Podcast firm Audioboom makes first ever profit as revenues surge 125%

audioboom podcast firm 2022

UK and US-based podcast firm Audioboom has made its first ever profit after its full year revenue increased by 125% to $60.3 million, from $26.8m last year.

The London-listed company said pretax profit for 2021 was $1.7 million compared with a pretax loss of $3.1 million a year earlier.

Among its key commercial developments, Audioboom said  the continued development of its production arm, Audioboom Studios, with the commercial success of Dark Air with Terry Carnation, as well as the extension of our production partnership with Formula 1, helped steer it towards its first profit.

The company also enhanced its creator network through new commercial partnerships with leading podcasts, including Redhanded, The Way I Heard It with Mike Rowe, Zane & Heath Unfiltered, Dark History, Hacks on Tap, and Spitballers.

New adtech for podcast firm

Audioboom also launched new key advertising technology, including inventory creation tool, AdRip, and its global automated advertising marketplace, Showcase.

Commenting on the milestone results, Stuart Last, CEO of Audioboom, said: “I am delighted to report on a defining year for the business which saw top-line growth of 125%, our maiden EBITDA and net profit, and the transformation of shareholder value. 

“Our phenomenal performance has positioned us as the world’s leading pure-play podcast business and increased our market-share significantly. 

“Our innovation led to the launch of new best-in-class advertising technology tools, the scaling of our platform and new levels of success for our creator partners and advertisers.

He added: “Our ambition is to build the world’s leading podcasting business, and I am delighted with the start we have made in 2022 and look forward to the future with confidence. 

“I would like to thank our creators, clients, customers and partners, as well as our incredibly talented Audioboom team and our supportive shareholders as we look forward to another exciting and successful year.”

2022 is set to be another successful year for Audioboom with continued revenue expansion and growth in profitability. 

It said that progress in the first quarter was strong with revenue of $19.7 million, year-on-year revenue growth of 107% and adjusted EBITDA profit of $0.9 million. 

Demand for advertising inventory at the firm is high, with more than $60.5 million of advertising bookings already contracted for 2022 – more than our total revenue for 2021. 

2022 has started well in relation to renewing key content partnerships in its Premium Network, including new deals with Casefile True CrimeMile HigherStrange & UnexplainedLights Out and The Sesh.

Audioboom said it is working to renew further key content partnerships in the coming months, maintaining the financial discipline that is embedded in the contract renewal process.

Showcase, Audioboom’s tech-based advertising product, is continuing to expand faster than other areas of the business with Q1 revenue 150% greater than the same period in 2021. 

During the first quarter Showcase contributed more than 11% of the Group’s revenue. 

It also added NZME – a leading radio and media company in New Zealand – as a new monetisation partner for Showcase. The company said that NZME will deliver revenue against Audioboom’s consumption in New Zealand. 

During Q1 2022, Audioboom said it made more than one billion impressions available to buyers within Showcase, delivering true global scale.

Audioboom’s shares in London were trading 2.3% higher at £20.97.