Audioboom 2022 financials: Double-digit growth in revenue, downloads, advertisers

Global podcast company Audioboom released its Annual Report & Financial Statements for 2022. In it, we see double-digit growth in several key metrics. Below are the leading bullet points as expressed in the document:

  • 2022 revenue of approximately US$74.9 million, up 24% on 2021 (US$60.3 million)
  • Annual adjusted EBITDA(1) profit of approximately US$3.6 million, up 15% on 2021 (US$3.1 million)
  • Audioboom’s revenue growth of 24% continues to significantly outpace wider market growth of 15%(2)
  • Average 2022 global monthly downloads of 117.1 million, up 19% on 2021 (98.2 million)
  • Average 2022 monthly brand advertiser count of 5,257, up 60% on 2021 (3,278). Given the significant increase in Showcase revenue in 2022, this KPI (and comparable period) now includes those brands advertising on Showcase, our global advertising marketplace
  • 2022 eCPM (revenue per 1,000 downloads) of US$52.88, up 3% on 2021 (US$51.46)
  • Group cash at year end of US$8.1 million, up US$$8.1 million, up US$5.1 million on 31 December 2021 (US$3.0 million), with a further US$1.8 million available via an undrawn overdraft

The report observes highlights related to audience reach, downloads, and ad inventory:

  • Record audience reach achieved in February 2023, with more than 36 million unique users consuming podcasts through the Audioboom platform
  • Average monthly downloads for January and February 2023 of 122.2 million, an increase of 10% over Q4 2022 (110.9 million)
  • Showcase delivered record inventory levels with more than 540 million impressions being made available to advertisers, compared to 357 million average monthly available impressions during Q4 2022

Audiobom chairman Michael Tobin noted continued growth in what he described as “challenging market conditions of the second half of the year.” He expressed the organization’s continuing confidence: “The Board is confident that the business is not just showing good resilience, but is moving forward, fully primed for further growth across 2023.”

Likewise, CEO Stuart Last referred to “buoyant market conditions in the first half of 2022, contradicted by a “significantly different” second half. “Global economic headwinds abruptly impacted the advertising market, with brands moving quickly to reduce their marketing budgets,” he noted.

Audioboom has developed three advertising products, described as “distinctly different”: Premium Advertising, Showcase (an automated tech-driven marketplace), and Sonic, which is a campaign book platform and programmatic ecosystem.


Brad Hill