UK-based podcast company AudioBoom, which is publicly traded on the London Stock Exchange, released its full-year 2018 financials. In a story familiar to leading streaming music services, the bottom line is in the red even as revenue jumps upward, and the earning per thousand listens (CPM) likewise spikes. Profit eludes performance, seemingly.
Revenue for the year was up to $11.7-million, a year-over-year gain of 92%. The CPM rate rose from $19.02 in May to $25.87 in December, a whopping 36% increase from H1 to H2.
AudioBoom notes that it serves 160 brand advertisers — that too is a H1-2 increase from 130 in May.
Settling down to the bottom line, the adjusted EBITDA shows a loss of $5.2-million, trimmed from a $5.7-million shortfall the previous year. AudioBoom credits “a much improved performance in Q4 2018.”
The report is definitely framed as a growth story with numbers to support that view, especially pleasing after an eventful and somewhat rocky path in 2018 which saw AudioBoom flirt with a Triton Digital merger and a near-shutdown before gaining a new set of sea legs and sailing on. Or, as the report states: “This performance is particularly pleasing given the significant challenges the aborted Triton acquisition created during 2018.”
From CEO Rob Proctor: “2018 posed exceptional challenges for the business, so it is hugely satisfying that our revenues almost doubled. Even more significant is the Q4 cash flow break even performance, achieved through higher revenues, continued cost control and improved financial processes.”