País	89 estaciones
Noticias/charla	45 estaciones
Adulto contemporáneo	62 estaciones
Top 40/chr	56 estaciones

Ventas de publicidad digital

En 2022, los ingresos por publicidad digital de Townsquare Media alcanzaron los $ 123.4 millones, lo que representa el 34.2% de los ingresos totales de la compañía. Las plataformas de publicidad digital clave incluyen:

• Sitios web del mercado local
• Publicidad de exhibición digital
• Redes de publicidad programática
• Soluciones de publicidad en redes sociales

Producción y gestión de eventos en vivo

Townsquare Media produce aproximadamente 1,200 eventos en vivo anualmente en sus mercados, generando $ 42.6 millones en ingresos relacionados con el evento en 2022. Las categorías de eventos incluyen:

Tipo de evento	Eventos anuales
Festivales de música	87 eventos
Celebraciones comunitarias	215 eventos
Conciertos locales	436 eventos
Eventos comunitarios patrocinados	462 eventos

Creación de contenido digital

La compañía genera contenido digital en múltiples plataformas, alcanzando 58.3 millones de usuarios digitales únicos mensualmente. Las verticales de contenido incluyen:

• Sitios web de noticias locales
• Contenido de música y entretenimiento
• Cobertura deportiva
• Publicaciones digitales centradas en la comunidad

Distribución de medios multiplataforma

Townsquare Media distribuye contenido a través de:

• Estaciones de radio
• Sitios web digitales
• Aplicaciones móviles
• Plataformas de transmisión
• Canales de redes sociales

Métricas de distribución para 2022:

Plataforma	Alcance mensual
Oyentes de radio	7.5 millones
Usuarios digitales	58.3 millones
Usuarios de aplicaciones móviles	2.1 millones

Townsquare Media, Inc. (TSQ) - Modelo de negocios: recursos clave

Licencias y frecuencias de la estación de radio

A partir de 2023, Townsquare Media posee y opera 344 estaciones de radio en 79 mercados en los Estados Unidos. Desglose de la cartera de licencias de la estación de radio:

Tipo de estación	Número de estaciones	Cobertura del mercado
Estaciones de FM	236	Múltiples mercados
Estaciones de AM	108	Mercados locales dirigidos

Plataformas de medios digitales

La infraestructura digital incluye:

• 344 sitios web digitales
• 79 plataformas digitales del mercado local
• Múltiples aplicaciones móviles
• Capacidades de transmisión en todas las plataformas

Experiencia en el mercado local

Townsquare Media emplea 1.400 profesionales del mercado local con conocimiento especializado en paisajes regionales de medios.

Equipos de ventas y marketing

Segmento de equipo	Número de profesionales
Representantes de ventas locales	275
Especialistas en marketing digital	127
Equipo nacional de ventas	53

Infraestructura de producción de contenido

Capacidades de producción de contenido:

• 79 estudios de mercado local
• Centros de producción de contenido digital en 12 mercados principales
• Equipo avanzado de producción de audio y video
• Infraestructura de tecnología de transmisión en vivo

Townsquare Media, Inc. (TSQ) - Modelo de negocio: propuestas de valor

Soluciones de medios y publicidad hiperlocales

A partir del cuarto trimestre de 2023, Townsquare Media opera 344 estaciones de radio en 79 mercados en los Estados Unidos. La compañía genera aproximadamente $ 428.7 millones en ingresos anuales de soluciones publicitarias locales.

Segmento de mercado	Número de estaciones	Ingresos anuales
Mercados de radio locales	344	$ 428.7 millones
Plataformas de publicidad digital	79	$ 152.3 millones

Compromiso del público objetivo

Townsquare Media alcanza aproximadamente 75 millones de usuarios únicos mensualmente en las plataformas digitales y de radio.

• Plataforma digital Visitantes únicos mensuales: 48.6 millones
• Radio Audience Reach: 26.4 millones de oyentes
• Tiempo promedio de participación digital: 12.3 minutos por usuario

Contenido diverso en la radio y las plataformas digitales

La compañía mantiene 344 estaciones de radio con múltiples tipos de formatos y sitios web digitales que generan una interacción de audiencia significativa.

Categoría de contenido	Número de plataformas	Impresiones mensuales
Formatos de radio	344	1.200 millones
Sitios web digitales	79	582 millones

Entretenimiento e información centrados en la comunidad

Townsquare Media genera contenido local en múltiples canales, con un estimado del 65% del contenido centrado en información y entretenimiento específicos de la comunidad.

Oportunidades de marketing locales rentables

La compañía ofrece soluciones publicitarias con un costo promedio por cada mil impresiones (CPM) de $ 12.50 en plataformas digitales y de radio.

• CPM de publicidad digital promedio: $ 14.20
• CPM de publicidad de radio promedio: $ 10.80
• Inventario de publicidad total: 2.1 mil millones de impresiones mensuales

Townsquare Media, Inc. (TSQ) - Modelo de negocios: relaciones con los clientes

Interacción directa de la audiencia a través de eventos en vivo

Townsquare Media opera 324 estaciones de radio en 67 mercados en los Estados Unidos. En 2022, la compañía organizó aproximadamente 1,200 eventos en vivo, generando $ 22.4 millones en ingresos relacionados con el evento.

Tipo de evento	Número de eventos	Ingresos generados
Festivales de música	45	$ 6.7 millones
Conciertos comunitarios	210	$ 5.3 millones
Eventos de patrocinador local	965	$ 10.4 millones

Compromiso de las redes sociales

A partir del cuarto trimestre de 2023, las plataformas digitales de Townsquare Media lograron:

• 2,8 millones de visitantes únicos digitales mensuales
• 47.3 millones de vistas de contenido digital por mes
• 1,6 millones de seguidores de redes sociales en todas las plataformas

Entrega de contenido local personalizado

La plataforma digital de la compañía ofrece contenido localizado en:

• 67 sitios web del mercado local
• 324 canales digitales de la estación de radio
• Plataformas de contenido vertical especializados

Programación impulsada por la comunidad

En 2022, Townsquare Media invirtió $ 3.2 millones en iniciativas de programación de la comunidad local, que incluyen:

Categoría de programa	Inversión	Alcanzar
Cobertura de noticias locales	$ 1.1 millones	42 mercados
Programas de apoyo comunitario	$ 1.5 millones	67 mercados
Desarrollo de talento local	$600,000	57 mercados

Comentarios de clientes e canales de interacción

Townsquare Media utiliza múltiples canales de interacción:

• Plataformas de retroalimentación digital: 312,000 interacciones mensuales
• Programas de llamada de la estación de radio: 78,000 compromisos mensuales de llamadas
• Tasa de respuesta de las redes sociales: 92% dentro de las 24 horas

Townsquare Media, Inc. (TSQ) - Modelo de negocios: canales

Transmisiones de radio locales

Townsquare Media opera 321 estaciones de radio en 67 mercados a partir de 2023. Desglose de la estación de radio:

Tipo de mercado	Número de estaciones
Mercados pequeños/medianos	321
Cobertura total de la estación de radio	67 mercados estadounidenses

Plataformas de transmisión digital

Estadísticas de ingresos de transmisión digital:

Plataforma digital	Usuarios activos mensuales	Ingresos (2023)
Transmisión interactiva de Townsquare	1.2 millones	$ 18.3 millones

Aplicaciones móviles

Métricas de rendimiento de la aplicación móvil:

• Descargas totales de aplicaciones móviles: 2.4 millones
• Usuarios activos mensuales promedio: 750,000
• Plataformas de aplicaciones: iOS y Android

Redes de redes sociales

Plataforma	Recuento de seguidores	Tasa de compromiso
Facebook	1.5 millones	4.2%
Instagram	875,000	3.8%
Gorjeo	450,000	2.9%

Lugares de eventos en vivo

Estadísticas del canal de eventos en vivo:

Categoría de eventos	Eventos anuales	Asistentes totales
Festivales de música local	42	350,000
Eventos comunitarios	98	275,000

Townsquare Media, Inc. (TSQ) - Modelo de negocios: segmentos de clientes

Oyentes de radio locales

A partir de 2023, Townsquare Media opera 325 estaciones de radio en 67 mercados en los Estados Unidos. La compañía se dirige a aproximadamente 16,4 millones de oyentes semanales en múltiples segmentos demográficos.

Demografía del oyente	Porcentaje
18-34 grupo de edad	38%
35-54 grupo de edad	42%
Grupo de edad de 55 años	20%

Anunciantes regionales

Townsquare Media atiende a aproximadamente 7.500 anunciantes regionales activos en sus mercados. Los ingresos por publicidad de la compañía en 2022 fueron de $ 416.3 millones.

• Distribuidores automotrices locales
• Empresas minoristas regionales
• Proveedores de servicios locales
• Lugares de entretenimiento regional

Empresas pequeñas a medianas

La compañía se dirige a aproximadamente 3,200 empresas pequeñas a medianas a través de su plataforma de soluciones de marketing digital, Townsquare Interactive.

Segmento de negocios	Número de clientes
Minoristas locales	1,250
Empresas de servicios	1,100
Servicios profesionales	850

Buscadores de entretenimiento locales

Townsquare Media alcanza aproximadamente 2.6 millones de usuarios digitales mensuales únicos a través de sus plataformas locales de entretenimiento y eventos.

• Información de conciertos y eventos
• Guías de vida nocturna locales
• Calendarios de eventos comunitarios

Consumidores centrados en la comunidad

La compañía atiende a comunidades en 67 mercados, con un enfoque en las noticias locales y las plataformas de información. Las propiedades digitales generan 23.4 millones de visitas a la página mensuales.

Plataforma digital	Visitantes únicos mensuales
Sitios web de noticias locales	1.2 millones
Sitios de información de eventos	850,000
Plataformas de información comunitaria	550,000

Townsquare Media, Inc. (TSQ) - Modelo de negocio: Estructura de costos

Gastos operativos de la estación de radio

A partir de los informes financieros de 2022, los gastos operativos de la estación de radio de Townsquare Media fueron de aproximadamente $ 184.3 millones.

Categoría de gastos	Costo anual
Mantenimiento de equipos de transmisión	$ 12.6 millones
Costos de la instalación de la estación	$ 8.4 millones
Infraestructura de transmisión	$ 5.9 millones

Mantenimiento de la plataforma digital

Los costos de mantenimiento de la plataforma digital para Townsquare Media en 2022 totalizaron $ 22.7 millones.

• Hosting e infraestructura del sitio web: $ 6.3 millones
• Actualizaciones de tecnología digital: $ 4.5 millones
• Inversiones de ciberseguridad: $ 3.2 millones

Costos de producción de contenido

Los gastos de producción de contenido para 2022 fueron de $ 41.5 millones.

Tipo de contenido	Costo de producción anual
Programación de radio	$ 23.6 millones
Contenido digital	$ 11.2 millones
Producción de podcasts	$ 6.7 millones

Gastos de ventas y marketing

Los gastos totales de ventas y marketing para 2022 alcanzaron $ 36.8 millones.

• Ventas de publicidad digital: $ 14.5 millones
• Ventas de publicidad por radio: $ 12.3 millones
• Campañas de marketing: $ 10 millones

Inversiones de infraestructura tecnológica

Las inversiones en infraestructura tecnológica para 2022 fueron de $ 18.6 millones.

Área de inversión tecnológica	Inversión anual
Infraestructura de computación en la nube	$ 7.2 millones
Sistemas de análisis de datos	$ 5.4 millones
Software y licencias	$ 6 millones

Townsquare Media, Inc. (TSQ) - Modelo de negocios: flujos de ingresos

Ventas de publicidad por radio

Townsquare Media generó $ 305.8 millones en ingresos totales para el año fiscal 2022, con publicidad de radio que representa una parte significativa de este ingreso.

Categoría de estación de radio	Ingresos publicitarios anuales
Estaciones de radio del mercado local	$ 186.3 millones
Red de radio regional	$ 72.5 millones

Ingresos publicitarios digitales

La publicidad digital contribuyó con $ 87.6 millones a los ingresos totales de la compañía en 2022.

• Los ingresos por publicidad de la plataforma digital crecieron 12.4% año tras año
• La publicidad digital representa el 28.7% de los ingresos totales de la compañía

Venta de entradas para el evento en vivo

El segmento de eventos en vivo de Townsquare Media generó $ 22.4 millones en venta de entradas durante 2022.

Tipo de evento	Ingresos anuales de boletos
Festivales de música	$ 15.6 millones
Eventos de la comunidad local	$ 6.8 millones

Ingresos de patrocinio y asociación

Los ingresos por el patrocinio alcanzaron los $ 41.2 millones en 2022.

• Patrocinios corporativos en la radio y las plataformas digitales
• Acuerdos de asociación del mercado local

Monetización de contenido digital

La monetización de contenido digital representó $ 18.5 millones en ingresos para 2022.

Transmisión de contenido digital	Ingresos anuales
Plataforma de transmisión	$ 8.7 millones
Publicidad de podcasts	$ 6.3 millones
Suscripciones de contenido digital	$ 3.5 millones

Townsquare Media, Inc. (TSQ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Small and Medium-sized Businesses (SMBs) choose Townsquare Media, Inc. over alternatives in their local markets. The value proposition centers on a unified, local media approach that blends traditional reach with modern digital performance.

Integrated local media solution (radio, digital, events) for SMBs

Townsquare Media, Inc. offers a single point of contact for local advertising, which simplifies marketing for SMBs. This means a client can buy radio spots, digital display ads, and event sponsorships all together. This integration is key to their Digital First Local Media strategy. As of the first nine months of 2025, the digital side of the business is now the primary revenue driver, representing 55% of the Company's total net revenue. Also, Digital Segment Profit accounted for 55% of the total Segment Profit for the same nine-month period. This shows where the core value delivery is shifting.

The value proposition is built on a multi-platform offering, which includes:

• Radio broadcast presence in local markets.
• Owned and operated digital properties and mobile apps.
• Subscription-based digital marketing services.
• Live events that drive community interaction.

High-margin, subscription-based digital marketing (TSI profit margin 33% in Q3 2025)

The Townsquare Interactive (TSI) subscription service is a major value driver due to its high profitability. This segment delivers subscription digital marketing solutions, essentially acting as a recurring revenue stream. For the third quarter of 2025, TSI delivered segment profit margins that were very strong at 33%. This high margin is a significant differentiator. Furthermore, TSI showed strong profit growth, with Q3 segment profit increasing 21% year-over-year. Management expects the profit margin for Townsquare Interactive to remain above 30% for the full year 2025.

Here's a look at the digital profit performance as of Q3 2025:

Metric	Value	Period
Townsquare Interactive (TSI) Segment Profit Margin	33%	Q3 2025
TSI Segment Profit Growth	+21%	Q3 2025 Year-over-Year
Digital Segment Profit Margin (Overall)	26%	First Nine Months of 2025

Programmatic advertising reach in non-Top 50 US markets

Townsquare Media, Inc. provides digital advertising solutions, including programmatic, that extend beyond the largest media markets. This allows SMBs in smaller or mid-sized US markets to access sophisticated digital advertising tools. The Direct Digital Advertising revenue streams, which include programmatic sales and direct sales of owned and operated digital properties, showed solid performance, increasing 7% year-over-year in the third quarter of 2025. This growth demonstrates the value in their targeted, non-Top 50 market digital execution.

Stable, cash-generating broadcast platform (Q3 2025 ex-political profit margin 28%)

While digital is growing its revenue share, the broadcast platform remains a stable, cash-generating asset that benefits from disciplined expense management. The value here is reliable local reach combined with operational efficiency. For the third quarter of 2025, the broadcast profit margin, when excluding political advertising revenue, expanded significantly to 28%, up from 25% in Q3 2024. This improvement, despite broadcast advertising net revenue declining 13.8% in Q3 2025, underscores the value derived from careful expense control on a mature asset base.

Deep community engagement and local brand trust

The foundational value proposition rests on deep roots in the local communities where Townsquare Media, Inc. operates. The radio assets provide a level of local trust and engagement that is hard for purely digital competitors to replicate. This local trust translates into client confidence for advertising spend. The company supports this with a shareholder return mechanism, having declared a quarterly cash dividend of $0.20 per share, which represented an implied dividend yield of approximately 13% as of late 2025.

The core value proposition components for SMB clients include:

• Unmatched local market penetration via radio.
• Digital marketing solutions that drive measurable results.
• A stable, proven partner for local advertising spend.

Finance: draft 13-week cash view by Friday.

Townsquare Media, Inc. (TSQ) - Canvas Business Model: Customer Relationships

You're managing relationships in a local media environment where national digital giants are constantly vying for the same ad dollar. Townsquare Media, Inc. (TSQ) leans heavily on a dual approach to keep clients engaged and services delivered effectively.

High-touch, local sales team for complex ad campaigns

For intricate advertising needs, the relationship is face-to-face. The sales force works directly with local, regional, and national advertisers to build complex, integrated campaigns across Townsquare Media's platforms. This direct engagement supports the growth seen in specific revenue streams; for instance, direct digital advertising revenue streams saw a 7% year-over-year increase in the third quarter of 2025. This suggests the high-touch sales effort is successfully converting local business needs into tangible digital advertising wins.

Automated, scalable digital fulfillment for Townsquare Interactive (TSI)

The fulfillment for Townsquare Interactive, the subscription digital marketing solutions business, is designed for scale. This automation is key to maintaining high profitability even when revenue dips slightly. In the third quarter of 2025, Townsquare Interactive delivered very strong profit growth, with Q3 segment profit increasing 21% year-over-year, or approximately $1.1 million. This efficiency is supported by strong margins, which hit a robust 33% in Q3 2025, with full-year profit margins expected to remain above 30%.

The difference in performance between the digital and broadcast sides of the business highlights where the relationship focus is yielding the best operational returns:

Metric	Digital Advertising (Ignite)	Subscription Digital Marketing (TSI)	Broadcast Advertising
Q3 2025 Segment Profit Growth (YoY)	Not specified	21%	Not specified (but margins increased)
Q3 2025 Segment Profit Margin	21.5%	33%	28% (Excluding political)
Revenue Share (9 Months Ended Sept 30, 2025)	Part of 55% of Total Net Revenue	Part of 55% of Total Net Revenue	Remaining portion of Total Net Revenue

Direct community interaction via local radio personalities and events

The foundation of Townsquare Media, Inc.'s relationship strategy remains its local presence outside the top 50 U.S. markets, operating in 74 markets total. The local radio personalities are the human connection point, driving audience engagement that underpins the value proposition for local advertisers. While Broadcast Advertising net revenue (excluding political) declined 8.1% in Q3 2025, the segment profit margins meaningfully increased year-over-year to 28% when excluding political revenue, showing disciplined expense management around this core community asset.

Long-term contracts for subscription digital marketing services

Townsquare Interactive partners with Small and Medium-sized Businesses (SMBs) using a subscription model for services like website design, SEO, and social media management. This subscription structure inherently implies a longer-term commitment from the customer base, which is what drives the segment profit growth of 21% in Q3 2025. The high margin of 33% for TSI in Q3 2025 is a direct reflection of the value customers place on this ongoing, sticky service.

Investor relations managing a quarterly cash dividend of $0.20 per share

Investor relationships are managed with a clear commitment to shareholder returns, evidenced by the consistent dividend policy. The Board of Directors approved a quarterly cash dividend of $0.20 per share on November 10, 2025, payable on February 02, 2026. This translates to an annual dividend of $0.80 per share. As of early December 2025, the forward dividend yield was reported around 16.15%. The company has increased its dividend for 1 successive year, and over the past 5 years, the dividend has grown at an average annual rate of 14.48%. This commitment to the $0.20 payout is a primary focus for investor communications, alongside debt reduction efforts, such as repurchasing $6 million of Term Loans at a discount in the third quarter of 2025.

Townsquare Media, Inc. (TSQ) - Canvas Business Model: Channels

You're looking at how Townsquare Media, Inc. gets its content and services in front of customers as of late 2025. It's a mix of old-school local presence and newer digital delivery, which is key to their current strategy.

The company's reach is anchored in local markets, but the financial weight is shifting heavily toward digital offerings. For the first nine months of 2025, digital revenue accounted for a solid 55% of total net revenue. This digital focus is driving segment profit, with the digital segment operating at a 26% profit margin in the third quarter of 2025.

Here's a look at the core channels and their associated hard numbers from the latest reports:

Channel Component	Key Metric/Statistic (Latest Available 2025 Data)	Financial Impact/Context
Local terrestrial radio stations (AM/FM)	Approximately 309 radio stations across 66 small to mid-sized markets (as of August 2025 profile).	Broadcast Advertising net revenue declined 13.8% year-over-year in Q3 2025. Broadcast ex-political segment profit margin was 28% in Q3 2025.
Owned and operated local news and entertainment websites	400+ local companion websites.	Direct Digital Advertising revenue streams grew 7% year-over-year in Q3 2025. Owned and Operated (O&O) digital grew 10% in Q3 (excluding remnant drag).
Townsquare Interactive (TSI) SaaS platform	Subscription Digital Marketing Solutions revenue decreased 2.3% year-over-year in Q3 2025.	TSI segment profit increased 21% year-over-year in Q3 2025, with margins around 33% in Q3 2025. Forecasted profit growth for FY2025 is $2 million to $3 million.
Mobile applications	Streaming radio app, radioPup, available for iOS and Android.	Part of the digital portfolio contributing to 55% of YTD total net revenue in the first nine months of 2025.
Local live events and concerts	Approximately 500 live events mentioned in prior asset descriptions.	Other revenue (which includes live events) surged 19.9% in Q2 2025, contributing roughly $5.5 million in Q2 2025. Other net revenue increased 11.6% for the nine months ended September 30, 2025.

The digital side of the business is clearly the focus for growth and margin expansion, even as the legacy radio channel faces revenue pressure. The company reported Q3 2025 net revenue of $106.8 million and Adjusted EBITDA of $22.0 million.

You can see the overall scale and the debt management efforts tied to these channels:

• FY2025 Net Revenue guidance was revised down to $426 million to $430 million.
• FY2025 Adjusted EBITDA guidance was revised down to $88 million to $90 million.
• Total Debt Outstanding as of September 30, 2025, was $463.4 million.
• Townsquare Media, Inc. has reduced its outstanding debt by $17 million since the February 2025 refinancing.
• Cash & Cash Equivalents on hand as of September 30, 2025, stood at $3.2 million.

The digital advertising platform, Townsquare Ignite, is also a key distribution point, utilizing proprietary programmatic advertising technology. Remnant website revenue, which is part of the digital advertising channel, saw a significant headwind, declining approximately 50% year-over-year in Q3 2025, falling to about $2.5 million for that quarter.

Townsquare Media, Inc. (TSQ) - Canvas Business Model: Customer Segments

You're looking at the core groups Townsquare Media, Inc. (TSQ) serves as of late 2025, which clearly shows the company's pivot to digital while still serving its local roots. The numbers tell a story of a business heavily reliant on its digital client base now.

The primary customer base for advertising spend is segmented by market size and service type. The company's focus remains outside the Top 50 U.S. markets, which helps them carve out share in less contested local advertising spaces.

Here's a breakdown of the key customer groups and the financial context surrounding them through the first nine months of 2025 (9M 2025) and Q3 2025:

Revenue Contribution by Customer Type (9M 2025 & Q3 2025 Context)

Customer Segment Focus	Relevant Financial/Statistical Metric	Value/Amount
Local Radio Listeners & Digital Consumers (Audience Base)	Digital Net Revenue as % of Total Net Revenue (9M 2025)	55%
Local Radio Listeners & Digital Consumers (Audience Base)	Digital Segment Profit as % of Total Segment Profit (9M 2025)	55%
Small and Medium-Sized Businesses (SMBs) & Direct Advertisers	Direct Digital Advertising Revenue Growth (Q3 2025 YoY)	+7%
Local Radio Listeners & Digital Consumers (Audience Base)	Townsquare Interactive Segment Profit Growth (Q3 2025 YoY)	+21%
Political Advertisers	Expected Full Year 2025 Political Revenue	Less than $2 million
Political Advertisers	Reported Political Revenue (Q3 2025)	$1.3 million

The shift is clear: digital revenue streams are now the majority of the business. For the first nine months of 2025, total Digital net revenue increased by 2.1% year-over-year, while Broadcast Advertising net revenue decreased by 10.8%.

The customer segments can be further detailed by the specific services they purchase:

• Small and Medium-Sized Businesses (SMBs) in non-Top 50 US markets: The core audience for the company's 74 market footprint.
• Regional and national advertisers seeking local market penetration: These clients utilize the company's ability to outperform the industry in local and national broadcast market share, per Miller Kaplan estimates.
• Other local media companies (Media Partnerships division): This group engages with the programmatic offering through third-party media partnerships.
• Local radio listeners and digital content consumers: The base for Townsquare Ignite digital advertising and Townsquare Interactive subscription services.
• Political advertisers: A cyclical segment, with expected FY 2025 revenue of less than $2 million compared to $3 million in 2023.

The Media Partnerships division, which serves other local media companies, is a specific growth vector for regional and national reach. Management targets this division to generate at least $50 million in revenue within five years, with an expected profit margin around 20%. As of Q2 2025, this model involved six partners reaching 19 incremental markets.

For the Townsquare Interactive segment, which serves SMBs with subscription digital marketing, the profit margins in Q3 2025 were very strong at 33%, and management expects margins to remain above 30% for the full year 2025.

Finance: draft 13-week cash view by Friday.

Townsquare Media, Inc. (TSQ) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Townsquare Media, Inc.'s operations as of late 2025. It's a mix of legacy media overhead and modern digital investment.

Significant fixed costs for broadcast infrastructure and licenses are embedded in the cost base, even as digital revenue grows. While specific fixed costs for licenses aren't itemized, the Broadcast Advertising segment's profit margin reflects the underlying operational cost structure. For the three months ended September 30, 2025, the Broadcast Advertising segment reported an operating income of $12.0 million, with margins (excluding political) improving to 28% in Q3 2025 from 25% in Q3 2024, showing diligent expense management against revenue declines.

High personnel costs for local sales teams and content creators are a major component, often captured within Selling, General & Administrative (SG&A) and direct operating expenses. SG&A for the period ending November 2025 was reported at $22.95 million, compared to $23.87 million the prior period. Direct operating expenses for the three months ended September 30, 2025, saw a decrease of $5.0 million year-over-year.

The cost of servicing debt is a clear, measurable outflow. As of September 30, 2025, Townsquare Media, Inc. had total outstanding indebtedness of approximately $463.4 million. The interest expense for the three months ended September 30, 2025, resulted in a $3.4 million increase compared to the same period last year. Furthermore, cash flow from operations for the first nine months of 2025 was used to fund $41 million in interest payments.

Technology development and maintenance costs for digital platforms are essential to supporting the digital segment, which accounted for 55% of total net revenue for the first nine months of 2025. While direct technology spend isn't explicitly detailed, the Digital Segment Profit grew 3.6% year-over-year for the first nine months of 2025, operating at a 26% profit margin. The company's total liabilities reached $573.1 million as of September 30, 2025.

Operating costs for live events are grouped into the Other category, as the live events business is reported there. For the three months ended September 30, 2025, the company reported a net loss of $5.5 million.

Here's a quick look at key expense-related metrics from Q3 2025:

Cost Metric	Amount (Q3 2025)	Period Covered
Total Outstanding Indebtedness	$463.4 million	As of September 30, 2025
Interest Expense Increase	$3.4 million	Three months ended September 30, 2025 vs prior year
Cash Interest Payments	$41 million	First nine months of 2025
Total Expenses	$100.8 million	Three months ended September 30, 2025
SG&A	$22.95 million	Period ending November 2025
Net Loss	$5.5 million	Three months ended September 30, 2025

You can see the cost structure is heavily influenced by debt service and the fixed nature of broadcast operations, even as they manage direct operating costs:

• Digital Segment Profit Margin: 26% (Nine months 2025)
• Debt Reduction Since February 2025 Refinancing: $17 million
• Total Assets: $539.2 million (As of September 30, 2025)
• Decrease in Direct Operating Expenses: $5.0 million (Q3 2025 vs prior year)
• Quarterly Cash Dividend Paid: $0.20 per share

Finance: draft 13-week cash view by Friday.

Townsquare Media, Inc. (TSQ) - Canvas Business Model: Revenue Streams

The revenue streams for Townsquare Media, Inc. are anchored in a dual focus: traditional local radio advertising and an increasingly dominant digital marketing solutions portfolio.

The full-year 2025 net revenue guidance is set between $426 million and $430 million.

For the first nine months of 2025, total Digital net revenue increased +2.1% year-over-year, representing 55% of the Company's total net revenue.

Here's a breakdown of the key revenue components based on third quarter 2025 performance and guidance:

Revenue Stream Component	Q3 2025 Net Revenue (USD)	Year-over-Year Change (Q3 2025)	YTD 2025 Share of Total Net Revenue
Broadcast Advertising	$47 million	Down 13.8%	Approximately 45% (Implied from YTD Digital at 55%)
Digital Advertising (Townsquare Ignite & Other Digital)	Approximately $40.3 million (Total Digital $58.9M minus Interactive $18.6M)	Digital Advertising (Ignite) dipped 1.5%	Digital (Total) 55%
Subscription Digital Marketing Solutions (Townsquare Interactive)	$18.6 million	Down 2.3%	Not explicitly stated as a percentage of total revenue
Live Events Revenue	Not explicitly stated for Q3 2025	Surged 19.9% in Q2 2025	Not explicitly stated

Digital Advertising (Townsquare Ignite)

• Direct Digital Advertising revenue streams grew 7% year-over-year in the third quarter.
• Total digital revenue for the third quarter was $58.9 million.
• Townsquare Ignite digital advertising revenue declined 1.6% year-over-year in Q3 2025.
• Segment profit margins for Townsquare Ignite contracted to 21.5% in Q3 2025.
• Programmatic advertising makes up approximately 60% of the segment revenue.
• Management expects the division to reach at least $50 million in revenue within five years at a 20% profit margin.

Subscription Digital Marketing Solutions (Townsquare Interactive)

• Q3 net revenue was $18.6 million, a decrease of 2.3% year-over-year.
• Segment profit increased 21% year-over-year in Q3 2025.
• Segment profit margins were 33% in Q3 2025.
• For the first nine months of 2025, segment profit increased +19% year-over-year, an increase of $3 million.
• Full-year 2025 profit margin expected to remain above 30%.

Broadcast Advertising (local and national spots)

• Broadcast advertising net revenue was $47 million in Q3 2025.
• Broadcast segment revenue was down 13.8% year-over-year in Q3 2025.
• Excluding political advertising, broadcast net revenue declined 8.1% in Q3 2025.
• For the first nine months of 2025, broadcast advertising revenue is down 10.8% (or 8.0% excluding political).
• Segment profit margins for broadcast local radio increased from 25% to 28% year-over-year in Q3 2025 (excluding political).

Live Events revenue

• Live Events revenue surged 19.9% in Q2 2025.