Listed podcast firm Audioboom doubles revenue
Podcast platform Audioboom has announced its half-year results for 2019.
The listed firm, headquartered in Jersey, posted unaudited revenue of $9.8m, a 171 per cent increase on the same period in 2018.
Its adjusted EBITDA loss almost halved to $1.4m, with an overall loss for the period reduced to $2.8m from $5.2m in 2018.
The firm highlighted its exclusive commercial partnerships with podcasts including 'A Cast of Kings', 'What Happened When', the development of its AON (Audioboom Originals Network), with programmes scheduled including 'A Life Lived' (October), 'Truth Vs Hollywood' (September), 'Notorious Killers' (September), 'Truly' (October), and 'The Keto Guido Show'(August).
"We are delighted with the Company's performance during this period, with strong progress in every area of the business,” said Rob Proctor, CEO of Audioboom.
“Revenue growth of 171 per cent on H1 last year is over four times that forecast by the IAB for the US podcast advertising industry from 2018 to 2019. This in turn is driving significant improvements for the Company in its journey to profitability.
“With gross margin tracking to plan and overheads remaining under tight control, we are now starting to see the impact of our improved operational gearing.
“Forward sales for H2 2019 are already at record levels and I anticipate continued strong performance for the second half of this year. Content creators and advertisers continue to join our global platform, and I look forward to updating shareholders with future developments during H2."The AON production 'Dead Man Talking' won the Silver Award at the 2019 British Podcasting Awards in May 2019.