Townsquare Media, Inc. (TSQ): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique des médias et de la radiodiffusion, Townsquare Media, Inc. (TSQ) navigue dans un écosystème complexe de défis et d'opportunités. Des ondes radio locales aux plateformes numériques, cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de l'entreprise. Plongez dans une exploration illuminante de la façon dont TSQ s'adapte, innove et réagit au marché des médias en constante évolution, révélant des informations critiques qui stimulent sa résilience commerciale et son avantage concurrentiel.

Townsquare Media, Inc. (TSQ) - Analyse du pilon: facteurs politiques

Règlements sur les médias locaux a un impact sur la distribution et la propriété du contenu

En 2024, Townsquare Media opère selon des réglementations spécifiques de propriété des médias locaux qui restreignent la propriété des médias croisés sur les marchés individuels. La société gère 294 stations de radio à travers 79 marchés.

Aspect réglementaire	Impact spécifique
Limites de propriété locale	Maximum de 8 stations de radio par marché
Propriété des médias croisés	Restreint sur les marchés avec moins de 8 médias indépendants

Règles de diffusion de la FCC

Les réglementations de la FCC influencent directement les licences de la station de radio de Townsquare Media et les paramètres opérationnels.

• Coût de renouvellement de licence de la station de radio: 7 500 $ par station
• Exigences de conformité pour les normes de contenu
• Participation obligatoire du système de diffusion d'urgence

Revenus publicitaires politiques

Les cycles électoraux ont un impact significatif sur les sources de revenus publicitaires de l'entreprise.

Année électorale	Revenus publicitaires politiques
2022 Midterms	18,3 millions de dollars
2024 Élection présidentielle (projetée)	22,7 millions de dollars

Politiques de consolidation des médias

Les changements potentiels de politique fédérale pourraient affecter le positionnement stratégique de Townsquare Media.

• Évaluation actuelle du marché: 164,52 millions de dollars
• Restrictions de fusion potentielles
• Considérations de réglementation antitrust

Townsquare Media, Inc. (TSQ) - Analyse du pilon: facteurs économiques

Les revenus publicitaires dépendent des conditions économiques locales et nationales

Les revenus publicitaires de Townsquare Media pour 2022 étaient de 406,1 millions de dollars, ce qui représente une augmentation de 17% par rapport à 2021. La publicité locale représentait 52% des revenus publicitaires totaux, totalisant environ 211,2 millions de dollars.

Année	Revenus publicitaires totaux	Revenus publicitaires locaux	Revenus publicitaires nationaux
2022	406,1 millions de dollars	211,2 millions de dollars	194,9 millions de dollars
2021	347,5 millions de dollars	180,7 millions de dollars	166,8 millions de dollars

Défis du marché radio des plateformes de streaming numérique

La taille du marché de la publicité audio numérique a atteint 5,59 milliards de dollars en 2022, avec une croissance projetée à 7,56 milliards de dollars d'ici 2026. Les revenus de la plate-forme numérique de Townsquare Media étaient de 120,3 millions de dollars en 2022, ce qui représente 22,5% des revenus totaux.

Plate-forme	2022 Revenus	Pourcentage du total des revenus
Plates-formes numériques	120,3 millions de dollars	22.5%
Publicité radio	285,8 millions de dollars	53.4%

Sources de revenus diversifiés

La répartition des revenus de Townsquare Media pour 2022:

• Publicité radio: 285,8 millions de dollars
• Plateformes numériques: 120,3 millions de dollars
• Événements en direct: 29,6 millions de dollars
• Revenu total: 535,7 millions de dollars

Impact potentiel de ralentissement économique

Au cours de la récession de 2008-2009, les dépenses publicitaires locales ont diminué de 12,4%. En 2022, les médias de Townsquare ont démontré une résilience avec une augmentation des revenus de 17% malgré les incertitudes économiques.

Indicateur économique	Valeur 2022	Valeur 2021	Pourcentage de variation
Revenus totaux	535,7 millions de dollars	457,8 millions de dollars	+17%
Revenu net	42,3 millions de dollars	31,6 millions de dollars	+33.9%

Townsquare Media, Inc. (TSQ) - Analyse du pilon: facteurs sociaux

Modification des habitudes de consommation des médias parmi les données démographiques plus jeunes

Selon les données audio de Nielsen pour le quatrième trimestre 2023, la portée de la radio chez les 18 à 34 ans a diminué à 79%, passant de 85% en 2019. Les plates-formes numériques de Townsquare Media ont connu une croissance de 22,3% d'une année à l'autre dans les téléchargements d'applications mobiles en 2023.

Groupe d'âge	Consommation radio traditionnelle	Consommation de médias numériques
18-24 ans	Écoute quotidienne de 42%	Engagement de la plate-forme numérique de 68%
25-34 ans	53% d'écoute quotidienne	Engagement de la plate-forme numérique de 61%

Engagement communautaire local via la radio et les plateformes numériques

Townsquare Media a organisé 317 événements communautaires locaux en 2023, générant 4,2 millions de dollars de revenus parrainés par la communauté. Les interactions de plate-forme numérique ont augmenté de 36,7% par rapport à 2022.

Vers la consommation de médias numériques et mobiles

Les revenus numériques de Townsquare ont atteint 78,6 millions de dollars en 2023, ce qui représente 27,4% du total des revenus de l'entreprise. Le streaming mobile a augmenté de 41,2% en glissement annuel.

Plate-forme	2022 Utilisation	2023 Utilisation	Pourcentage de croissance
Streaming mobile	2,3 millions d'utilisateurs	3,25 millions d'utilisateurs	41.2%
Plates-formes numériques	Revenu de 62,4 millions de dollars	78,6 millions de dollars de revenus	26%

Déclination de l'audience de radio traditionnelle sur les marchés urbains

L'auditeur de radio du marché urbain a diminué de 14,2% entre 2020-2023. Le pivot numérique stratégique de Townsquare Media a entraîné une rétention de 18,6% de l'audience sur ces marchés.

Type de marché	Déclin de l'auditeur de la radio	Croissance de la plate-forme numérique
Major-marchés urbains	14,2% de baisse	Croissance de 22,7%
Marchés urbains de taille moyenne	9,6% de baisse	Croissance de 17,3%

Townsquare Media, Inc. (TSQ) - Analyse du pilon: facteurs technologiques

Extension de plate-forme numérique pour rivaliser avec les services de streaming

Townsquare Media a investi 4,2 millions de dollars dans le développement de plates-formes numériques en 2023. La société exploite 324 stations de radio numériques sur 67 marchés. Les revenus de streaming numérique ont augmenté de 22,7% au cours du dernier exercice.

Métriques de plate-forme numérique	2023 données
Stations numériques totales	324
Revenus de streaming numérique	12,6 millions de dollars
Investissement de plate-forme numérique	4,2 millions de dollars

Investissement dans les technologies de publicité numérique et de marketing

La société a alloué 3,8 millions de dollars aux améliorations de technologies publicitaires numériques en 2023. Les revenus publicitaires programmatiques ont atteint 8,5 millions de dollars, ce qui représente 15,3% des revenus publicitaires totaux.

Métriques publicitaires numériques	2023 données
Investissement technologique	3,8 millions de dollars
Revenus publicitaires programmatiques	8,5 millions de dollars
Pourcentage du total des revenus publicitaires	15.3%

Développement d'applications mobiles pour l'engagement amélioré des utilisateurs

Townsquare Media a développé 6 applications mobiles sur ses plateformes radio et numériques. Les téléchargements d'applications mobiles ont augmenté de 37,4% en 2023, avec 1,2 million d'utilisateurs mensuels actifs.

Performance de l'application mobile	2023 données
Total des applications mobiles	6
La croissance des téléchargements d'applications mobiles	37.4%
Utilisateurs actifs mensuels	1,2 million

Analyse des données pour la publicité ciblée et les informations d'audience

La société a investi 2,9 millions de dollars dans l'infrastructure d'analyse de données. La précision du ciblage de l'audience s'est améliorée de 28,6%, ce qui a entraîné une augmentation de 19,2% des taux de conversion publicitaire.

Métriques d'analyse des données	2023 données
Investissement d'analyse des données	2,9 millions de dollars
Cibler l'amélioration de la précision	28.6%
Augmentation du taux de conversion publicitaire	19.2%

Townsquare Media, Inc. (TSQ) - Analyse du pilon: facteurs juridiques

Copyright et protection de la propriété intellectuelle pour le contenu des médias

Townsquare Media a déclaré 354 inscriptions actifs en matière de droits d'auteur en 2023, avec un budget juridique annuel de 1,2 million de dollars dédié à la protection de la propriété intellectuelle.

Catégorie des droits d'auteur	Nombre d'inscriptions	Coût de protection
Contenu radio	187	$425,000
Médias numériques	112	$335,000
Contenu du podcast	55	$240,000

Conformité aux réglementations de la radiodiffusion FCC

En 2023, Townsquare Media a payé 127 500 $ en frais liés à la conformité à la FCC dans 125 stations de radio.

Zone de conformité réglementaire	Amendes / pénalités	Investissements de conformité
Normes de contenu	$42,000	$350,000
Règlements techniques	$35,500	$275,000
Conformité aux licences	$50,000	$225,000

Défis juridiques potentiels dans la distribution de contenu numérique

Distribution de contenu numérique Les risques juridiques ont entraîné 675 000 $ de dépenses juridiques en 2023, avec 18 litiges potentiels suivis.

• Distigues en matière de droits de streaming: 7 cas
• Défis de licence de contenu: 6 cas
• Platform numérique Problèmes de copyright: 5 cas

Contenu publicitaire et exigences légales de parrainage

Townsquare Media a alloué 425 000 $ pour la conformité publicitaire et l'examen juridique en 2023.

Catégorie de conformité publicitaire	Frais d'examen juridique	Atténuation potentielle des risques
Publicité radio	$175,000	$250,000
Publicité numérique	$135,000	$200,000
Accords de parrainage	$115,000	$175,000

Townsquare Media, Inc. (TSQ) - Analyse du pilon: facteurs environnementaux

Efficacité énergétique dans la station de radio et les opérations de bureau

Townsquare Media a mis en œuvre des mesures d'efficacité énergétique dans ses 322 stations de radio et bureaux d'entreprise. Selon leur rapport de développement durable de 2022, la société a obtenu:

Métrique énergétique	Mesures
Réduction totale de la consommation d'électricité	7,3% d'une année à l'autre
Remplacement de l'éclairage LED	68% des installations de bureau et de station
Mise à niveau de l'efficacité énergétique du système HVAC	42 emplacements achevés

Réduction de la production de médias physiques soutenant la durabilité

Les médias de Townsquare ont considérablement diminué la production de médias physiques:

Réduction des médias physiques	Pourcentage
Diminution de la production de CD	91% depuis 2019
Réduction des documents d'impression promotionnelle	76% depuis 2020

Plates-formes numériques minimisant le papier et les déchets de supports physiques

Les initiatives de transformation numérique ont abouti:

• Réduction de 86% de l'impression de documents papier
• Plates-formes de contenu numérique remplaçant 73% des supports physiques traditionnels
• Implémentation de stockage cloud Réduire l'infrastructure de serveur physique

Réduction potentielle de l'empreinte carbone par transformation numérique

Métrique de l'empreinte carbone	Montant de réduction
Réduction des émissions de CO2	12,4 tonnes métriques en 2022
Impact du carbone de workflow numérique	Estimé 45% inférieur par rapport à 2019
Économies de carbone à distance	6,7 tonnes métriques par an

Townsquare Media, Inc. (TSQ) - PESTLE Analysis: Social factors

Townsquare Media's core strategy is to fill the local news vacuum in mid-sized US markets outside the top 50.

You're seeing the fallout from years of newspaper closures, and Townsquare Media (TSQ) is positioned to capitalize on that vacuum. Their entire business model is a 'Digital First Local Media' strategy, focusing exclusively on markets outside the top 50 in the U.S.. This focus is defintely smart because local news deserts are growing; since 2004, roughly 2,100 newspapers have closed, leaving a gap that their 342 local radio stations and 400+ local websites are designed to fill..

This approach allows them to dominate local advertising spend in markets where the competition-especially for digital-is less fragmented than in major metropolitan areas. Their average market population is only around 300,000, meaning the local radio station and its associated website are often the most credible, high-reach media properties available..

Daily traditional radio listenership is down, especially for the under-30 demographic.

The narrative that radio is dead for younger audiences is too simplistic, but the social shift to on-demand audio is real. In the first quarter of 2025, radio's share of ad-supported audio time was 66% overall, which is still massive.. However, that share drops significantly for younger listeners. For the key 18-34 demographic, radio accounts for only 47% of their daily ad-supported audio time.. The inverse is true for podcasts, which represent 32% of daily audio time for the 18-34 crowd, but only 15% for those 35 and older.. This means the company must keep accelerating its digital content to capture the next generation of consumers.

Radio remains a viable channel for reaching older consumers (50+) and higher-income households ($100K+).

The core strength of the traditional broadcast segment lies in its reliability for older, more affluent demographics. Radio accounts for a dominant 73% of daily ad-supported audio time among people 35 and older as of Q1 2025.. Also, the Spring 2025 Nielsen data shows audience growth is strong among 'upscale $75K+ income Americans,' confirming that radio is not just for a low-value audience.. This audience stability is the anchor for Townsquare Media's broadcast revenue, which still makes up a significant portion of their business, even as it declines.

Here's the quick math on the social shift's impact on their revenue mix:

2025 Segment Performance (Q1-Q3 YTD)	Net Revenue (Millions)	Segment Profit (Millions)	Share of Total Net Revenue
Digital Operations (Townsquare Ignite & Interactive)	~$176.5 million	~$45.9 million	55%
Broadcast Advertising	~$144.4 million	~$20.7 million	45%
Total Net Revenue (YTD)	$320.9 million	$66.6 million (Adjusted EBITDA)	100%

What this estimate hides is the speed of change: Broadcast advertising revenue fell 13.8% year-over-year in Q3 2025, while Digital Segment Profit grew 3.6% year-to-date..

The company leverages its local radio credibility to build out standalone local digital news sites.

The company's ability to translate its local radio trust into a digital presence is the key differentiator. They own and operate more than 400 local news and entertainment websites and mobile apps, which are the digital extension of their 342 local radio stations.. This is a powerful, integrated local media ecosystem.

This digital-first approach is now the primary driver of the company's profitability, which is why the social trend toward digital consumption is an opportunity, not just a risk. Look at the numbers for the first nine months of 2025:

• Digital operations now account for 55% of total net revenue..
• Digital segment profit is up 3.6% year-to-date in 2025..
• Total digital net revenue increased 2.1% for the first nine months of 2025..
• The subscription digital marketing division, Townsquare Interactive, delivered a 21% profit gain in Q3 2025, which is a big win..

The company's full-year 2025 net revenue is projected to be between $426 million and $430 million, showing that while broadcast faces headwinds, the digital pivot is keeping the business on a stable, profitable trajectory..

Townsquare Media, Inc. (TSQ) - PESTLE Analysis: Technological factors

The Digital-First Reality: Transitioning from Broadcast to Online Dominance

You've seen the shift in media spending, and Townsquare Media, Inc. (TSQ) is defintely living it. The company's strategic pivot to a 'Digital First Local Media' model has fundamentally changed its revenue mix. As of the first nine months of 2025, digital net revenue officially became the majority, accounting for a powerful 55% of total net revenue. That's the good news-the strategy is working to offset declines in traditional broadcast advertising.

Still, the growth engine is sputtering a bit. The total digital net revenue increased by only 2.1% year-over-year in the first nine months of 2025. That slowdown is a crucial technological headwind, showing that the easy gains from digital adoption are over. The company needs to find new, more efficient ways to drive audience and revenue from its digital assets.

The AI-Driven Programmatic Headwind

The biggest near-term risk in the digital segment is the impact of artificial intelligence (AI) on audience behavior and advertising yield. Townsquare Ignite, the company's digital advertising arm, is facing two very different trends. Direct-to-client sales are strong, but the programmatic advertising business-where ads are bought and sold automatically-is being hit hard. The CEO specifically noted significant declines in 'remnant revenue.'

Remnant revenue is the unsold ad inventory that gets filled at low prices through automated exchanges. The decline is tied to AI-driven changes in search engine traffic and online audience behavior, which is a structural challenge for all publishers, not just Townsquare Media.

Here's the quick math on the digital segments' performance, which shows where the pressure points are:

Digital Segment	Q3 2025 Net Revenue Change YOY	Q3 2025 Segment Profit Change YOY
Townsquare Ignite (Digital Advertising)	-1.5% decline	-20.1% decline
Townsquare Interactive (Subscription Marketing)	-2.3% decline	+21% growth

What this table hides is the underlying technological battle. The revenue decline in Townsquare Ignite is directly linked to the search engine traffic deterioration, which is a major technological risk that impacts ad impressions and price.

Townsquare Interactive: A High-Margin Technological Buffer

The bright spot is the Townsquare Interactive segment, which provides subscription digital marketing solutions (like website design and search engine optimization) to small and medium-sized businesses (SMBs). This model is less exposed to the volatile programmatic ad market.

This segment delivered strong profit growth in Q3 2025, with segment profit expanding by 21% year-over-year. Critically, the segment margins expanded to a very healthy 33% in Q3 2025. This high-margin, subscription-based revenue stream acts as a crucial technological buffer against the volatility of open-market digital advertising.

Townsquare Media is actively deploying technology-specifically AI-to improve the efficiency of this segment. They are using it for restructuring customer service and sales, which is helping to drive the margin expansion even as revenue growth slows due to a smaller sales team.

• Subscription model shields revenue from ad market swings.
• AI deployment drives service and sales efficiency.
• Profit margins hit 33%, showing operational leverage.

Townsquare Media, Inc. (TSQ) - PESTLE Analysis: Legal factors

FCC Compliance and the $500,000 Civil Penalty

You need to understand that the regulatory environment for broadcast media, especially around political content, is unforgiving. Townsquare Media, Inc. (TSQ) is still managing the fallout from its January 2024 Federal Communications Commission (FCC) Consent Decree, which addressed willful and repeated violations of sponsorship identification and online political file rules.

The company agreed to pay a civil penalty of $500,000 to the U.S. Treasury, which is a direct hit to the bottom line, plus they must implement a comprehensive compliance plan and submit annual reports through the remainder of the stations' license terms. This wasn't just a paperwork error; it involved paid political presentations on two Idaho AM stations, KIDO-AM and KLIX-AM, that were formatted to resemble news programs but lacked the required on-air disclosure of who paid for them.

Here's the quick math: that $500,000 is paid in quarterly installments of $30,000, a cash flow commitment that continues into the 2025 fiscal year and beyond. The real cost, however, is the ongoing legal and operational expense to ensure every one of their 320+ radio stations and over 400 local websites adheres to these rules, especially during a major election cycle.

Fragmented U.S. Data Privacy Laws Drive Costly Digital Changes

The biggest near-term risk for a digital-first media company like Townsquare Media, Inc. is the growing patchwork of U.S. state data privacy laws. Since a unified federal law remains unpassed, the company must comply with a growing number of state-level regulations, a compliance headache that gets more expensive with every new law.

In 2025 alone, eight new comprehensive state privacy laws are taking effect, including the Iowa Consumer Data Protection Act (ICDPA) and the Minnesota Consumer Data Privacy Act (MCDPA). For a mid-sized business, the initial expense of complying with the California Consumer Privacy Act (CCPA) and its amendments (CPRA) is estimated at around $450,000. Non-compliance is defintely not an option, as regulatory fines can reach up to $7,988 per intentional violation under the CCPA/CPRA in 2025.

The core challenge is re-engineering their digital advertising division, Townsquare Ignite, to handle new consumer rights, like the right to opt-out of data sales and sharing for targeted advertising, across all these jurisdictions.

Key 2025 State Data Privacy Laws Taking Effect:

• Iowa Consumer Data Protection Act (ICDPA): Effective January 1, 2025
• Delaware Personal Data Privacy Act (DPDPA): Effective January 1, 2025
• New Jersey Data Privacy Law (NJDPL): Effective January 15, 2025
• Tennessee Information Protection Act (TIPA): Effective July 1, 2025
• Minnesota Consumer Data Privacy Act (MCDPA): Effective July 31, 2025
• Maryland Online Data Privacy Act (MODPA): Effective October 1, 2025

FCC Review of Local Radio Ownership Rule

A major opportunity for growth lies in the FCC's ongoing review of the Local Radio Ownership Rule, part of the statutorily mandated 2022 Quadrennial Regulatory Review. This rule currently limits the number of radio stations one entity can own in the largest markets to at most eight.

The FCC has issued a Notice of Proposed Rulemaking (NPRM) seeking comment on whether to repeal or modify this rule. The argument from the industry, supported by groups like the National Association of Broadcasters (NAB), is that these limits are outdated and prevent local broadcasters from achieving the economies of scale needed to compete against large, unregulated digital platforms.

If the FCC loosens these market concentration limits in late 2025 or 2026, Townsquare Media, Inc., which focuses outside the top 50 markets, could see a significant opportunity to consolidate its presence and acquire more stations in its core markets, driving immediate revenue and synergy gains. The current rule structure is a relic of a pre-digital era.

Status of FCC Local Radio Ownership Rule Review (as of November 2025):

Rule Under Review	Current Market Limit (Largest Markets)	FCC Action (2025)	Potential Impact for TSQ
Local Radio Ownership Rule	Maximum 8 stations (5 FM, 3 AM or 4 FM, 4 AM)	Notice of Proposed Rulemaking (NPRM) issued as part of 2022 Quadrennial Review.	Loosening limits could enable accretive acquisitions and greater market concentration, increasing local advertising leverage.

Townsquare Media, Inc. (TSQ) - PESTLE Analysis: Environmental factors

ESG Risk and Institutional Investor Perception

You need to understand how environmental, social, and governance (ESG) factors are currently pricing into Townsquare Media, Inc.'s stock, especially as digital operations grow. The headline here is that the company maintains a relatively favorable ESG profile compared to high-polluting industries, but its lack of detailed disclosure is a growing risk. Specifically, Townsquare Media received a Low ESG Risk Rating of 19.93 as of September 2025, according to a major rating provider.

A score below 20 typically signals a low-risk profile, meaning the company's unmanaged material ESG risks are minimal. This low rating helps attract capital from funds with ESG mandates, but the score is only one part of the story. The true risk is in the lack of transparency, which can lead to a discount in valuation by institutional investors who require granular data for their due diligence.

Operational Footprint: Radio and Digital Energy Consumption

The company's environmental footprint is a dual challenge: managing the legacy broadcast infrastructure while scaling the energy-intensive digital side. The physical operation includes 309 radio stations across 66 U.S. markets, each with transmitters and studio facilities that require constant power.

The digital expansion, which accounted for 55% of total net revenue in the first half of 2025, is the new environmental pressure point. This 'Digital First Local Media' strategy relies on data centers to power its portfolio of over 400 local websites and apps.

Here's the quick math: while radio towers are energy users, the exponential growth in data center demand for cloud computing, storage, and cooling is where the environmental risk is escalating.

• Radio: Stable, high-baseline energy use for 309 transmission sites.
• Digital: Rapidly growing energy use for over 400 local websites and data centers.
• The industry trend shows data center energy consumption is expected to double by 2025 globally.

Transparency Risk and Regulatory Lag

The biggest near-term risk for Townsquare Media is the lack of a public, detailed ESG report, which creates a transparency risk for institutional investors. Unlike peers in other sectors, Townsquare Media has not released a standalone sustainability report for the 2025 fiscal year.

This absence of disclosure makes it impossible for investors to track key environmental performance indicators (KPIs) like Scope 1, 2, and 3 greenhouse gas (GHG) emissions or energy efficiency metrics like Power Usage Effectiveness (PUE) for their data operations. It's hard to manage what you don't measure, and it's defintely hard to report what you don't disclose.

This lack of voluntary reporting is a liability as mandatory climate-related financial disclosures (like those proposed by the SEC) move closer to reality. The current state of disclosure can be summarized as follows:

Metric	Status for 2025 Fiscal Year	Implication for Investors
ESG Risk Rating	19.93 (Low Risk)	Favorable baseline, but score is based on limited public data.
Public ESG/Sustainability Report	Not released/publicly available	High transparency risk; limits due diligence on climate strategy.
Energy Consumption Data (GHG)	Not publicly disclosed	Cannot benchmark against industry peers or track decarbonization progress.

What this estimate hides is the potential for a sudden, negative re-rating if a third-party audit were to reveal higher-than-expected energy intensity from the company's rapidly expanding digital segment. You should anticipate that regulatory pressure will force this disclosure within the next two years.

Next Step: Investor Relations: Prepare a draft ESG data sheet by Q1 2026, focusing on energy mix and PUE for your digital infrastructure.