Audioboom 2021: Triple-digit revenue growth outpaced projections

“2021 was a phenomenal year for Audioboom. In my second year leading the business we have delivered an incredible set of results, the culmination of our focus on content expansion and platform development.” –Stuart Last, CEO, Audioboom


Audioboom released its 2021 annual finance report this morning, containing ready-made headlines for promoting the company’s recent success:

  • 2021 revenue of US$60-million was up 125% year-over-year
  • Year-over-year growth outpaced a calculation of wider industry growth by 108%. (The projected industry growth for 2021 was taken from the IAB Podcast Advertising Revenue Study, 2021.)

And here is a ream of other financial points in the company’s annual reckoning:

  • Maiden annual adjusted EBITDA(3) profit, ahead of market expectations, of approximately
    US$3.0 million (2020: US$1.8 million loss), with the Company recording positive adjusted
    EBITDA(3) in every month in 2021
  • Maiden annual net profit of approximately US$1.4 million (2020: US$3.3 million loss)
  • Q4 2021 revenue of US$20.5 million, up 141% on Q4 2020 (US$8.5 million), and up 21% on Q3 2021 (US$16.9 million)
  • Average global monthly downloads for Q4 increased to 113 million, up 39% on Q4 2020 (81.7 million). Global downloads in October 2021 reached a record 115.7 million
  • Average brand advertiser count for Q4 of 396, up 32% on Q4 2020 (301)
  • Average global revenue per 1,000 downloads (eCPM) for Q4 increased to US$55.85, up 49% (Q4 2020: US$37.55)
  • Cash ended the period ahead of expectations, with Group cash of US$3.0 million (31 September 2021: US$1.2 million) and the Company still had access to US$3.3 million of the non-revolving SPV loan facility

Audioboom credits its AdRip technology (RAIN coverage HERE) for growth in “tech related” revenue in Q4. The report also references Showcase, a global advertising marketplace.

CEO Stuart Last noted that Audioboom has already booked $45-million in 2022 ad campaigns, and a “strong set” of new shows is in development.

From the BoD: “The Board continues to be excited about the opportunities for the business and is confident that this positive momentum will continue into 2022.”


Brad Hill