London-listed podcasting firm Audioboom has reported a 91% rise in its revenue over the past year to $22m.
The company also reduced its loss for the last year to $3m from $4.7m the previous year. The amount of cash the company holds rose to $2m from $1.6m previously.
The board of the company said it had exceeded market expectations for the first time in its history.
It also took a bullish stance on its outlook saying “this momentum will continue into 2020 and beyond”.
Audioboom’s brand advertiser count of 280 as at 31 December 2019 was up 75% compared with December 2018 (160).
The amount of revenue it generates from downloads also rose. The firm said global revenue per 1,000 downloads (eCPM) for December 2019 increased 16% to US$29.60 (December 2018: US$25.49).
Total available premium advertising impressions for the 12 months to 31 December 2019 up 59% to 1,644 million (2018: 1,035 million)
“2019 was an incredible year for Audioboom with strong growth across all areas of the business”, Stuart Last, CEO of Audioboom, said.
“Once again we outpaced the industry and enhanced our position as a global leader in podcasting.
“As we look ahead, Audioboom will seek to increase its share of advertising spend in the core US market, as well as the UK, by focusing on our acquisition of premium content.
New studios and shows
“We will also invest in the growth of our Audioboom Originals Network; expanding our studio and production facilities, increasing our podcast IP, hiring top production talent, and launching more than ten new shows in 2020.
“I want to thank our talented team at Audioboom for embracing our strategy and working hard to reach our goals.
“Together, we are excited to continue our growth across 2020, bringing even more value to our podcast partners and our shareholders.”
Audioboom’s shares were trading 1% lower at £2.40 on the London Stock Exchange on Monday morning .