Podcast platform Audioboom’s revenues nearly double

audioboom_results

Podcast firm Audioboom has reported a 91% rise in full year revenue to $22.3 million.

The results come as a potential sale of the business remains on the table.

Audioboom also reduced its annual pre tax losses 38% to $2.9m, down from $4.7m.

The company also said it had improved its cash position to $2m, for the full year; up from $1.6m previously.

Podcast ads

Advertising on the platforms content shows also rose sharply, proving the attractiveness of the podcast sector. Brand advertiser count was 280 as at 31 December 2019, up 75% on the 160 recorded during the previously year.

Audioboom’s global revenue per 1,000 downloads (eCPM) for December 2019 increased 16% to $29.60 (December 2018: $25.49)

Since the year end, Audioboom has also expanded its Originals Network with the launch of new shows. These include For All Moms, Life’s Little Mysteries, Here’s The Sitch and Noise Cancelling.

“Audioboom has achieved an outstanding set of results and I am delighted that, in my first year as CEO, the company has exceeded market expectations for the first time in its history”, said Stuart Last, CEO of Audioboom.

“In 2019, our premium content and premium advertising strategy came sharply into focus; and resulted in revenue almost doubling and our EBITDA loss being significantly reduced.

“Quality and creativity have become the key pillars of our business and have driven our growth at more than double the pace of the wider podcast industry.

“We acquired some of the best new independent shows for our premium sales network in 2019 and expanded our Audioboom Originals Network with some fantastic new programming from our in-house production teams in New York and London.

Momentum continues amid COVID-19

“Momentum has continued into 2020, with bookings ahead of management expectations for the first quarter.

“While we are working hard to understand the impact of Covid-19 on the industry and our business, we’re confident that the support of our shareholders and an improved cash position has put us in a strong position to continue our expansion and further cement Audioboom as the leading independent podcast company.”

Michael Tobin, Chairman of Audioboom, added: “The Board appointed Raine Advisors and have subsequently established a formal sale process pursuant to the UK Takeover Code.

“A number of interested parties are actively engaged in the process, and currently potential buyer interest in Audioboom suggests the process will stay the course, but we will continue to evaluate the impact of Covid-19.

“We will keep shareholders informed of developments in the coming weeks.

Despite the sales process, Audioboom said it remains focussed on its core business strategy. It added that Q1 2020 results to date indicate that these efforts “continue to transform into excellent financial performance.”

Audioboom’s shares, which are listed on the London Stock Exchange, were 2.5% higher at £1.60. They’ve fallen from a high of around £2.77 in mid February.