Audioboom revels in record quarter revenues with robust advertising growth
Audioboom has sounded off its first quarter with record revenues of $19.7m – up 107 per cent year-on-year.
Average global monthly downloads for the podcasting specialists increased for the ninth successive quarter to 126.2m – up 45 per cent – reaching a record 131m last month.
Its surging revenues were powered by a growing brand advertiser count of 379, which has risen 26 per cent.
This has resulted in a 25 per cent increase in global revenue per 1,000 downloads at $50.48.
Continued growth of its advertising marketplace Showcase has also boosted results.
Revenue from advertising technology in the first quarter of 22 was more than 150 per cent greater than 12 months prior, contributing more than 11 per cent to group revenue.
Robust advertising demand has enabled strong pricing for Audioboom, with an average unit rate during the quarter for its top 25 podcasts at $14,295 vs US$6,455 this time last year.
The company has managed to contract revenue in excess of $60.5m for 2022 through advance advertising bookings, surpassing total full year 2021 revenue of $60.2m already.
In terms of its cash position, this has also risen to per cent to $3.3 million over the past three months.
Creatively, Audioboom Studios enjoyed healthy expansion in the first quarter, with new title launches including ‘National Park After Dark’, ‘Can I Get In Your Pantry?’, and ‘Devils in the Dark’, which reached number 1 on the UK True Crime podcast chart and the Top 15 of Apple’s overall podcast chart
It has also secured the renewal of content partnerships in its premium network, including Casefile True Crime, Mile Higher, Strange & Unexplained, Lights Out and The Sesh
Chief executive Stuart Last said: “I am delighted to report that our fast growth has continued into 2022, further increasing our market share, deepening our work with our creators, expanding our options for advertisers, and achieving success for our original programming.”
Michael Hill, tech analyst at finnCap told City A.M.: “Audioboom is capitalising upon the structural growth in podcast advertising, through leveraging its highly scalable, cloud-based platform, its strong relationships with leading podcasters, and through creating strategically valuable original content.”
The company is listed on the FTSE AIM All-Share.
Earlier this year, media reports suggested Amazon and Spotify were mulling over takeover bids for Audioboom – however, no offers have so far materialised.
