Audioboom results see revenues almost double
Abraham Darwyne
Company News - 2 min read
08:52, 31st May 2019

Audioboom (BOOM) FOLLOW, saw revenues increase 92% to $11.7 million for the 13-month period ending 31 December 2018.

The AIM listed global podcast grew its brand advertiser count by 65%, and its revenue per 1000 US listens by 74%, but reported an adjusted EBITDA loss of $5.1 million and a cash balance of $1.6 million.

Interestingly, it told investors that it achieved “significant growth”, as well as breakeven operating cash flow in the final three months of the period.

Premium advertising impressions grew to a total of 1.015 billion in 2018, a 51% increase, and it had 160 brand advertisers at period end, including new tier one names such as Bose and TiVo signing on.

Audioboom was trading 4.35% lower at 2.2p per share early Friday

Audioboom told investors that it signed a number of co-production partnerships during the year with leading brands and broadcasters, and is focused on “working with the most prominent podcasts”, signing multi-year contracts with new popular podcasts.

It re-signed 'No Such Thing As A Fish' and 'The Totally Football Show', two of the UK's biggest podcasts by listens.

The company also launched its Sonic Influencer Marketing platform that enables brands to secure advertising within any globally available podcast.

Rob Proctor, CEO of Audioboom, said “I am particularly pleased with the success of our Audioboom Originals Network programming with both the London and New York studios creating more than 11 shows, which expands our operating margins and creates valuable intellectual property for the Company.”

He added: “The entire audio entertainment industry is already beginning to value intellectual property within the sector and we have already seen several large industry players, such as Spotify, acquiring podcasting businesses over the past 12 months and Luminary, a podcast start up, raise US$100m.”

The company recently raised £4.3 million in order to acquire more talent and third-party podcasts to maintain its market position across the US and Europe.

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