UK podcast operator Audioboom has surprised the market with better than expected revenues for 2024, with its Showcase adtech platform seeing significant growth.
In a trading statement it reported revenue of approximately $73.4 million, up 13% on 2023 ($65m).
Audioboom’s revenue growth is ahead of the IAB’s 2024 industry growth forecast
It also said its annual adjusted profit before interest, tax and other costs (EBITDA) was around $3.4m, up $3.8m on 2023 (adjusted EBITDA loss $0.4m) and significantly ahead of the thrice upgraded 2024 market expectations
Audioboom sees Showcase growth
Audioboom saw significant growth of Showcase – its scalable, higher gross margin, tech-based, global advertising marketplace.
Record revenue of $23.1m, up 56% on 2023 ($14.8m) reflecting the company’s continued focus on growing its highest gross margin product.
In 2024, the revenue contribution of Showcase increased to 32% (2023: 23%)
It also saw record RPM (average revenue per 1,000 downloads) in Q4 2024 of US$75.62, up 29% on Q4 2023 (US$58.82).
Record average total brand advertiser count in Q4 2024 came in at 9,497, up 13% on the 8,406 for Q4 2023.
The outlook for 2025 is also looking strong, with the company saying it has already contracted revenue of more than $54m for the coming year, through advance bookings during a positive “upfronts” advertising season.
Audioboom said it ended 2024 as the 4th largest podcast publisher in the US on the Triton Digital ranker, as well as 4th in Australia, 3rd in Canada, 2nd in New Zealand and 7th in Latin America – highlighting the platform’s global scale.
Stuart Last, CEO of Audioboom, said:Â “I am very pleased to report that we have beaten adjusted EBITDA expectations for the fourth time in 2024 – a great way to round off another successful year in the growth of Audioboom as the world’s leading independent podcast platform.
“Our focus on high-quality revenue saw us deliver $3.4m of adjusted EBITDA in 2024. The final quarter highlights the strong business model we have created – stable operating costs and higher margins delivering an EBITDA margin of more than 10% in Q4 2024.
“At the heart of our success was the continued growth of Showcase – our global ad-tech marketplace which enables brands to target audiences at scale and ensures podcasters on the Audioboom Creator Network maximise the value from their content.
“Showcase is the highest gross margin product in our business and is now responsible for 32% of our revenue (up from 23% in 2023).
“Through our new technology and commercial partnerships with Triton Digital and Voxnest, I expect the contribution of Showcase to grow further in 2025 and beyond, leading to vastly improved net revenues and adjusted EBITDA.
“2025 is set to be a record year for Audioboom. We have renewed key partnerships with our best creators including Tim Dillon, Kendall Rae, No Such Thing As A Fish, The Bulwark Network and Cryptic County, and have signed a stellar group of top tier new podcasts to the Audioboom Creator Network, including Reading Reddit, Smosh Mouth, Not Loveline and Aware & Aggravated.
“We have booked more than $54 million of revenue for the year, with pricing and demand up significantly from 2024 – reflecting continued improvements in the advertising market.
“The dedicated work of the Audioboom team to reshape the business during a challenging advertising market in 2023 has been realised over the last 12 months, and I am hopeful that the market will recognise this work and the true value of this business we are building for the benefit of all our stakeholders.”
Audioboom’s shares were trading three percent higher at £4.18 following its trading update on Wednesday morning.