31st May 2019 09:09
LONDON (Alliance News) - Podcasting firm Audioboom PLC on Friday said it was "delighted" with its annual performance, with investment driving a near-doubling in revenue.
Further, Audioboom has kicked off 2019 with a record revenue performance, with the figure nearly trebling year-on-year.
Audioboom's revenue for the 13 months to December rose 92% to USD11.7 million, though the pretax loss widened 31% to USD8.4 million. Both comparables were for the prior 12 months.
Much of Audioboom's growth came in the last quarter of the period, and the company said it reached breakeven in that time.
Revenue per 1,000 listens reached USD25.87 in December, rising 74% from November 2017, Audioboom added.
"I am delighted the significant investments we've made in people and technology over the past couple of years have been reflected in these financial results with revenue increasing 92% for the period and the company achieving cashflow break-even over the final three months," said Chief Executive Rob Proctor.
"We signed some impressive new content during the period, including 'Casefile', 'And That's Why We Drink' and also re-signed two of the UK's biggest podcasts, by number of listens. I am particularly pleased with the success of our Audioboom Originals Network programming with both the London and New York studios creating more than 11 shows, which expands our operating margins and creates valuable intellectual property for the company," he continued.
"The entire audio entertainment industry is already beginning to value intellectual property within the sector and we have already seen several large industry players, such as Spotify, acquiring podcasting businesses over the past 12 months and Luminary, a podcast start up, raise USD100 million."
For the first three months of 2019, Audioboom has beat expectations with revenue nearly trebling year-on-year to USD4.6 million. Revenue per 1,000 listens has climbed 67% to USD23.77.
"The recent successful placing and subscription for new shares in the company positions us well to acquire even more talent and valuable third-party podcasts to both maintain our leading market position across the US and Europe, and drive further material revenue growth this year," Proctor added.
Shares were 6.4% lower on Friday at a price of 2.15 pence each.
Related Shares:
Audioboom Grp.