Townsquare Media, Inc. (TSQ): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da mídia e publicidade local, a Townsquare Media, Inc. (TSQ) surge como uma potência de conteúdo hiper-local e soluções de marketing direcionadas. Ao misturar perfeitamente a transmissão de rádio tradicional com plataformas digitais de ponta, esta empresa inovadora transforma como as comunidades locais consomem entretenimento, acessarem informações e se conectam com as empresas. Seu modelo de negócios exclusivo Canvas revela uma abordagem estratégica que aproveita a distribuição de mídia multi-plataforma, a programação focada na comunidade e as sofisticadas técnicas de envolvimento do público que as diferenciam no mercado de mídia competitivo.

Townsquare Media, Inc. (TSQ) - Modelo de negócios: Parcerias -chave

Proprietários e operadores locais de estação de rádio

A partir de 2024, a Townsquare Media possui e opera 321 estações de rádio locais em 67 mercados nos Estados Unidos.

Categoria de mercado	Número de estações	Cobertura geográfica
Mercados pequenos a médios	321	67 mercados dos EUA

Provedores de tecnologia de publicidade digital

O Townsquare Media colabora com plataformas de publicidade digital para aprimorar os fluxos de receita.

• Google Ad Manager
• A mesa de comércio
• Xandr (Microsoft Advertising)

Locais de eventos e locais de entretenimento

Em 2023, a Townsquare Media fez uma parceria com aproximadamente 250 locais de entretenimento local para promoções e patrocínios de eventos.

Tipo de parceria	Número de locais	Impacto de receita
Patrocínio de eventos	250	US $ 4,2 milhões

Agências de marketing e vendas regionais

O Townsquare Media mantém parcerias estratégicas com agências de marketing regionais para expandir o alcance da publicidade.

• Empresas de marketing digital local
• Redes de publicidade regionais
• Plataformas de publicidade programática

Empresas de música e produção de conteúdo

A empresa colabora com várias entidades de música e produção de conteúdo para gerar uma programação diversificada.

Categoria de parceria	Número de parceiros	Tipos de conteúdo
Produção musical	37	Rádio, streaming, podcast

Townsquare Media, Inc. (TSQ) - Modelo de negócios: Atividades -chave

Transmissão de rádio local

O Townsquare Media opera 322 estações de rádio em 67 mercados nos Estados Unidos a partir de 2023. A empresa possui estações em vários formatos, incluindo:

Categoria de formato	Número de estações
País	89 estações
Notícias/palestras	45 estações
Contemporâneo adulto	62 estações
Top 40/Chr	56 estações

Vendas de publicidade digital

Em 2022, a receita de publicidade digital da Townsquare Media atingiu US $ 123,4 milhões, representando 34,2% da receita total da empresa. As principais plataformas de publicidade digital incluem:

• Sites de mercado local
• Publicidade de exibição digital
• Redes de publicidade programática
• Soluções de publicidade de mídia social

Produção e gerenciamento de eventos ao vivo

O Townsquare Media produz aproximadamente 1.200 eventos ao vivo anualmente em seus mercados, gerando US $ 42,6 milhões em receita relacionada a eventos em 2022. As categorias de eventos incluem:

Tipo de evento	Eventos anuais
Festivais de música	87 eventos
Celebrações da comunidade	215 eventos
Concertos locais	436 eventos
Eventos comunitários patrocinados	462 eventos

Criação de conteúdo digital

A empresa gera conteúdo digital em várias plataformas, atingindo 58,3 milhões de usuários digitais exclusivos mensalmente. As verticais de conteúdo incluem:

• Sites de notícias locais
• Conteúdo da música e entretenimento
• Cobertura esportiva
• Publicações digitais focadas na comunidade

Distribuição de mídia de várias plataformas

Townsquare Media distribui o conteúdo através de:

• Estações de rádio
• Sites digitais
• Aplicativos móveis
• Plataformas de streaming
• Canais de mídia social

Métricas de distribuição para 2022:

Plataforma	Alcance mensal
Ouvintes de rádio	7,5 milhões
Usuários digitais	58,3 milhões
Usuários de aplicativos móveis	2,1 milhões

Townsquare Media, Inc. (TSQ) - Modelo de negócios: Recursos -chave

Licenças e frequências de estação de rádio

A partir de 2023, a Townsquare Media possui e opera 344 estações de rádio em 79 mercados nos Estados Unidos. Breakdown do portfólio de licenças da estação de rádio:

Tipo de estação	Número de estações	Cobertura de mercado
Estações FM	236	Vários mercados
AM estações	108	Mercados locais direcionados

Plataformas de mídia digital

A infraestrutura digital inclui:

• 344 sites digitais
• 79 plataformas digitais de mercado local
• Vários aplicativos móveis
• Recursos de streaming entre plataformas

Experiência no mercado local

Townsquare Media emprega 1.400 profissionais do mercado local com conhecimento especializado em paisagens regionais de mídia.

Equipes de vendas e marketing

Segmento de equipe	Número de profissionais
Representantes de vendas locais	275
Especialistas em marketing digital	127
Equipe Nacional de Vendas	53

Infraestrutura de produção de conteúdo

Recursos de produção de conteúdo:

• 79 estúdios de mercado local
• Centros de produção de conteúdo digital em 12 principais mercados
• Equipamento avançado de produção de áudio e vídeo
• Infraestrutura de tecnologia de transmissão ao vivo

Townsquare Media, Inc. (TSQ) - Modelo de Negócios: Proposições de Valor

Mídia hiper-local e soluções de publicidade

A partir do quarto trimestre de 2023, a Townsquare Media opera 344 estações de rádio em 79 mercados nos Estados Unidos. A empresa gera aproximadamente US $ 428,7 milhões em receita anual de soluções de publicidade local.

Segmento de mercado	Número de estações	Receita anual
Mercados de rádio locais	344	US $ 428,7 milhões
Plataformas de publicidade digital	79	US $ 152,3 milhões

Engajamento alvo do público

A mídia do Townsquare atinge aproximadamente 75 milhões de usuários únicos mensalmente em plataformas digitais e de rádio.

• Visitantes exclusivos mensais da plataforma digital: 48,6 milhões
• Audiência do rádio Alcance: 26,4 milhões de ouvintes
• Tempo médio de engajamento digital: 12,3 minutos por usuário

Conteúdo diversificado em plataformas de rádio e digital

A empresa mantém 344 estações de rádio com vários tipos de formato e sites digitais, gerando interação significativa do público.

Categoria de conteúdo	Número de plataformas	Impressões mensais
Formatos de rádio	344	1,2 bilhão
Sites digitais	79	582 milhões

Entretenimento e informação focados na comunidade

O Townsquare Media gera conteúdo local em vários canais, com cerca de 65% do conteúdo focado em informações e entretenimento específicos da comunidade.

Oportunidades de marketing local econômicas

A empresa fornece soluções de publicidade com um custo médio por mil impressões (CPM) de US $ 12,50 em plataformas digitais e de rádio.

• CPM de publicidade digital média: $ 14,20
• CPM de publicidade de rádio médio: US $ 10,80
• Inventário de publicidade total: 2,1 bilhões de impressões mensais

Townsquare Media, Inc. (TSQ) - Modelo de Negócios: Relacionamentos do Cliente

Interação direta do público através de eventos ao vivo

O Townsquare Media opera 324 estações de rádio em 67 mercados nos Estados Unidos. Em 2022, a empresa organizou aproximadamente 1.200 eventos ao vivo, gerando US $ 22,4 milhões em receita relacionada ao evento.

Tipo de evento	Número de eventos	Receita gerada
Festivais de música	45	US $ 6,7 milhões
Concertos comunitários	210	US $ 5,3 milhões
Eventos de patrocinadores locais	965	US $ 10,4 milhões

Engajamento da mídia social

A partir do quarto trimestre 2023, as plataformas digitais da Townsquare Media alcançadas:

• 2,8 milhões de visitantes digitais digitais mensais
• 47,3 milhões de visualizações de conteúdo digital por mês
• 1,6 milhão de seguidores de mídia social em plataformas

Entrega de conteúdo local personalizada

A plataforma digital da empresa fornece conteúdo localizado:

• 67 sites de mercado local
• 324 canais digitais da estação de rádio
• Plataformas de conteúdo vertical especializadas

Programação orientada à comunidade

Em 2022, a Townsquare Media investiu US $ 3,2 milhões em iniciativas de programação comunitária local, incluindo:

Categoria de programa	Investimento	Alcançar
Cobertura de notícias local	US $ 1,1 milhão	42 mercados
Programas de apoio à comunidade	US $ 1,5 milhão	67 mercados
Desenvolvimento de talentos locais	$600,000	57 mercados

Feedback do cliente e canais de interação

O Townsquare Media utiliza vários canais de interação:

• Plataformas de feedback digital: 312.000 interações mensais
• Programas de chamada de estação de rádio: 78.000 compromissos mensais de chamadas
• Taxa de resposta de mídia social: 92% dentro de 24 horas

Townsquare Media, Inc. (TSQ) - Modelo de Negócios: Canais

Transmissões de rádio locais

O Townsquare Media opera 321 estações de rádio em 67 mercados a partir de 2023. RAISTA DE RÁDIO DA ESTAÇÃO:

Tipo de mercado	Número de estações
Mercados pequenos/médios	321
Cobertura total da estação de rádio	67 mercados dos EUA

Plataformas de streaming digital

Estatísticas de receita de streaming digital:

Plataforma digital	Usuários ativos mensais	Receita (2023)
Townsquare Streaming interativo	1,2 milhão	US $ 18,3 milhões

Aplicativos móveis

Métricas de desempenho do aplicativo móvel:

• Downloads de aplicativos móveis totais: 2,4 milhões
• Usuários ativos mensais médios: 750.000
• Plataformas de aplicativos: iOS e Android

Redes de mídia social

Plataforma	Contagem de seguidores	Taxa de engajamento
Facebook	1,5 milhão	4.2%
Instagram	875,000	3.8%
Twitter	450,000	2.9%

Locais de eventos ao vivo

Estatísticas do canal de eventos ao vivo:

Categoria de evento	Eventos anuais	Total de participantes
Festivais de música local	42	350,000
Eventos da comunidade	98	275,000

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

Ouvintes de rádio locais

A partir de 2023, a Townsquare Media opera 325 estações de rádio em 67 mercados nos Estados Unidos. A empresa tem como alvo aproximadamente 16,4 milhões de ouvintes semanais em vários segmentos demográficos.

Demografia de ouvinte	Percentagem
18-34 faixa etária	38%
35-54 faixa etária	42%
55+ faixa etária	20%

Anunciantes regionais

A Media do Townsquare atende a aproximadamente 7.500 anunciantes regionais ativos em seus mercados. A receita de publicidade da empresa em 2022 foi de US $ 416,3 milhões.

• Revendedores automotivos locais
• Negócios regionais de varejo
• Provedores de serviços locais
• Locais regionais de entretenimento

Pequenas e médias empresas

A empresa tem como alvo aproximadamente 3.200 empresas pequenas e médias por meio de sua plataforma de soluções de marketing digital, o Townsquare Interactive.

Segmento de negócios	Número de clientes
Varejistas locais	1,250
Negócios de serviço	1,100
Serviços profissionais	850

Buscadores de entretenimento local

A mídia do Townsquare atinge aproximadamente 2,6 milhões de usuários digitais mensais exclusivos por meio de suas plataformas locais de entretenimento e eventos.

• Informações sobre concertos e eventos
• Guias locais da vida noturna
• Calendários de eventos comunitários

Consumidores focados na comunidade

A empresa atende comunidades em 67 mercados, com foco em notícias e plataformas de informações locais. As propriedades digitais geram 23,4 milhões de visualizações de página mensais.

Plataforma digital	Visitantes únicos mensais
Sites de notícias locais	1,2 milhão
Sites de informações de evento	850,000
Plataformas de informação da comunidade	550,000

Townsquare Media, Inc. (TSQ) - Modelo de negócios: estrutura de custos

Despesas operacionais da estação de rádio

A partir de 2022 Relatórios Financeiros, as despesas operacionais da estação de rádio da Townsquare Media eram de aproximadamente US $ 184,3 milhões.

Categoria de despesa	Custo anual
Manutenção de equipamentos de transmissão	US $ 12,6 milhões
Custos da instalação da estação	US $ 8,4 milhões
Infraestrutura de transmissão	US $ 5,9 milhões

Manutenção da plataforma digital

Os custos de manutenção da plataforma digital para a mídia do Townsquare em 2022 totalizaram US $ 22,7 milhões.

• Hospedagem e infraestrutura de sites: US $ 6,3 milhões
• Atualizações de tecnologia digital: US $ 4,5 milhões
• Investimentos de segurança cibernética: US $ 3,2 milhões

Custos de produção de conteúdo

As despesas de produção de conteúdo para 2022 foram de US $ 41,5 milhões.

Tipo de conteúdo	Custo anual de produção
Programação de rádio	US $ 23,6 milhões
Conteúdo digital	US $ 11,2 milhões
Produção de podcast	US $ 6,7 milhões

Despesas de vendas e marketing

As despesas totais de vendas e marketing de 2022 atingiram US $ 36,8 milhões.

• Vendas de publicidade digital: US $ 14,5 milhões
• Vendas de publicidade de rádio: US $ 12,3 milhões
• Campanhas de marketing: US $ 10 milhões

Investimentos de infraestrutura de tecnologia

Os investimentos em infraestrutura tecnológica para 2022 foram de US $ 18,6 milhões.

Área de investimento em tecnologia	Investimento anual
Infraestrutura de computação em nuvem	US $ 7,2 milhões
Sistemas de análise de dados	US $ 5,4 milhões
Software e licenciamento	US $ 6 milhões

Townsquare Media, Inc. (TSQ) - Modelo de negócios: fluxos de receita

Vendas de publicidade de rádio

A Media da Townsquare gerou US $ 305,8 milhões em receita total para o ano fiscal de 2022, com publicidade de rádio representando uma parcela significativa dessa renda.

Categoria da estação de rádio	Receita anual de publicidade
Estações de rádio do mercado local	US $ 186,3 milhões
Rede de rádio regional	US $ 72,5 milhões

Receita de publicidade digital

A publicidade digital contribuiu com US $ 87,6 milhões para a receita total da empresa em 2022.

• A receita de publicidade da plataforma digital cresceu 12,4% ano a ano
• A publicidade digital representa 28,7% da receita total da empresa

Vendas de ingressos para eventos ao vivo

O segmento de eventos ao vivo da Townsquare Media gerou US $ 22,4 milhões em vendas de ingressos durante 2022.

Tipo de evento	Receita anual de ingressos
Festivais de música	US $ 15,6 milhões
Eventos da comunidade local	US $ 6,8 milhões

Patrocínio e receita de parceria

As receitas de patrocínio atingiram US $ 41,2 milhões em 2022.

• Patrocínios corporativos em plataformas de rádio e digital
• Acordos de parceria de mercado local

Monetização de conteúdo digital

A monetização de conteúdo digital representou US $ 18,5 milhões em receita para 2022.

Fluxo de conteúdo digital	Receita anual
Plataforma de streaming	US $ 8,7 milhões
Publicidade de podcast	US $ 6,3 milhões
Assinaturas de conteúdo digital	US $ 3,5 milhões

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.