23rd Jul 2024 13:24
(Alliance News) - Audioboom Group PLC on Tuesday said it is considering a US listing, believing it is "undervalued" following a strong first half of 2024.
The Jersey, England-based podcast publisher is currently considering a US listing to increase the valuation of the business and give the company greater scale.
Audioboom said that revenue increased by 7.2% to USD34.1 million in the six months that ended June 30 from USD31.8 million a year before. Quarterly revenue per 1,000 downloads increased by 38% to a record figure of USD60.09 in the second quarter from USD43.55 a year before.
Pre-tax loss in the first half of 2024 narrowed to USD1.3 million from USD10.6 million a year before.
Audioboom said it has consolidated its position as the fifth-largest podcast network in the US. The company has moved from 2.2 million downloads behind the next-ranked network Audacy to 700,000 downloads ahead of them since the start of the year.
The company noted the challenges posed to the podcast industry by both the advertising market recession and Apple Inc's iOS17 update in late 2023. However, it expects that the update will create "more favourable long-term commercial conditions... due to the increased levels of return-on-investment that more accurate download data will deliver to advertisers".
Looking forward, Audioboom expects to maintain its "positive momentum", and strengthen its position as "the biggest independent podcast network globally", said Chief Executive Officer Stuart Last.
Shares in Audioboom were down 8.9% to 227.75 pence each in London on Tuesday afternoon.
By Lydia Doye, Alliance News reporter
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