Acast has released its financial results from 2018. The podcast company doubled its annual revenue to more than $20 million, largely driven by its performance in the United States and United Kingdom. Acast’s generated 1.3 billion listens globally during the year. The company did not give any specifics about its losses, but noted that its costs grew 47% and improved its effectiveness at growing revenue per cost unit.
The company also recapped a few of its highlights from the 2018 calendar year, including a deal with the BBC, a strategic partnership with Spotify, and a series C investment of $33 million.
“2018 was a tremendous year for Acast and doubling our sales is real proof of that, allowing us to become the biggest global player in the podcast market,” CEO Ross Adams said. “Raising such a significant amount of investment has allowed us to accelerate our growth even faster throughout 2019. We have continued our expansion into new markets such as France and Germany, and in established markets such as the UK, we are now by far the leading commercial platform for podcasts. We are putting yet more effort into innovation in our technology, and seen huge growth both in terms of staff and turnover. Finally, we have now passed the €50 million mark in money paid back to podcasters in Europe since the company began. It’s a really exciting time at Acast.”