Audioboom shares jump as its ramps up podcast production
Shares in Audioboom rose almost 17 per cent this morning after the podcast company posted a sharp rise in revenue for the first quarter.
The Aim-listed company, which hosts and distributes podcasts, reported revenue of $6.4m (£5.2m) in the first three months of 2020, up 40 per cent on the same period last year.
The revenue growth was driven by a sharp rise in its brand advertiser count, while revenue per 1,000 downloads hit $38.40 in March — up 81 per cent year on year.
Premium advertising impressions also grew 45 per cent in the first quarter to 442m.
Audioboom’s portfolio of podcasts includes No Such Thing As A Fish, Sue Perkins: An Hour Or So With and The Totally Football Show.
The company’s podcasts are distributed across a range of platforms, and Audioboom today said it has signed new deals with Amazon Music and US streaming giant Pandora.
But the firm has also ramped up its investment in original content, launching new shows such as Noise Cancelling and Here’s The Sitch.
In addition, Audioboom said it has signed a co-production deal with publishing giant Future to create three new podcasts this year focused on technology, science and video games.
“I’m delighted that we have continued our momentum into 2020, delivering results ahead of management’s expectations, and growing our market position,” said chief executive Stuart Last.
“However, this quarter was about more than just our direct financial results, it was about creating long-term value for the business through new initiatives and partnerships.”
Earlier this year Audioboom, which is backed by property tycoon Nick Candy, confirmed it had appointed New York-based Raine Advisors to explore a potential sale of the business.
The firm today said the process was still ongoing, adding it was pleased with the level of buyer interest.
Audioboom acknowledged that the coronavirus crisis could hit advertising revenue in the coming months. However, it said they remained “committed to the podcast medium by increasing their levels of long-term support for proven networks”.