Audioboom reports strong revenues, up 171%
On Thursday, global podcasting platform reported that sharp growth had driven forward revenue in the podcasting market, as specified through results published for the first half of this year.
As podcast popularity continues to rise, with their existence becoming ubiquitous, the company has established itself accordingly as one of the strongest leaders profiting from the lucrative industry.
The AIM-listed podcast platform that is home to over 13,000 content channels reported a revenue surge of $9.8 million in H2, up 171% from $3.6 million reported just over a year ago in H1.
At the same time it was also revealed the firm had slashed losses by almost 50% - pushing $5.2 million down to $2.8 million - an aim they were able to reach due to the the platform's wide portfolio of original content.
Most significantly, Audioboom has strived to remain a strong advertising partner alongside the knowledge that brands across the globe are starting to realise the potential of the market -- an awareness corroborated by findings from a recent IAB and PwC report which forecasts advertising revenue to exceed $1 Billion by 2020.
Alongside IAB’s report, it seems the company’s growth is strongly outpacing the current market, with Chief Executive, Rob Proctor stating:
"We are delighted with the Company's performance during this period, with strong progress in every area of the business. Revenue growth of 171% on H1 last year is over four times that forecast by the IAB for the US podcast advertising industry from 2018 to 2019.”
Mr Proctor has hailed the platform’s “strong progress” for advancing the company's journey towards profitability, stating:
“With a record 135 million individuals listening to at least one Audioboom podcast in June 2019, the Company's global reach presents many possibilities within the digital marketplace. This platform will create new commercial opportunities as podcasting and audio continue to attract global investors.”
He further added, “Forward sales for H2 2019 are already at record levels and I anticipate continued strong performance for the second half of this year.”
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