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VNUE ANNOUNCES INITIATION OF FULL SOUNDSTR DEPLOYMENT IN KEY…

(MENAFN– PR Newswire)

Aggressive rollout targets every bar, restaurant and hotel in the exotic travel destination

NEW YORK, July 28, 2022 /PRNewswire/ — VNUE, Inc. (OTC: VNUE) today announced that the company is launching an aggressive campaign to deploy its Soundstr Music Recognition Technology in every bar, restaurant and hotel in Key West, FL, and has brought on local resources to have ‘boots on the ground’ for the rollout. 

Key West is one of the most sought-after vacation spots in the world, attracting around five million tourists per year by planes, boats (including cruise ships), and automobiles. It also boasts a large number of businesses that utilize music. In fact, the famed Duval Street is lined with no less than 143 bars – in less than two miles. 

‘Key West is the perfect location to start our aggressive rollout,’ said CEO Zach Bair. ‘As a tourism destination, and as a city that relies on tourism, there is a plentiful amount of entertainment centered around music. And for VNUE, having this large concentration of clientele makes a lot of sense in terms of installation and support.’

 In order to facilitate the rollout, VNUE has brought on a local resource, Ben Hennington, who will coordinate the installations and sign up and interact with clients.

Soundstr is a cloud-based platform that also includes custom designed devices, called Soundstr Pulse, which are installed in brick-and-mortar establishments. Soundstr is able to accurately detect both live and recorded music, and provides a rich set of data, including but not limited to song name, artist, publisher, writer, and the PROs who are responsible for collecting royalties – something that has not been able to be done previously. This data will help business owners negotiate a more fair license agreement with the performing rights organizations (PROs) such as ASCAP, BMI, SESAC, and GMR, and additionally, the valuable data that VNUE collects will help ensure that the correct songwriters are being paid.

Interested businesses may receive the Soundstr Pulse devices for no cost whatsoever. Additionally, in the next several months, VNUE will be offering both playlist functionality – meaning clients will be able to play fully licensed music directly from Soundstr – as well as the ability to opt-in for advertising, which will help to offset licensing costs that businesses pay. One of the strongest points about Soundstr Pulse is that it does have high quality audio output capabilities (for use with advertising and for playlists), as well as Bluetooth beacon technology that will be leveraged for non-invasive advertising.

‘What people don’t realize is that a lot of the time, the correct songwriters and artists are not being properly compensated for royalties due, because the performing rights organizations have no idea what is actually being played,’ said Bair. ‘Soundstr solves this problem and also creates a mechanism that we believe will simultaneously help to reduce music licensing costs to licensees, as well as a path for a ‘pay-per-play’ utility model. There are substantial benefits to business owners: lower costs, make sure artists get paid. Be one of the good guys!’

Interested businesses in Key West may contact Ben Hennington at [email protected] , or by calling him at 305.304.1232. 

Performing Rights Organizations are welcome to reach out to Tony Cardenas at [email protected] , for more information. 

About VNUE, Inc. ( ) VNUE, Inc., (OTC: VNUE) is a multi-faceted music technology company dedicated to monetizing the live music experience for artists, labels, writers, and publishers, with products such as its set.fm instant content distribution platform ( ), exclusive license partner and ‘instant live’ pioneer DiscLive ( ), and protecting the rights of artists and writers with the company’s Soundstr music recognition technology (MRT) ( ). VNUE also recently acquired StageIt ( ), one of the oldest and most well-known ticketed livestreaming platforms. 

The veteran entrepreneurs, artists and songwriters behind VNUE, led by music and tech entrepreneur and recording artist Zach Bair ( ), are passionate about the future of their industry and ensuring that rights holders’ value is not lost amid always-changing technology. VNUE also holds a 4.99% stake in RockHouse Live International, a new live music venue & restaurant chain that was recently launched in Clearwater Beach Florida, and which is expanding globally, with new locations opened in Key West, FL, and Oxford, MS.

Safe Harbor This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new service lines noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations we will be providing services in, the impact of which cannot be predicted at this time. 

SOURCE VNUE, Inc.

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DOWNLOAD: Bella Shmurda drops ‘New Born Fela’

Akinyibi Ahmed, the Nigerian singer better known as Bella Shmurda, has put out a new single titled ‘New Born Fela’.

The ‘Cash App’ crooner released the track accompanied by a colorful video on Thursday. It is one of the songs off his forthcoming album.

The less than three-minute track was produced by Pbeatz Soundz.

“Used to the good life/ I never pray for the bad time/ You know money good sha/ Anything wey stress I no like sha/ No thank me don’t mention/ I just wanna love you intentional, love you intentional/ No pressure no tension,” he sings.

Bella started pulling the weights of fame when he dropped ‘Vision 2020’, his 2019 single, wherein he talked about his quest to take the country’s music industry by storm.

He continued his impressive run in 2020 with the release of ‘Cash App,’ a hit song, which featured Zlatan Ibile and Lincoln.

The song shot him into the limelight and also earned him recognition including a nomination for the ‘Next Rated’ category at the 14th edition of The Headies.

The 26-year-old singer recently argued that many people indulge in internet fraud due to the economic hardship in the country.

“Shout out to everybody… we’re all trying to make ends meet. So, you can’t just blame anybody in this part of the world where we find ourselves, it’s messed up, for you to make it, you have to do certain things,” he said.

Watch the video below:

DOWNLOAD: ‘NEW BORN FELA’ BY BELLA SHMURDA 

Copyright 2022 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.

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BPI CEO Geoff Taylor Stepping Down in 2023 – Billboard

LONDON — BPI chief executive Geoff Taylor says he will step down next year after more than 15 years at the helm of the U.K. labels trade body.

Taylor says he intends to move to a “more directly commercial role” after leaving the London-based organization, although he gave no indication what his next post will be.

BPI appointed Taylor chief executive in 2007. The labels trade body represents the U.K. arms of all three major labels, as well as British independents.

Taylor’s time at the head of BPI coincided with a period of transformation in the record industry, driven by the transition from physical CDs to digital downloads and then streaming as the dominant methods of music consumption.

During this period, BPI fought a long and successful campaign against online music piracy, obtaining blocking orders for numerous illegal peer-to-peer and stream ripping sites. The organization also negotiated significant reforms to global policies for Google, YouTube, Facebook and online advertising networks to better protect music rights by targeting illegal sites for demotion on search engines and disrupting their funding.

The United Kingdom now has the third-lowest music piracy rate in the world, says BPI, which has submitted more than one billion infringing music links to search engines for delisting on behalf of U.K. artists and labels. In 2020, the organization said it was the world’s second-highest remover of illegal content from Google, behind anti-piracy company Rivendell.

In addition to fighting piracy, Taylor’s lobbying skills won industry and government support for the extension of copyright on music recordings from 50 years to 70 years – a major victory for artists, record companies and performers that was passed into U.K. law in 2013.

Last year, Taylor gave evidence at the Digital, Media, Culture and Sport (DCMS) Committee inquiry about the economics of music streaming. Appearing before committee members, Taylor advocated on behalf of U.K. artists and record labels and rallied against “distortions” in the digital market caused by UGC services like YouTube using safe harbor protections to enable them to pay lower royalty rates than subscription services such as Spotify and Deezer.

As chief executive of BPI, Taylor also serves as CEO of the BRIT Awards, the U.K.’s biggest annual music awards show, and the Mercury Prize, its independent-leaning sister event, recognizing what judges determine to be the 12 best albums of the year by U.K. and Irish artists.

Over the past decade, Taylor has steered the modernization of the BRIT Awards, substantially growing its international profile and global reach via partnerships with digital services YouTube, Roblox and TikTok.

Although U.K. TV viewing figures for this year’s BRIT Awards fell to 2.7 million, down from 2.9 million the previous year, there were more than 16 million views of BRIT-related videos on TikTok on the day of the show. Adele’s performance of “I Drink Wine” has since been viewed more than 18 million times on YouTube. (There were more than 30 million total YouTube views of performances from this year’s show.)

Prior to leading BPI, Taylor was general counsel and executive vice-president at the international record industry association IFPI. He also worked as general counsel at BPI and legal advisor at IFPI earlier in his career.

Taylor says he plans to stay in the job until early 2023 — BPI’s 50th anniversary year — in order to help BPI’s newly appointed chair Yolanda Brown find an appropriate successor.

In making the announcement, Taylor said it has “been a great privilege to lead the BPI during such a transformational period for British music,” but, after much reflection, he has decided “15 years is enough for any moderately sane individual and that now is the time to use my experience more directly in a commercial environment.”

The U.K. heads of all three major labels paid tribute.

Tony Harlow, CEO of Warner Music UK, said Taylor’s “insightful and forward-thinking leadership benefited the industry as it navigated huge challenges over the last 15 years” helping “secure a sustainable and growing music industry in our country.”

Jason Iley, chairman and CEO of Sony Music UK, said the outgoing CEO tirelessly “led the BPI with a tight grip on the big issues” and the whole industry has benefitted from its work combatting piracy, showcasing British talent and campaigning for export funding from the British government.

David Joseph, chairman and CEO of Universal Music UK, said Taylor has made “a significant contribution to our industry” and thanked him for his “calm leadership, insight and dedicated work in support of labels right across the country.”




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Keith Bernstein Makes Licensing Songs Easy for Start Ups With Tempo – Billboard

Though he had been on the front lines of creating a fairer system for digital music licensing since the CD era, in 2000 Keith Bernstein took a job at Napster. “I was not a fan of what they were doing,” he says. “I thought they should get sued until they were out of business.” But the file-trading service wanted to rework itself as a properly licensed music provider and heard of a program Bernstein had developed to track digital sales. It was software he had created because he understood early on, while working for A&M and then Universal Music Group, the potential of digital to cannibalize the music business. So Bernstein spent two years flying from Los Angeles to Silicon Valley every day, determined to build a new Napster infrastructure that would ensure everyone got paid fairly.

Two decades later, he’s still at it. He has run the Royalty Review Council — which he founded in 1999 and which provides auditing — since 2002, and in 2008, he spun off Crunch Digital, a consulting group that helps an ever-growing list of companies from new apps to gaming, fitness and travel businesses configure the licenses they need to use music legally. The explosion of the at-home fitness industry during the COVID-19 pandemic — as well as recent lawsuits filed by the National Music Publishers’ Association (NMPA) against Roblox, Peloton and the video app Vinkle for improperly using music on their platforms — show how Crunch Digital’s services are needed more than ever in today’s fast-evolving music industry.

Now Bernstein — whose clients include major airlines, app games like SongPop by Fresh Planet and at-home fitness startups like Liteboxer and Hydrow — wants to take Crunch Digital a step further with an online platform called Tempo that will allow companies to input a playlist of songs they want to use and discover instantly the labels and publishers that are not already licensed. The idea is to make the process quick and easy, including the ability to cross-reference the rights a company currently holds against what’s missing, as well as functionality that will be particularly helpful to the fitness industry: the ability to search by genre or BPM.

Keith Bernstein gramophone

This circa 1920s gramophone was bought by Bernstein’s father at auction years ago. “No matter the technology for playing music, it comes down to adapting to new technology,” he says. “Plus, it’s a cool thing.”

Damon Casarez

Bernstein says he’s driven to keep fighting for solutions by his conviction that “music has value, and music is undervalued,” he says. “I know that music is core to the success of these digital platforms, and if anyone argues that they’re not, then I challenge them to just take out the music and see how well [the company] does.”

You had a peek inside one of the most disruptive technology companies in music history. What was company culture like at Napster?

I was 34 years old and felt like I was a grandpa.

What was the tipping point when you realized you needed to leave Napster?

While building the operating system, I was hunting for publisher information for databases of information that we could utilize and acquire for identification purposes and understanding who uses what and who to pay. But I couldn’t find it. There were companies logging CD booklet information, but nobody had publishing information. When I began to see what was going to happen, I was like, “Forget Napster. When this thing implodes and streaming comes in — which was already being talked about — I don’t know how anybody is going to be able to know who owns what.” There was nothing out there able to help pay publishers at that time.

I wanted to start quietly aggregating publisher data and my own database. I wanted to create the future audit procedures for digital download companies and streaming services, because a CPA generalist wasn’t going to cut it anymore. I relaunched the company in 2002, and by 2005 we were doing audits for all the major labels, all the major publishers, SoundExchange — nearly everybody. We conducted audits of every digital service where there were audit rights, and because we were finding tons of money that wasn’t being paid, our clients just wanted to audit more.

Keith Bernstein Gibson Les Paul guitar

Bernstein bought this Gibson Les Paul for his 50th birthday. “I’ve never played and decided I wanted to learn,” he remembers. “I am a work in progress.”

Damon Casarez

Why did you create Crunch Digital when you were already thriving with the Royalty Review Council?

It became apparent there were multichannel networks, gaming companies, apps, fitness companies, even the travel industry — all of whom needed the same type of reporting, licensing and clearance help as the traditional labels and publishers did. Probably even more so because they didn’t have a lot of music people. They just had a good idea that was well-funded and used music. When we first started to talk to these companies about assisting them, I was talking to a lot of people with hoodies on — we found the name “Royalty Review Council” wasn’t very hip or cool. So we spun out Crunch Digital.

Was the difficulty of licensing music shocking to these new companies?

I especially have seen that in the last couple of years. In the early days, more companies seemed to be more like, “Help me. I want to make sure everything is totally available before I use it.” But it shifted when people started racing toward the market and felt the need to be faster than their competitors and to host the most content. You saw people cutting corners and relying on things like the [Digital Millennium Copyright Act] or a compulsory license or saying, “I don’t even need the licensing.”

How does the influx of catalog acquisitions and ownership changes play into the difficulties of licensing music?

If the song a company used a lot is now owned by somebody else that they don’t have a license with, that could be trouble. It’s silly for these companies to think that they’re going to take the data in from the major labels and major publishers and build their own internal database to track this. Our work honestly doesn’t end, because our clients are constantly wanting to know whether they can or cannot use something as rights holders change.

Are there companies that actively try to get around having to pay for music?

There are definitely some lawyers out there that spend a lot of time trying to find the workaround so that their client doesn’t have to go to the labels or publishers or get a license outside of a performance license. Lawyers will tell them it is too costly and takes too long.

Keith Bernstein Honda minibike

A 2019 update on a ’70s Honda minibike Bernstein used to have when he was a kid. “I had to have one,” he says. “I ride on Sundays, and it’s a nice break from emails and calls.”

Damon Casarez

The NMPA has made it a mission to go after these infringing digital companies and apps — like Roblox and Twitch — in big lawsuits and settlements. Do you work with the NMPA on these initiatives at all?

We have always had a nice relationship with the NMPA. What they do is critical to the marketplace. We do talk every now and then when we believe there might be something rogue going on and they might look into it, but there are just so many companies out there that are doing the wrong thing. A lot of brands feel like they can fly under the radar. But when you have a new $100 million investment that you’re advertising around, the labels and publishers are going to take notice.

Are we living in the Wild West for music licensing?

Technology moves so fast that there’s always something being developed, or a new use, or another form of distribution that you can’t get your head around fast enough. You have to look at labels and publishers and cut them some slack. They’re getting inundated with license requests, and there’s just so many things they could look at. The tools have not been in place for companies licensing music to be able to assess and monitor what they can and cannot do under their licenses. That’s why we focused on building the part that’s missing in the marketplace. We want to get to a place where there’s no excuse: “Oh, I didn’t know that I couldn’t use that. I didn’t know who to talk to.”

Is that what Tempo is trying to solve?

Yes. We were already doing research requests for clients that would send us lists of 10,000, 50,000, even a million tracks and say, “Can you help me to identify who I need to get licenses from?” Maybe they already had deals in place with a few companies and wanted to make sure that’s all they needed. We would go through these lists and give the clients what we call “the road map.” But when COVID-19 hit it got to be an even bigger issue, especially with the fitness brands. How is it possible for a large company to control all of their fitness instructors? You can’t. You can’t tell a fitness instructor to only use Universal Music Group or Sony Music. That doesn’t mean anything to them, and how are they going to look it up? We thought we needed to build an online platform that would empower these businesses to learn about this more.

How did you aggregate all that data for Tempo?

Painfully. We already had been aggregating it for the purposes of our services for years.

What are some opportunities music-rights owners should be taking advantage of to grow revenue?

They should audit more. I don’t think enough audits take place. And I’m not saying that because I want to do their audits! I’m just saying that the more you keep people on their toes, the more likely they are to get it right.

This story appears in the July 30, 2022, issue of Billboard.




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Industry Ink: Chris Young, AIMP Nashville, Carolyn Miller

Chris Young Helps The Charlie Daniels Journey Home Project Generate Over $1.2 Million

Pictured (L-R): Charlie Daniels, Jr., Hazel Daniels, Alana Shepherd (Shepherd Center Co-founder), Bernie Kerik, Master Sgt. Earl Plumlee (Medal of Honor Recipient), Child Plumlee, Chris Young, Travis Ellis (Shepherd Center Co-founder), Carolyn Corlew (TCDJHP), David Corlew (TCDJHP Co-founder), Jennifer Bocook (TCDJHP), Jamie Shepherd (Shepherd Center President & COO). Photo: William Twitty Photography

With the help of country music star Chris Young, The Charlie Daniels Journey Home Project (TCDJHP) has generated over $1.2 million since the spring of 2021. Most recently, he performed at a special private dinner event held in Atlanta where TCDJHP partnered with The Shepherd’s Men, raising thousands for the cause of helping our former men and women in uniform.

“We attribute so much of this exciting growth to the generous heart and hard work of Chris Young, who has made an enormous impact in our fundraising efforts, as well as sharing our mission,” says TCDJHP co-founder David Corlew.

TCDJHP is also proud to announce a new direction in educational support by creating a scholarship for The Working Ranch Cowboys Association. In the past year, TCDJHP has distributed over $60,000 in student scholarships and educational programs to the University of Tennessee and Middle Tennessee State University, among others.

Since October of last year, the veterans non-profit founded by the late Charlie Daniels, has distributed approximately a quarter million dollars in support of the men and women who have and continue to service the U.S. military.

 

 

AIMP Nashville Hosts A Conversation With Marc Rucker From SoundExchange

Pictured (L-R): Mike Sistad (ASCAP), Courtney Kruckeberg (Endurance Music Group), Courtney Crist (Anthem Entertainment), Marc Rucker (SoundExchange), Tim Hunze (Big Machine Music), Shannan Hatch (SESAC), ET Brown (SESAC), Emily Boardman (AIMP Nashville Treasurer)

The AIMP Nashville Chapter hostsed a full house at the SESAC offices in Nashville on Tuesday (July 26).

The Chapter hosted a conversation with Marc Rucker, Manager, Industry Engagement at SoundExchange moderated by Tim Hunze, VP of Publishing, Big Machine Music. The conversation focused on the importance of collecting digital performance royalties. The pair also discussed how in today’s era of viral songs on social media, many independent artists may not even realize they are racking up airplay on digital radio platforms and have SoundExchange royalty payments waiting to be claimed.

SoundExchange collects and distributes digital performance royalties on behalf of more than 260,000 creators and to date has paid nearly $9 billion in distributions since 2003, with $1 billion of that being distributed last year alone.

 

Second Installment Of The Women of Country Presents: Carolyn Miller & Friends Takes Over Live Oak

Pictured: The Women of Country’s Nicole Marchesi, host Kelly Ford, and singer-songwriters Sarah Jones, Tezza, Carolyn Miller, & Grace Tyler. Photo: Nicole Marchesi

Live Oak on Music Row filled up on Tuesday night (July 26) as fans and industry enjoyed the second monthly “The Women of Country Presents: Carolyn Miller & Friends” all-female round. ACM and CMA Award-winning radio personality Kelly Ford hosted the event.

Miller jumpstarted the night with her unreleased song “T-Shirt,” while singer-songwriter Sarah Jones gave a rendition of “Just About Over You,” the hit song Jones penned for Priscilla Block. Tezza and Grace Tyler also gave powerful performances throughout the evening.

Miller took the stage again for a 30-minute full band set to close out the night.

Latest posts by Lydia Farthing (see all)




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Star Trek’s Mr. Data Seemed Like a Vulcan, but His Mold Was From This 1970s TV Movie

Mr. Data and his inspirations


Paramount / NBC

Mr. Data and his inspirations

Most folks think that when it was time to create “Star Trek: The Next Generation,” the franchise creator had to have been on board from the start. That is not actually what happened. Trek creator, Gene Roddenberry, was brought in after the show’s planning was underway and was not actually the one who got things started.

According to Screen Rant’s Dusty Stowe, Paramount thought Roddenberry would be a “goodwill ambassador for this new version of the franchise.” The studio let “The Great Bird of the Galaxy” take the reigns of what became “The Next Generation,” which turned out to be a reboot of a previous Roddenberry project. 

Before the premiere of “Star Trek: The Motion Picture,” the franchise would return in one way or another. Some ideas were making Trek into a series of TV movies, while others thought a new show would make more sense. All these ideas were aborted after the success of “Close Encounters of the Third Kind” and “Star Wars.” 

Paramount threw their weight (and considerable dollars) behind the effort to get their space-based intellectual property back in front of audiences. So, instead of an ongoing show, fans got six (or seven) feature films, which followed the adventures of Captain James T. Kirk (William Shatner), Mr. Spock (Leonard Nimoy), and Dr. McCoy (DeForest Kelley), and the rest of the Enterprise crew. 


‘Star Trek: Phase II’


Star Trek Phase II the TV show we never sawThanks for watching! 🙂 Paypal jonnybaak@live.com patreon.com/baak Music from filmmusic.io “The Other Side of the Door” by Kevin MacLeod (incompetech.com) License: CC BY (creativecommons.org/licenses/b…)2019-11-06T06:58:20Z

The series, which might have been the original Trek reboot, was called “Star Trek: Phase II,” which featured all of “The Original Series” characters — except for Spock. According to The Hollywood Reporter, Nimoy refused to be part of the project because he was suing Paramount for royalties for using his likeness. 

Instead of Spock, Roddenberry and his team created a new character to interact with Kirk and McCoy, named Xon. David Gautreaux was cast as this new science officer, who was entirely Vulcan and not half-Vulcan, as Spock was. 

“We’ll get some humor out of Xon trying to simulate laughter, anger, fear, and other human feelings,” Roddenberry wrote at the time (as reported by The Forgotten Trek). Eventually, Xon was not needed in Trek because Nimoy returned to the franchise, and the rest is history.

But when it was time to formulate his new “Next Gen” crew, Roddenberry dipped back into the “Phase II” ideas and pulled out an android named Data. This character would also be completely logical. As played by Brent Spiner, Data did not understand humor, could not use contractions, and would ramble with overly-long explanations. 

Commander Will Riker (Jonathan Frakes) and Counselor Troi (Marina Sirtis) were also recycled characters from “Phase II.” Riker was an updated Will Decker (played by Stephen Collins in TMP), while Troi was an updated Ilia (Persis Khambatta). 

The cast and stories hit their stride after Season 3, and “The Next Generation” is considered the best of all the series. Even though it might seem like Spock and Xon were who inspired Data, there was another project which made an entire story around an android trying to fit into the world.


‘The Questor Tapes’


『人造人間クエスター』 (The Questor Tapes) DVD用予告編世界の救世主か、破壊者か!? 超頭脳アンドロイド逃走! 『スター・トレック』のクリエイター、ジーン・ロッデンベリーによる傑作ハードSFが日本初ソフト化! 『新スター・トレック』に登場するアンドロイド、データの原型がここにある! 2012年6月29日発売予定『人造人間クエスター』のDVD用トレイラーです。 DVDの詳細は allcinema.net/dvd/questor.html まで。 DVDはオリジナル全長版+TV放映日本語吹替2012-05-22T07:06:45Z

In 1974, Roddenberry and Gene L. Coon unleashed a TV movie onto audiences called “The Questor Tapes.” This was the story of a team of researchers attempting to bring a new type of man to life. This man was completely artificial, and his brain was filled with the operating system (from memory tapes) created by a secretive scientist named Dr. Vaslovik.

The show starred Mike Farrell, who would later become incredibly famous for his role in the “M*A*S*H” television series. Farrell was alongside veteran actor John Vernon and frequent Roddenberry collaborator Majel Barrett. Walter Koenig also appeared in the movie.

Questor itself was portrayed by actor Robert Foxworth. Fans of “Star Trek” will recognize Foxworth from his appearances on “Deep Space Nine” and “Star Trek: Enterprise.” After the memory tapes from Vaslovik were loaded into Questor, the android made itself look human and escaped into the night. 

From the way Questor moved, spoke, and even though he told a woman character that he was “fully functional,” the template for Data was there. Questor even used the famous Data “head tilt” when confused. 

This made-for-television movie intended to launch a new series on NBC, but that did not happen. As pointed out by many, including this article on the Classic Film & TV Cafe website, the ideas which Roddenberry and Coon cooked up for Questor were later used for Mr. Data.  

READ NEXT: ‘Star Trek’ Fans: Please Do Not Spoil ‘NOPE’ for Everyone Else




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“Just Push Play” To Enjoy Jazz and Comedy While Supporting the Alzheimer’s Community with the James M. Dixon Foundation – Music Industry Today


“Just Push Play” To Enjoy Jazz and Comedy While Supporting the Alzheimer’s Community with the James M. Dixon Foundation – Music Industry Today – EIN Presswire

























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TOWNSQUARE’s SECOND QUARTER NET REVENUE AND ADJUSTED EBITDA …

(MENAFN– PR Newswire)

June YTD 2022 Digital Revenue and Adjusted Operating Income 50% of Total

Net Leverage Declines to 4.65x

Raising 2022 Guidance

PURCHASE, N.Y., Aug. 2, 2022 /PRNewswire/ — Townsquare Media, Inc. (NYSE: TSQ ) (‘Townsquare’, the ‘Company,’ ‘we,’ ‘us,’ or ‘our’) announced today its financial results for the second quarter ended June 30, 2022.

‘I am proud to share that the Townsquare Team delivered another quarter of strong revenue and profit growth, and in doing so, we achieved all-time record highs for both net revenue and Adjusted EBITDA. Our performance clearly demonstrates the strength and differentiation of our digital businesses and our legacy broadcast business. Townsquare’s second quarter net revenue increased year-over-year by +14%, exceeding our guidance range, and Adjusted EBITDA increased +7% year-over-year, meeting our guidance range. In addition, our digital revenue growth accelerated from the first quarter (Q1 +16% year-over-year), with second quarter total digital revenue increasing +21% year-over-year. Our strong top-line growth, margin profile, and cash generation characteristics have contributed to the reduction of our net leverage, now at a historical low of 4.65x as of June 30th, including the repurchase and retirement of $19 million of our Senior Secured Notes at or below par in Q2,’ commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. ‘We are also pleased to announce that we are raising our FY 2022 guidance following the close of the Cherry Creek acquisition on June 17th. Our updated full year guidance reflects the ongoing momentum of our business and the strength of our performance to date, fueled by our differentiated digital platform. As a Digital First Local Media Company focused principally on markets outside of the Top 50 in the United States, we have a resilient digital growth engine supported by subscription digital marketing solutions, with a large addressable market and limited competition. As we move forward, we expect double-digit digital net revenue growth to continue at strong margins, reaching our digital revenue target of at least $275 million in 2024. With half of our total revenue and profit coming from digital today, it is our belief that over time as digital continues to meaningfully grow, Townsquare should and will be afforded a sum-of the-parts valuation that our digital assets deserve.’

Segment Reporting We have three reportable operating segments, Subscription Digital Marketing Solutions, Digital Advertising and Broadcast Advertising. The Subscription Digital Marketing Solutions segment includes our subscription digital marketing solutions business, Townsquare Interactive. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on our owned and operated digital properties and our digital programmatic advertising platform. The Broadcast Advertising segment includes our local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with our broadcast advertising platform. The remainder of our business is reported in the Other category, which includes our live events business. The Company has presented segment information for the three and six months ended June 30, 2021 in conformity with the current period’s segment information.

Second Quarter Highlights*

  • As compared to the second quarter of 2021:
    • Net revenue increased 13.6%
    • Net income decreased $5.2 million
    • Adjusted EBITDA increased 6.8%
    • Total Digital net revenue increased 20.7%
      • Subscription Digital Marketing Solutions (‘Townsquare Interactive’) net revenue increased 13.7%
      • Digital Advertising net revenue increased 25.4%
    • Total Digital Adjusted Operating Income increased 11.0%
      • Subscription Digital Marketing Solutions Adjusted Operating Income increased 9.8%
      • Digital Advertising Adjusted Operating Income increased 11.8%
    • Broadcast Advertising net revenue increased 1.0%
  • Diluted income per share was $0.24, and Adjusted Net Income per diluted share was $0.71
  • Townsquare Interactive added approximately 1,150 net subscribers
  • Repurchased aggregate $19.2 million of our 2026 Secured Senior Notes at or below par
  • Completed the acquisition of Cherry Creek Broadcasting LLC (‘Cherry Creek’) for $18.4 million, net of closing adjustments

Year to Date Highlights*

  • As compared to the six months ended June 30, 2021:
    • Net revenue increased 13.3%
    • Net income increased $3.7 million
    • Adjusted EBITDA increased 8.0%
    • Total Digital net revenue increased 18.4%
      • Subscription Digital Marketing Solutions net revenue increased 14.3%
      • Digital Advertising net revenue increased 21.4%
    • Total Digital Adjusted Operating Income increased 10.9%
      • Subscription Digital Marketing Solutions Adjusted Operating Income increased 8.6%
      • Digital Advertising Adjusted Operating Income increased 12.4%
    • Broadcast Advertising net revenue increased 4.0%
  • Townsquare Interactive added approximately 2,200 net subscribers

*See below for discussion of non-GAAP measures.

Guidance For the third quarter of 2022, net revenue is expected to be between $120 million and $127 million and Adjusted EBITDA is expected to be between $30 million and $32 million.

For the full year 2022, net revenue guidance is raised to be between $465 million and $480 million and Adjusted EBITDA guidance is raised to be between $116 million and $121 million.

Quarter Ended June 30, 2022 Compared to the Quarter Ended June 30, 2021

Net Revenue Net revenue for the three months ended June 30, 2022 increased $14.6 million, or 13.6%, as compared to the same period in 2021. Our Digital Advertising net revenue increased $7.5 million, or 25.4%, and our Subscription Digital Marketing Solutions net revenue increased $2.8 million, or 13.7%, as compared to the same period in 2021 due in part to the addition of approximately 1,150 additional net subscribers during the second quarter of 2022.

Our Other net revenue increased $3.7 million due to an increase in the number of live events held in the current period and our Broadcast Advertising net revenue increased $0.6 million, or 1.0%, as compared to the same period in 2021, due to increases in the purchase of new advertising by our clients.

Adjusted EBITDA Adjusted EBITDA for the quarter ended June 30, 2022, increased $2.1 million, or 6.8%, to $32.4 million, as compared to $30.3 million in the same period last year. Adjusted EBITDA (Excluding Political) increased $1.4 million, or 4.8%, to $31.1 million, as compared to $29.6 million in the same period last year.

Net Income Net income for the quarter ended June 30, 2022, decreased $5.2 million to $4.9 million, as compared to $10.1 million in the same period last year.

Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021

Net Revenue Net revenue for the six months ended June 30, 2022, increased $26.1 million, or 13.3%, as compared to the same period in 2021. Our Digital Advertising net revenue increased $11.7 million, or 21.4% and our Subscription Digital Marketing Solutions net revenue increased $5.6 million, or 14.3% as compared to the same period in 2021 due in part to the addition of approximately 2,200 additional net subscribers during the six months ended June 30, 2022.

Our Other net revenue increased $4.7 million due to the increase in live events held during the period, as compared to the same period a year ago. Our Broadcast Advertising net revenue increased $4.1 million, or 4.0%, due to increases in the purchase of new advertising by our clients.

Adjusted EBITDA Adjusted EBITDA for the six months ended June 30, 2022 increased $4.0 million, or 8.0% to $54.4 million, as compared to $50.4 million in the same period last year. Adjusted EBITDA (Excluding Political) increased $3.4 million, or 6.9%, to $52.8 million, as compared to $49.4 million in the same period last year.

Net Income Net income for the six months ended June 30, 2022 increased $3.7 million, or 93.2%, to $7.7 million, as compared to $4.0 million in the same period last year.

Liquidity and Capital Resources As of June 30, 2022, we had a total of $22.8 million of cash and cash equivalents and $530.8 million of outstanding indebtedness, representing 4.86x and 4.65x gross and net leverage, respectively, based on Adjusted EBITDA for the twelve months ended June 30, 2022, of $109.1 million.

The table below presents a summary, as of July 29, 2022, of our outstanding common stock.

Security

Number Outstanding

Description

Class A common stock

12,876,711

One vote per share.

Class B common stock

815,296

10 votes per share.1

Class C common stock

3,461,341

No votes.1

Total

17,153,348

1 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules.

Conference Call Townsquare Media, Inc. will host a conference call to discuss certain second quarter 2022 financial results and 2022 guidance on Tuesday, August 2, 2022 at 8:00 a.m. Eastern Time. The conference call dial-in number is 1-877-407-0784 (U.S. & Canada) or 1-201-689-8560 (International) and the confirmation code is 13731436. A live webcast of the conference call will also be available on the investor relations page of the Company’s website at .

A replay of the conference call will be available through August 9, 2022. To access the replay, please dial 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International) and enter confirmation code 13731436. A web-based archive of the conference call will also be available at the above website.

About Townsquare Media, Inc. Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 29,000 SMBs; a robust digital advertising division, Townsquare Ignite , a powerful combination of a) an owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 357 local terrestrial radio stations in 74 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com and NJ101.5.com, and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com, and Loudwire.com. For more information, please visit , and .

Forward-Looking Statements Except for the historical information contained in this press release, the matters addressed are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as ‘aim,’ ‘anticipate,’ ‘estimate,’ ‘expect,’ ‘forecast,’ ‘outlook,’ ‘potential,’ ‘project,’ ‘projection,’ ‘plan,’ ‘intend,’ ‘seek,’ ‘believe,’ ‘may,’ ‘could,’ ‘would,’ ‘will,’ ‘should,’ ‘can,’ ‘can have,’ ‘likely,’ the negatives thereof and other words and terms. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by us include the impact of general economic conditions in the United States, or in the specific markets in which we currently do business including supply chain disruptions, inflation, labor shortages and the effect on advertising activity, industry conditions, including existing competition and future competitive technologies, the popularity of radio as a broadcasting and advertising medium, cancellations, disruptions or postponements of advertising schedules in response to national or world events, including the COVID-19 pandemic, our ability to develop and maintain digital technologies and hire and retain technical and sales talent, our dependence on key personnel, our capital expenditure requirements, our continued ability to identify suitable acquisition targets, and consummate and integrate any future acquisitions, legislative or regulatory requirements, risks and uncertainties relating to our leverage and changes in interest rates, our ability to obtain financing at times, in amounts and at rates considered appropriate by us, our ability to access the capital markets as and when needed and on terms that we consider favorable to us and other factors discussed in this section entitled ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ in this report and under ‘Risk Factors’ in our 2021 Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 16, 2022, as well as other risks discussed from time to time in our filings with the SEC. Many of these factors are beyond our ability to predict or control. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. The forward-looking statements included in this report are made only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures and Definitions In this press release, we refer to Adjusted Operating Income, Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income and Adjusted Net Income Per Share which are financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (‘GAAP’).

We define Adjusted Operating Income as operating income before the deduction of depreciation and amortization, stock-based compensation, corporate expenses, transaction costs, business realignment costs, impairment of goodwill, long-lived and intangible assets and net loss (gain) on sale and retirement of assets. We define Adjusted EBITDA as net income (loss) before the deduction of income taxes, interest expense, net, loss (gain) on extinguishment and modification of debt, transaction costs, depreciation and amortization, stock-based compensation, business realignment costs, impairment of long-lived assets, intangible assets and investments, change in fair value of investment, net (loss) gain on sale and retirement of assets and other expense (income) net. We define Adjusted EBITDA (Excluding Political) as Adjusted EBITDA less political net revenue, net of a fifteen percent deduction to account for estimated national representative firm fees, music licensing fees and sales commissions expense. Adjusted Net Income is defined as net income (loss) before the deduction of transaction costs, business realignment costs, impairment of long-lived assets, intangible assets and investments, change in fair value of investment, net loss (gain) on sale and retirement of assets, loss (gain) on extinguishment and modification of debt, gain on insurance recoveries and net income attributable to non-controlling interest, net of income taxes. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding. We define Net Leverage as our total outstanding indebtedness, net of our total cash balance as of June 30, 2022, divided by our Adjusted EBITDA for the twelve months ended June 30, 2022. These measures do not represent, and should not be considered as alternatives to or superior to, financial results and measures determined or calculated in accordance with GAAP. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. You should be aware that in the future we may incur expenses or charges that are the same as or similar to some of the adjustments in the presentation, and we do not infer that our future results will be unaffected by unusual or non-recurring items. In addition, these non-GAAP measures may not be comparable to similarly-named measures reported by other companies.

We use Adjusted Operating Income to evaluate the operating performance of our business segments. We use Adjusted EBITDA and Adjusted EBITDA (Excluding Political) to facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting interest expense), taxation and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance, and to facilitate year over year comparisons, by backing out the impact of political revenue which varies depending on the election cycle and may be unrelated to operating performance. We use Adjusted Net Income and Adjusted Net Income Per Share to assess total company operating performance on a consistent basis. We use Net Leverage to measure the Company’s ability to handle its debt burden. We believe that these measures, when considered together with our GAAP financial results, provide management and investors with a more complete understanding of our business operating results, including underlying trends, by excluding the effects of transaction costs, net loss (gain) on sale and retirement of assets, business realignment costs and certain impairments. Further, while discretionary bonuses for members of management are not determined with reference to specific targets, our board of directors may consider Adjusted Operating Income, Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income, Adjusted Net Income Per Share and Net Leverage when determining discretionary bonuses.

Investor Relations Claire Yenicay(203) 900-5555[email protected]

TOWNSQUARE MEDIA, INC.

CONSOLIDATED BALANCE SHEETS

(in Thousands, Except Share and Per Share Data)

(unaudited)

June 30, 2022

December 31, 2021

ASSETS

Current assets:

Cash and cash equivalents

$ 22,825

$ 50,505

Accounts receivable, net of allowance of $5,561 and $6,743, respectively

63,458

57,647

Prepaid expenses and other current assets

12,205

12,086

Total current assets

98,488

120,238

Property and equipment, net

109,944

106,717

Intangible assets, net

300,935

278,265

Goodwill

166,324

157,947

Investments

16,445

18,217

Operating lease right-of-use-assets

49,910

42,996

Other assets

2,067

1,437

Restricted cash

494

494

Total assets

$ 744,607

$ 726,311

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 8,783

$ 5,676

Deferred revenue

10,435

10,208

Accrued compensation and benefits

9,453

14,411

Accrued expenses and other current liabilities

25,684

22,512

Operating lease liabilities, current

8,651

7,396

Accrued interest

15,197

15,754

Total current liabilities

78,203

75,957

Long-term debt, net of deferred finance costs of $7,348 and $8,479, respectively

523,418

541,521

Deferred tax liability

22,395

20,081

Operating lease liability, net of current portion

44,151

38,743

Other long-term liabilities

16,965

425

Total liabilities

685,132

676,727

Stockholders’ equity:

Class A common stock, par value $0.01 per share; 300,000,000 shares authorized; 12,876,711 and 12,573,654 shares issued and outstanding, respectively

129

126

Class B common stock, par value $0.01 per share; 50,000,000 shares authorized; 815,296 and 815,296 shares issued and outstanding, respectively

8

8

Class C common stock, par value $0.01 per share; 50,000,000 shares authorized; 3,461,341 and 3,461,341 shares issued and outstanding, respectively

35

35

Total common stock

172

169

Treasury stock, at cost; 25,623 and zero shares of Class A common stock, respectively

(225)

Additional paid-in capital

306,997

302,724

Accumulated deficit

(250,017)

(256,635)

Non-controlling interest

2,548

3,326

Total stockholders’ equity

59,475

49,584

Total liabilities and stockholders’ equity

$ 744,607

$ 726,311

TOWNSQUARE MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in Thousands, Except Per Share Data)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

Net revenue

$ 121,924

$ 107,338

$ 222,166

$ 196,099

Operating costs and expenses:

Direct operating expenses, excluding depreciation, amortization, and stock-based compensation

83,833

71,591

157,596

136,118

Depreciation and amortization

4,314

4,996

9,079

9,725

Corporate expenses

5,739

5,452

10,148

9,586

Stock-based compensation

839

894

1,708

1,956

Transaction and business realignment costs

824

456

1,276

5,361

Impairment of long-lived assets, intangible assets and investments

9,419

95

9,897

95

Net loss (gain) on sale and retirement of assets

89

34

(219)

627

Total operating costs and expenses

105,057

83,518

189,485

163,468

Operating income

16,867

23,820

32,681

32,631

Other expense (income):

Interest expense, net

10,044

9,809

20,071

19,964

(Gain) loss on repurchases, extinguishment and modification of debt

(108)

(108)

5,997

Other expense (income), net

806

(40)

2,394

(377)

Income from operations before tax

6,125

14,051

10,324

7,047

Income tax provision

1,206

3,977

2,664

3,082

Net income

$ 4,919

$ 10,074

$ 7,660

$ 3,965

Net income attributable to:

Controlling interests

$ 4,394

$ 9,432

$ 6,618

$ 2,883

Non-controlling interests

$ 525

$ 642

$ 1,042

$ 1,082

Basic income per share:

Attributable to common shares

$ 0.26

$ 0.58

$ 0.39

$ 0.14

Attributable to participating shares

$ —

$ 0.58

$ —

$ 0.14

Diluted income per share

$ 0.24

$ 0.50

$ 0.35

$ 0.13

Weighted average shares outstanding:

Basic attributable to common shares

16,986

16,087

16,891

17,187

Basic attributable to participating shares

163

3,474

Diluted

18,695

18,837

19,177

22,730

TOWNSQUARE MEDIA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in Thousands)

(unaudited)

Six Months Ended June 30,

2022

2021

Cash flows from operating activities:

Net income

$ 7,660

$ 3,965

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

9,079

9,725

Amortization of deferred financing costs

855

674

Non-cash lease income

(251)

(261)

Net deferred taxes and other

2,314

2,841

Provision for doubtful accounts

494

901

Stock-based compensation expense

1,708

1,956

(Gain) loss on repurchases, extinguishment and modification of debt

(108)

5,997

Trade activity, net

(1,773)

(7,876)

Impairment of long-lived assets, intangible assets and investments

9,897

95

Unrealized loss on investment

2,172

Content rights acquired

(19,320)

Amortization of content rights

1,952

Change in content rights liabilities

18,278

Other

(283)

(147)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

(5,984)

2,799

Prepaid expenses and other assets

(507)

2,309

Accounts payable

1,401

88

Accrued expenses

(3,917)

(3,301)

Accrued interest

(556)

12,135

Other long-term liabilities

(106)

(729)

Net cash provided by operating activities – continuing operations

23,005

31,171

Net cash used in operating activities – discontinued operations

(33)

Net cash provided by operating activities

23,005

31,138

Cash flows from investing activities:

Payment for acquisition

(18,419)

Purchase of property and equipment

(7,627)

(4,839)

Purchase of investments

(100)

(278)

Purchase of digital assets

(4,997)

Proceeds from insurance recoveries

11

225

Proceeds from sale of assets and investment related transactions

639

839

Net cash used in investing activities

(30,493)

(4,053)

Cash flows from financing activities:

Repurchase of 2026 Notes

(18,850)

Repayment of term loans

(272,381)

Repurchase of 2023 Notes

(273,416)

Proceeds from the issuance of 2026 Notes

550,000

Prepayment fee on 2023 Notes

(4,443)

Deferred financing costs

(9,027)

Repurchase of Oaktree securities

(80,394)

Transaction costs related to Oaktree securities repurchase

(1,556)

Proceeds from stock options exercised

759

9,702

Repurchase of stock

(225)

(1,400)

Cash distribution to non-controlling interests

(1,820)

(2,216)

Repayments of capitalized obligations

(56)

(37)

Net cash used in financing activities

(20,192)

(85,168)

Cash and cash equivalents and restricted cash:

Net decrease in cash, cash equivalents and restricted cash

(27,680)

(58,083)

Beginning of period

50,999

83,723

End of period

$ 23,319

$ 25,640

TOWNSQUARE MEDIA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in Thousands)

(unaudited)

Six Months Ended

June 30,

2022

2021

Supplemental Disclosure of Cash Flow Information:

 Cash payments:

Interest

$ 19,508

$ 7,151

Income taxes

859

484

Supplemental Disclosure of Non-cash Activities:

Investments acquired in exchange for advertising(1)

$ 1,500

$ 6,100

Property and equipment acquired in exchange for advertising(1)

519

1,642

Accrued capital expenditures

1,517

183

Accrued financing fees

150

Supplemental Disclosure of Cash Flow Information relating to Leases:

Cash paid for amounts included in the measurement of operating lease liabilities, included in operating cash flows

$ 5,036

$ 5,243

Right-of-use assets obtained in exchange for operating lease obligations

5,211

1,662

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents

$ 22,825

$ 25,146

Restricted cash

494

494

$ 23,319

$ 25,640

(1) Represents total advertising services provided by the Company in exchange for equity interests and property and equipment acquired during each of the six months ended June 30, 2022 and 2021, respectively.

TOWNSQUARE MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT

(in Thousands)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

% Change

2022

2021

% Change

Subscription Digital Marketing Solutions

$ 22,983

$ 20,220

13.7 %

$ 44,833

$ 39,217

14.3 %

Digital Advertising

37,198

29,655

25.4 %

66,437

54,731

21.4 %

Broadcast Advertising

56,975

56,422

1.0 %

105,180

101,108

4.0 %

Other

4,768

1,041

358.0 %

5,716

1,043

448.0 %

Net revenue

121,924

107,338

13.6 %

222,166

196,099

13.3 %

Subscription Digital Marketing Solutions Expenses

16,293

14,125

15.3 %

$ 31,769

$ 27,190

16.8 %

Digital Advertising expenses

26,104

19,731

32.3 %

47,115

37,543

25.5 %

Broadcast Advertising expenses

37,542

37,045

1.3 %

73,980

70,627

4.7 %

Other expenses

3,894

690

464.3 %

4,732

758

524.3 %

Direct operating expenses

83,833

71,591

17.1 %

157,596

136,118

15.8 %

Depreciation and amortization

4,314

4,996

(13.7) %

9,079

9,725

(6.6) %

Corporate expenses

5,739

5,452

5.3 %

10,148

9,586

5.9 %

Stock-based compensation

839

894

(6.2) %

1,708

1,956

(12.7) %

Transaction and business realignment costs

824

456

80.7 %

1,276

5,361

(76.2) %

Impairment of long-lived assets, intangible assets and investments

9,419

95

**

9,897

95

**

Net loss (gain) on sale and retirement of assets

89

34

161.8 %

(219)

627

**

Total operating costs and expenses

105,057

83,518

25.8 %

189,485

163,468

15.9 %

Operating income

16,867

23,820

(29.2) %

32,681

32,631

0.2 %

Other expense (income):

Interest expense, net

10,044

9,809

2.4 %

20,071

19,964

0.5 %

(Gain) loss on repurchases, extinguishment and modification of debt

(108)

**

(108)

5,997

**

Other expense (income), net

806

(40)

**

2,394

(377)

**

Income from operations before tax

6,125

14,051

(56.4) %

10,324

7,047

46.5 %

Income tax provision

1,206

3,977

(69.7) %

2,664

3,082

(13.6) %

Net income

$ 4,919

$ 10,074

(51.2) %

$ 7,660

$ 3,965

93.2 %

The following table presents Net revenue and Adjusted Operating Income by segment, for the three and six months ended June 30, 2022, and 2021, respectively (in thousands):

Three Months Ended

June 30,

Six Months Ended

June 30,

(Unaudited)

(Unaudited)

2022

2021

% Change

2022

2021

% Change

Subscription Digital Marketing Solutions

$ 22,983

$ 20,220

13.7 %

$ 44,833

$ 39,217

14.3 %

Digital Advertising

37,198

29,655

25.4 %

66,437

54,731

21.4 %

Digital

60,181

49,875

20.7 %

111,270

93,948

18.4 %

Broadcast Advertising

56,975

56,422

1.0 %

105,180

101,108

4.0 %

Other

4,768

1,041

358.0 %

5,716

1,043

448.0 %

Net revenue

$ 121,924

$ 107,338

13.6 %

$ 222,166

$ 196,099

13.3 %

Subscription Digital Marketing Solutions

$ 6,690

$ 6,095

9.8 %

$ 13,064

$ 12,027

8.6 %

Digital Advertising

11,094

9,924

11.8 %

19,322

17,188

12.4 %

Digital

17,784

16,019

11.0 %

32,386

29,215

10.9 %

Broadcast Advertising

19,433

19,377

0.3 %

31,200

30,481

2.4 %

Other

874

351

149.0 %

984

285

245.3 %

Adjusted Operating Income

$ 38,091

$ 35,747

6.6 %

$ 64,570

$ 59,981

7.7 %

The following table reconciles Net revenue to Net revenue, excluding political revenue on a GAAP basis by segment for the three and six months ended June 30, 2022, and 2021, respectively (in thousands):

Three Months Ended

June 30,

Six Months Ended

June 30,

(Unaudited)

(Unaudited)

2022

2021

% Change

2022

2021

% Change

Subscription Digital Marketing Solutions

$ 22,983

$ 20,220

13.7 %

$ 44,833

$ 39,217

14.3 %

Digital Advertising

37,198

29,655

25.4 %

66,437

54,731

21.4 %

Digital

60,181

49,875

20.7 %

111,270

93,948

18.4 %

Broadcast Advertising

56,975

56,422

1.0 %

105,180

101,108

4.0 %

Other

4,768

1,041

358.0 %

5,716

1,043

448.0 %

Net revenue

$ 121,924

$ 107,338

13.6 %

$ 222,166

$ 196,099

13.3 %

Subscription Digital Marketing Solutions political revenue

**

**

Digital Advertising political revenue

151

**

197

**

Broadcast Advertising political revenue

1,365

764

78.7 %

1,751

1,203

45.6 %

Other political revenue

**

**

Political revenue

$ 1,516

$ 764

98.4 %

$ 1,948

$ 1,203

61.9 %

Subscription Digital Marketing Solutions net revenue (ex. political)

$ 22,983

$ 20,220

13.7 %

$ 44,833

$ 39,217

14.3 %

Digital Advertising net revenue (ex. political)

37,047

29,655

24.9 %

66,240

54,731

21.0 %

Digital net revenue (ex. political)

60,030

49,875

20.4 %

111,073

93,948

18.2 %

Broadcast Advertising political net revenue (ex. political)

55,610

55,658

(0.1) %

103,429

99,905

3.5 %

Other net revenue (ex. political)

4,768

1,041

358.0 %

5,716

1,043

448.0 %

Net revenue (ex. political)

$ 120,408

$ 106,574

13.0 %

$ 220,218

$ 194,896

13.0 %

The following table reconciles on a GAAP basis net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted Net Income for the three and six months ended June 30, 2022, and 2021, respectively (in thousands, except per share data):

Three Months Ended

June 30,

Six Months Ended

June 30,

(Unaudited)

2022

2021

2022

2021

Net income

$ 4,919

$ 10,074

$ 7,660

$ 3,965

Income tax provision

1,206

3,977

2,664

3,082

Income from operations before income taxes

6,125

14,051

10,324

7,047

Transaction and business realignment costs

824

456

1,276

5,361

Impairment of long-lived assets, intangible assets and investments

9,419

95

9,897

95

Net loss (gain) on sale and retirement of assets

89

34

(219)

627

(Gain) loss on repurchases, extinguishment and modification of debt

(108)

(108)

5,997

Change in fair value of investment

664

2,172

Gain on insurance recoveries

(11)

(225)

Net income attributable to non-controlling interest, net of income taxes

(525)

(642)

(1,042)

(1,082)

Adjusted net income before income taxes

16,488

13,994

22,289

17,820

Income tax provision

3,246

3,961

5,751

7,794

Adjusted Net Income

$ 13,242

$ 10,033

$ 16,538

$ 10,026

Adjusted Net Income Per Share:

Basic

$ 0.78

$ 0.62

$ 0.98

$ 0.58

Diluted

$ 0.71

$ 0.53

$ 0.86

$ 0.44

Weighted average shares outstanding:

Basic

16,986

16,087

16,891

17,187

Diluted

18,695

18,837

19,177

22,730

The following table reconciles on a GAAP basis net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA, Adjusted EBITDA (Excluding Political), and Adjusted EBITDA Less Interest, Capex and Taxes for the three and six months ended June 30, 2022, and 2021, respectively (dollars in thousands):

Three Months Ended

June 30,

Six Months Ended

June 30,

(Unaudited)

2022

2021

2022

2021

Net income

$ 4,919

$ 10,074

$ 7,660

$ 3,965

Income tax provision

1,206

3,977

2,664

3,082

Interest expense, net

10,044

9,809

20,071

19,964

(Gain) loss on repurchases, extinguishment and modification of debt

(108)

(108)

5,997

Depreciation and amortization

4,314

4,996

9,079

9,725

Stock-based compensation

839

894

1,708

1,956

Transaction and business realignment costs

824

456

1,276

5,361

Impairment of long-lived assets, intangible assets and investments

9,419

95

9,897

95

Change in fair value of investment

664

2,172

Other (a)

231

(6)

3

250

Adjusted EBITDA

$ 32,352

$ 30,295

$ 54,422

$ 50,395

Political Adjusted EBITDA

(1,289)

(649)

(1,656)

(1,023)

Adjusted EBITDA (Excluding Political)

$ 31,063

$ 29,646

$ 52,766

$ 49,372

Political Adjusted EBITDA

1,289

649

1,656

1,023

Net cash paid for interest

(599)

(1)

(19,508)

(7,151)

Capital expenditures

(4,862)

(2,979)

(7,627)

(4,839)

Cash paid for taxes

(811)

(414)

(859)

(484)

Adjusted EBITDA Less Interest, Capex and Taxes

$ 26,080

$ 26,901

$ 26,428

$ 37,921

(a) Other includes net loss (gain) on sale and retirement of assets and other expense (income), net.

The following table reconciles net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA on a quarterly basis for the twelve months ended June 30, 2022 (dollars in thousands):

Three Months Ended

Twelve Months Ended

(Unaudited)

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

June 30, 2022

Net income

$ 12,894

$ 1,925

$ 2,741

$ 4,919

$ 22,479

Income tax provision

3,349

3,920

1,458

1,206

9,933

Interest expense, net

9,816

10,066

10,027

10,044

39,953

Gain on repurchases, extinguishment and modification of debt

(108)

(108)

Depreciation and amortization

4,821

4,552

4,765

4,314

18,452

Stock-based compensation

877

885

869

839

3,470

Transaction and business realignment costs

486

(542)

452

824

1,220

Impairment of long-lived assets, intangible assets and investments

1,818

478

9,419

11,715

Change in fair value of investment

(2,924)

2,792

1,508

664

2,040

Other (a)

(168)

151

(228)

$ 231

(14)

Adjusted EBITDA

$ 29,151

$ 25,567

$ 22,070

$ 32,352

$ 109,140

(a) Other includes net loss (gain) on sale and retirement of assets and other expense (income), net.

The following tables reconcile Operating income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted Operating Income by segment for the three months ended June 30, 2022, and 2021 (in thousands):

Three Months Ended June 30, 2022

(Unaudited)

Subscription Digital Marketing Solutions

Digital Advertising

Broadcast Advertising

Other

Corporate and Other Reconciling Items

Total

Operating income (loss)

$ 6,244

$ 10,934

$ 10,152

$ 816

$ (11,279)

$ 16,867

Depreciation and amortization

313

145

3,157

49

650

4,314

Corporate expenses

5,739

5,739

Stock-based compensation

133

15

84

3

604

839

Transaction and business realignment costs

6

818

824

Impairment of long-lived assets, intangible assets and investments

5,951

3,468

9,419

Net loss on sale and retirement of assets

89

89

Adjusted Operating Income

$ 6,690

$ 11,094

$ 19,433

$ 874

$ —

$ 38,091

Three Months Ended June 30, 2021

(Unaudited)

Subscription Digital Marketing Solutions

Digital Advertising

Broadcast Advertising

Other

Corporate and Other Reconciling Items

Total

Operating income (loss)

$ 5,686

$ 9,801

$ 16,056

$ 303

$ (8,026)

$ 23,820

Depreciation and amortization

281

112

3,258

41

1,304

4,996

Corporate expenses

5,452

5,452

Stock-based compensation

128

11

63

3

689

894

Transaction and business realignment costs

4

452

456

Impairment of long-lived and intangible assets

95

95

Net loss on sale and retirement of assets

34

34

Adjusted Operating Income

$ 6,095

$ 9,924

$ 19,377

$ 351

$ —

$ 35,747

The following tables reconcile Operating income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted Operating Income by segment for the six months ended June 30, 2022, and 2021 (in thousands):

Six Months Ended June 30, 2022

(Unaudited)

Subscription Digital Marketing Solutions

Digital Advertising

Broadcast Advertising

Other

Corporate and Other Reconciling Items

Total

Operating income (loss)

$ 12,209

$ 19,082

$ 18,952

$ 759

$ (18,321)

$ 32,681

Depreciation and amortization

590

210

6,302

87

1,890

9,079

Corporate expenses

10,148

10,148

Stock-based compensation

265

30

171

6

1,236

1,708

Transaction and business realignment costs

12

1,264

1,276

Impairment of long-lived assets, intangible assets and investments

5,958

120

3,819

9,897

Net gain on sale and retirement of assets

(183)

(36)

(219)

Adjusted Operating Income

$ 13,064

$ 19,322

$ 31,200

$ 984

$ —

$ 64,570

Six Months Ended June 30, 2021

(Unaudited)

Subscription Digital Marketing Solutions

DigitalAdvertising

Broadcast Advertising

Other

Corporate and Other Reconciling Items

Total

Operating income (loss)

$ 11,047

$ 16,821

$ 23,762

$ 172

$ (19,171)

$ 32,631

Depreciation and amortization

697

335

6,529

86

2,078

9,725

Corporate expenses

9,586

9,586

Stock-based compensation

283

32

190

9

1,442

1,956

Transaction and business realignment costs

18

5,343

5,361

Impairment of long-lived and intangible assets

95

95

Net loss on sale and retirement of assets

627

627

Adjusted Operating Income

$ 12,027

$ 17,188

$ 30,481

$ 285

$ —

$ 59,981

SOURCE Townsquare Media, Inc.

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Billy Joel: Live At Yankee Stadium To Be Broadcast In Cinemas @ Top40-Charts.com

New York, NY (Top40 Charts) In celebration of 50 years of Billy Joel, one of the most iconic concert films of all time, “Live At Yankee Stadium,” is coming to cinemas for a special two-night global fan event.

Shot live on 16mm color film on June 22 and 23, 1990, at the iconic Bronx stadium, the original concert has been re-edited in stunning 4K with Dolby ATMOS audio^ and newly mixed from the original multi-track tapes by Jay Vicari and overseen by Billy’s long-time sound engineer Brian Ruggles.

The new version includes a never-before-released performance of “Uptown Girl,” interviews with Billy Joel, and behind-the-scenes footage from the event’s production. The hit-filled set list also includes “Piano Man,” “We Didn’t Start The Fire,” “New York State Of Mind,” “Scenes From An Italian Restaurant,” “Shout,” and more.

Presented by Trafalgar Releasing and Sony Music Entertainment’s Premium Content division on Wed., Oct. 5 and Sun., Oct. 9*, tickets for “Live At Yankee Stadium” go on sale on Wed., Aug. 10 at 10:00 a.m. EDT here.

“We’re pleased to partner again with Sony Music Entertainment to bring another classic rock n’ roll concert to the big screen,” said Marc Allenby, CEO of Trafalgar Releasing. “This re-edited concert is going to have fans of Billy Joel dancing in their seats in movie theaters worldwide.”

“As a native New Yorker, Billy Joel’s iconic performance at Yankee Stadium is a perfect combination for audiences. We are excited to give fans the opportunity to watch this sold-out concert and rock out to the legend’s greatest hits,” said Tom Mackay, President, Premium Content, Sony Music Entertainment.

New York’s quintessential son, Billy Joel, ranks as one of the most popular recording artists and respected entertainers in history. The singer/songwriter/composer is the sixth best-selling recording artist of all time, the third best-selling solo artist as well as one of the biggest concert draws in the world. Joel’s songs have acted as personal and cultural touchstones for millions of people across five decades.

Having sold 160 million records over the past quarter century, the hits have continued for almost five decades, scoring 33 consecutive Top 40 hits. Joel has received the RIAA’s Diamond Award twice for Greatest Hits Volume I & Volume II and The Stranger, presented for albums that have sold over 10 million copies.

He is the recipient of 23 GRAMMY® nominations and six GRAMMY® Awards, including the prestigious Grammy Legend Award. Joel has been inducted into the Rock & Roll Hall of Fame, the Songwriter’s Hall of Fame, and has received numerous awards including a TONY Award for “Movin’ Out,” The Library of Congress Gershwin Prize for Popular Song, the once-in-a-century ASCAP Centennial Award. Additionally, he is a Kennedy Center honoree and has received a star on the Hollywood Walk of Fame.

Columbia Records and Legacy Recordings, the catalog division of Sony Music Entertainment, will release Billy Joel Live at Yankee Stadium in Digital, 2CD, 3LP and Blu-ray formats on November 4 and may be pre-ordered now!




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When darkness overspreads my eyes

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image, and the breath of that universal love which bears and sustains us, as it floats around us in an eternity of bliss; and then, my friend, when darkness overspreads my eyes, and heaven and earth seem to dwell in my soul and absorb its power, like the form of a beloved mistress, then I often think with longing, Oh, would I could describe these conceptions, could impress upon paper all that is living so full and warm within me, that it might be the mirror of my soul, as my soul is the mirror of the infinite God!

O my friend — but it is too much for my strength — I sink under the weight of the splendour of these visions! A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image, and the breath of that universal love which bears and sustains us, as it floats around us in an eternity of bliss; and then, my friend, when darkness overspreads my eyes, and heaven and earth seem to dwell in my soul and absorb its power, like the form of a beloved mistress, then I often think with longing, Oh, would I could describe these conceptions, could impress upon paper all that is living so full and warm within me.