Despite a 2.5% decrease in net revenue year-over-year, programmatic digital advertising grew, while national digital advertising was weaker, aligning with forecasts.
Digital business accounted for over 50% of total net revenue, with Townsquare Interactive displaying increased net subscribers and revenue growth.
Townsquare launched a new SaaS-based business management platform, repurchased $22 million in shares, and projects Q3 net revenue of $114-116 million.
CEO Wilson anticipates improved digital advertising revenue in the second half of 2024 and explores white labeling solutions for new markets, underpinning the company's long-term growth outlook.
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