Audioboom reports fall in revenue as it swings to a loss

audioboom podcast publisher

Podcast company Audioboom has reported a fall in its full year revenue and profits in its latest annual results.

The UK-listed company said full year revenue for 2023 came in at $65 million (2022: $74.9m), but that it slid into a pretax loss of $0.4m versus a profit of $3.6m a year earlier.

Audioboom downloads surge

Audioboom reported average 2023 global monthly downloads of 121.9 million, which was up 4% on 2022 (117.1 million).

It said its average 2023 monthly brand advertiser count of 7,727 was up 47% on 2022 (5,257).

Audioboom said it increased its share of revenue in new podcaster deals signed in 2023. “This has led to an improvement in our total contracted revenue share across the Company to 24% – up from 20% in 2022”, the company said in its annual statement.

It also said it ‘anticipates record revenue’ for the current year adding it also expects to return to profitability in 2024.

Michael Tobin, Audioboom’s Chairman said of the results: “Whilst it is naturally disappointing to report lower annual revenue and an adjusted EBITDA loss for the period, the resilience of the business model in a soft advertising market, constrained by macro economic headwinds, was illustrated by further growth across certain KPIs and operational areas of focus.

“This growth has once again led to increased market share and reinforced the company’s position as one of the world’s largest independent podcast companies in an industry that continues its rapid maturity into mainstream media.

Audioboom’s share were trading 13% lower at £2.62 on Monday morning following the results.