Audioboom revenues almost double to $22.2 million
, on Monday reported revenues of $22.2 million for the year ending 31 December 2019, a 91% increase from $11.7 million in 2018.
The company also revealed global revenue per 1,000 downloads (eCPM) for the year of US$29.60, a 16% increase from the prior year.
Audioboom narrowed its losses to $3 million, down 36% from $4.7 million in 2018, and reported a $2 million cash position at the end of 2019.
The board of Audioboom said that it exceeded market expectations for the first time in its history, and told investors it believes “momentum will continue into 2020 and beyond”.
Shares in Audioboom were trading 3.09% lower at 235p on Monday
Stuart Last, CEO of Audioboom, commented: “2019 was an incredible year for Audioboom with strong growth across all areas of the business. 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.”
The company ended the year with a 75% increase in brand advertiser count to 280, and total available premium advertising impressions of 1,644 million, a 59% increase.
Mr. Last added: “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.”
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