Townsquare Media reported net revenue increases of 18% in the fourth quarter, driven by growth in the company’s North American Midway Entertainment.
About half of the company’s revenue now comes from sources other than broadcast radio advertising.
In 2015, Townsquare refinanced its capital structure, locked in long-term favorable interest rates and paid off a portion of its debt.
Net revenue for the fourth quarter rose just over 20% or $19.3 million, to $113 million, compared to $93.7 million for the same period a year ago. The company credited live events revenue for the rise.
Local ad revenue — from broadcast, digital and mobile advertising on stations, streams, websites and mobile application — for the quarter dropped $0.4 million, or 0.4% to $80 million, while Live Events net revenue increased $16.1 million or $298.7% to $21.6 million.
For 2015, net revenue increased $67.3 million, or 18.0%, to $441.2 million, as compared to $373.9 million last year. Local advertising net revenue increased $0.5 million, or 0.2%, to $303.1 million, Live Events net revenue increased $56.7 million, or 138.5%, to $97.7 million.
Townsquare had $33.3 million in cash on hand at the end of 2015 and $565.5 million in debt net of cash, representing 5.8x and 5.5x gross and net leverage, respectively.