Townsquare Media, Inc. (TSQ): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des médias locaux et de la publicité, Townsquare Media, Inc. (TSQ) apparaît comme une centrale de contenu hyper-local et de solutions de marketing ciblées. En mélangeant de manière transparente la diffusion radio traditionnelle avec des plateformes numériques de pointe, cette entreprise innovante transforme la façon dont les communautés locales consomment le divertissement, l'accès aux informations et se connectent avec les entreprises. Leur toile de modèle commercial unique révèle une approche stratégique qui tire parti de la distribution des médias multiplateformes, de la programmation axée sur la communauté et des techniques sophistiquées d'engagement du public qui les distinguent sur le marché des médias concurrentiel.

Townsquare Media, Inc. (TSQ) - Modèle commercial: partenariats clés

Propriétaires et opérateurs de station de radio locaux

En 2024, Townsquare Media possède et exploite 321 stations de radio locales sur 67 marchés aux États-Unis.

Catégorie de marché	Nombre de stations	Couverture géographique
Marchés de petite à moyenne	321	67 marchés américains

Fournisseurs de technologies de publicité numérique

Townsquare Media collabore avec des plateformes de publicité numérique pour améliorer les sources de revenus.

• Google AD Manager
• Le commerce
• XANDR (Microsoft Advertising)

Événements locaux et lieux de divertissement

En 2023, Townsquare Media s'est associé à environ 250 lieux de divertissement locaux pour les promotions d'événements et les parrainages.

Type de partenariat	Nombre de sites	Impact sur les revenus
Parrainage de l'événement	250	4,2 millions de dollars

Agences de marketing et de vente régionales

Townsquare Media maintient des partenariats stratégiques avec des agences de marketing régionales pour étendre la portée publicitaire.

• Entreprises de marketing numérique locales
• Réseaux publicitaires régionaux
• Plateformes publicitaires programmatiques

Sociétés de production de musique et de contenu

L'entreprise collabore avec plusieurs entités de production de musique et de contenu pour générer une programmation diversifiée.

Catégorie de partenariat	Nombre de partenaires	Types de contenu
Production musicale	37	Radio, streaming, podcast

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: activités clés

Diffusion radio locale

Townsquare Media exploite 322 stations de radio sur 67 marchés aux États-Unis à partir de 2023. La société possède des stations dans plusieurs formats, notamment:

Catégorie de format	Nombre de stations
Pays	89 stations
Nouvelles / discours	45 stations
Adulte contemporain	62 stations
Top 40 / Chr	56 stations

Ventes de publicité numérique

En 2022, les revenus publicitaires numériques de Townsquare Media ont atteint 123,4 millions de dollars, ce qui représente 34,2% du total des revenus de l'entreprise. Les plates-formes de publicité numérique clés comprennent:

• Sites Web du marché local
• Publicité d'affichage numérique
• Réseaux publicitaires programmatiques
• Solutions publicitaires sur les réseaux sociaux

Production et gestion des événements en direct

Townsquare Media produit environ 1 200 événements en direct par an sur ses marchés, générant 42,6 millions de dollars de revenus liés aux événements en 2022. Les catégories d'événements comprennent:

Type d'événement	Événements annuels
Festivals de musique	87 événements
Célébrations communautaires	215 événements
Concerts locaux	436 événements
Événements communautaires sponsorisés	462 événements

Création de contenu numérique

La société génère du contenu numérique sur plusieurs plateformes, atteignant 58,3 millions d'utilisateurs numériques uniques mensuellement. Les verticales de contenu incluent:

• Sites Web de nouvelles locales
• Contenu de musique et de divertissement
• Couverture sportive
• Publications numériques axées sur la communauté

Distribution multi-plate-forme

Townsquare Media distribue le contenu:

• Stations de radio
• Sites Web numériques
• Applications mobiles
• Plates-formes de streaming
• Canaux de médias sociaux

Mesures de distribution pour 2022:

Plate-forme	Portée mensuelle
Auditeurs de radio	7,5 millions
Utilisateurs numériques	58,3 millions
Utilisateurs d'applications mobiles	2,1 millions

Townsquare Media, Inc. (TSQ) - Modèle commercial: Ressources clés

Licences et fréquences de la station de radio

En 2023, Townsquare Media possède et exploite 344 stations de radio sur 79 marchés aux États-Unis. Répartition du portefeuille de licence de la station de radio:

Type de station	Nombre de stations	Couverture du marché
Stations FM	236	Plusieurs marchés
STATIONS AM	108	Marchés locaux ciblés

Plates-formes de médias numériques

L'infrastructure numérique comprend:

• 344 sites Web numériques
• 79 plateformes numériques du marché local
• Multiples applications mobiles
• Capacités de streaming sur toutes les plateformes

Expertise sur le marché local

Townsquare Media emploie 1 400 professionnels du marché local avec des connaissances spécialisées dans les paysages des médias régionaux.

Équipes de vente et de marketing

Segment d'équipe	Nombre de professionnels
Représentants des ventes locales	275
Spécialistes du marketing numérique	127
Équipe de vente nationale	53

Infrastructure de production de contenu

Capacités de production de contenu:

• 79 studios de marché locaux
• Centres de production de contenu numérique sur 12 marchés majeurs
• Équipement avancé de production audio et vidéo
• Infrastructure technologique de streaming en direct

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: propositions de valeur

Médias hyper-locaux et solutions publicitaires

Au quatrième trimestre 2023, Townsquare Media exploite 344 stations de radio sur 79 marchés aux États-Unis. La société génère environ 428,7 millions de dollars de revenus annuels à partir de solutions publicitaires locales.

Segment de marché	Nombre de stations	Revenus annuels
Marchés radio locaux	344	428,7 millions de dollars
Plateformes de publicité numérique	79	152,3 millions de dollars

Engagement du public ciblé

Townsquare Media atteint environ 75 millions d'utilisateurs uniques par mois sur les plateformes numériques et radio.

• Plateforme numérique Visiteurs uniques mensuels: 48,6 millions
• Radio Public Reach: 26,4 millions d'auditeurs
• Temps d'engagement numérique moyen: 12,3 minutes par utilisateur

Contenu diversifié sur les plateformes radio et numériques

La société maintient 344 stations de radio avec plusieurs types de formats et sites Web numériques générant une interaction importante de l'audience.

Catégorie de contenu	Nombre de plateformes	Impressions mensuelles
Formats radio	344	1,2 milliard
Sites Web numériques	79	582 millions

Divertissement et informations axées sur la communauté

Townsquare Media génère du contenu local sur plusieurs canaux, avec environ 65% du contenu axé sur les informations et le divertissement spécifiques à la communauté.

Opportunités de marketing locales rentables

La société fournit des solutions publicitaires avec un coût moyen pour mille impressions (CPM) de 12,50 $ sur les plateformes numériques et radio.

• CPM de publicité numérique moyenne: 14,20 $
• CPM de publicité radio moyenne: 10,80 $
• Inventaire de la publicité totale: 2,1 milliards d'impressions mensuelles

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: relations clients

Interaction directe du public à travers des événements en direct

Townsquare Media exploite 324 stations de radio sur 67 marchés aux États-Unis. En 2022, la société a organisé environ 1 200 événements en direct, générant 22,4 millions de dollars de revenus liés à l'événement.

Type d'événement	Nombre d'événements	Revenus générés
Festivals de musique	45	6,7 millions de dollars
Concerts communautaires	210	5,3 millions de dollars
Événements de sponsors locaux	965	10,4 millions de dollars

Engagement des médias sociaux

Au quatrième trimestre 2023, les plates-formes numériques de Townsquare Media ont été réalisées:

• 2,8 millions de visiteurs uniques numériques mensuels
• 47,3 millions de vues de contenu numérique par mois
• 1,6 million de followers sur les réseaux sociaux sur toutes les plateformes

Livraison de contenu local personnalisé

La plate-forme numérique de l'entreprise fournit un contenu localisé à travers:

• 67 sites Web du marché local
• 324 chaînes numériques de la station de radio
• Plates-formes de contenu vertical spécialisées

Programmation axée sur la communauté

En 2022, Townsquare Media a investi 3,2 millions de dollars dans les initiatives de programmation communautaire locale, notamment:

Catégorie de programme	Investissement	Atteindre
Couverture d'information locale	1,1 million de dollars	42 marchés
Programmes de soutien communautaire	1,5 million de dollars	67 marchés
Développement des talents locaux	$600,000	57 marchés

Canaux de commentaires et d'interaction des clients

Townsquare Media utilise plusieurs canaux d'interaction:

• Plateformes de rétroaction numérique: 312 000 interactions mensuelles
• Programmes d'appel de la station de radio: 78 000 engagements mensuels des appels
• Taux de réponse des médias sociaux: 92% dans les 24 heures

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: canaux

Émissions de radio locales

Townsquare Media exploite 321 stations de radio sur 67 marchés à partir de 2023. Déchange de la station de radio:

Type de marché	Nombre de stations
Marchés petits / moyens	321
Couverture totale de la station de radio	67 marchés américains

Plateformes de streaming numérique

Statistiques des revenus de streaming numérique:

Plate-forme numérique	Utilisateurs actifs mensuels	Revenus (2023)
Townsquare Interactive Streaming	1,2 million	18,3 millions de dollars

Applications mobiles

Métriques de performance de l'application mobile:

• Téléchargements totaux d'applications mobiles: 2,4 millions
• Utilisateurs actifs mensuels moyens: 750 000
• Plateformes d'applications: iOS et Android

Réseaux de médias sociaux

Plate-forme	Nombre de suiveurs	Taux d'engagement
Facebook	1,5 million	4.2%
Instagram	875,000	3.8%
Gazouillement	450,000	2.9%

LIEUX D'ÉVÉNEMENTS EN LIVE

Statistiques des canaux d'événements en direct:

Catégorie d'événements	Événements annuels	Total des participants
Festivals de musique locaux	42	350,000
Événements communautaires	98	275,000

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: segments de clientèle

Auditeurs de radio locaux

En 2023, Townsquare Media exploite 325 stations de radio sur 67 marchés aux États-Unis. La société cible environ 16,4 millions d'auditeurs hebdomadaires dans plusieurs segments démographiques.

Demographie de l'auditeur	Pourcentage
18-34 groupes d'âge	38%
35 à 54 groupes d'âge	42%
55+ groupes d'âge	20%

Annonceurs régionaux

Townsquare Media dessert environ 7 500 annonceurs régionaux actifs sur ses marchés. Les revenus publicitaires de la société en 2022 étaient de 416,3 millions de dollars.

• Concessionnaires automobiles locaux
• Commerces de détail régionaux
• Fournisseurs de services locaux
• LIEUX DE DIVERSATION RÉGIONAL

Petites et moyennes entreprises

La société cible environ 3 200 petites et moyennes entreprises grâce à sa plate-forme de solutions de marketing numérique, Townsquare Interactive.

Segment d'entreprise	Nombre de clients
Détaillants locaux	1,250
Entreprises de services	1,100
Services professionnels	850

Chercheurs de divertissement locaux

Townsquare Media atteint environ 2,6 millions d'utilisateurs numériques mensuels uniques grâce à ses plateformes locales de divertissement et d'événements.

• Informations sur les concerts et l'événement
• Guides locaux de la vie nocturne
• Calendriers d'événements communautaires

Consommateurs axés sur la communauté

La société dessert les communautés sur 67 marchés, en mettant l'accent sur les nouvelles locales et les plateformes d'information. Les propriétés numériques génèrent 23,4 millions de pages vues mensuelles.

Plate-forme numérique	Visiteurs uniques mensuels
Sites Web de nouvelles locales	1,2 million
Sites d'information sur l'événement	850,000
Plateformes d'information communautaire	550,000

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: Structure des coûts

Station de radio Frais opérationnels

En 2022 rapports financiers, les dépenses opérationnelles de la station de radio de Townsquare Media étaient d'environ 184,3 millions de dollars.

Catégorie de dépenses	Coût annuel
Entretien de l'équipement de diffusion	12,6 millions de dollars
Coûts des installations de la station	8,4 millions de dollars
Infrastructure de transmission	5,9 millions de dollars

Maintenance de plate-forme numérique

Les coûts de maintenance des plates-formes numériques pour les médias de Townsquare en 2022 ont totalisé 22,7 millions de dollars.

• Hébergement et infrastructure du site Web: 6,3 millions de dollars
• Mises à niveau de la technologie numérique: 4,5 millions de dollars
• Investissements en cybersécurité: 3,2 millions de dollars

Coûts de production de contenu

Les dépenses de production de contenu pour 2022 étaient de 41,5 millions de dollars.

Type de contenu	Coût de production annuel
Programmation radio	23,6 millions de dollars
Contenu numérique	11,2 millions de dollars
Production de podcast	6,7 millions de dollars

Dépenses de vente et de marketing

Les dépenses totales de ventes et de marketing pour 2022 ont atteint 36,8 millions de dollars.

• Ventes publicitaires numériques: 14,5 millions de dollars
• Ventes de publicité radio: 12,3 millions de dollars
• Campagnes marketing: 10 millions de dollars

Investissements infrastructures technologiques

Les investissements sur les infrastructures technologiques pour 2022 étaient de 18,6 millions de dollars.

Zone d'investissement technologique	Investissement annuel
Infrastructure de cloud computing	7,2 millions de dollars
Systèmes d'analyse de données	5,4 millions de dollars
Logiciel et licence	6 millions de dollars

Townsquare Media, Inc. (TSQ) - Modèle d'entreprise: Strots de revenus

Ventes de publicité radio

Townsquare Media a généré 305,8 millions de dollars de revenus totaux pour l'exercice 2022, la publicité radio représentant une partie importante de ces revenus.

Catégorie de la station de radio	Revenus publicitaires annuels
Stations de radio du marché local	186,3 millions de dollars
Réseau radio régional	72,5 millions de dollars

Revenus publicitaires numériques

La publicité numérique a contribué 87,6 millions de dollars au total des revenus de l'entreprise en 2022.

• Les revenus publicitaires de la plate-forme numérique ont augmenté de 12,4% d'une année à l'autre
• La publicité numérique représente 28,7% du total des revenus de l'entreprise

Ventes de billets d'événements en direct

Le segment des événements en direct de Townsquare Media a généré 22,4 millions de dollars de ventes de billets en 2022.

Type d'événement	Revenus de billets annuels
Festivals de musique	15,6 millions de dollars
Événements communautaires locaux	6,8 millions de dollars

Parrainage et revenu de partenariat

Les revenus de parrainage ont atteint 41,2 millions de dollars en 2022.

• Commandites d'entreprise sur les plateformes radio et numériques
• Accords de partenariat de marché local

Monétisation du contenu numérique

La monétisation du contenu numérique a représenté 18,5 millions de dollars de revenus pour 2022.

Flux de contenu numérique	Revenus annuels
Plate-forme de streaming	8,7 millions de dollars
Publicité de podcast	6,3 millions de dollars
Abonnements de contenu numérique	3,5 millions de dollars

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.