Global podcast juggernaut Audioboom has released a “Trading Update” [get it HERE] in which the company cites challenging advertising markets while lowering revenue expectations. The company’s first-half 2023 earnings report is scheduled for mid-July.
“The operational KPIs of the Company have continued to demonstrate year-on year growth, however, the advertising markets have remained challenging for longer than anticipated.” –Audioboom
Specific positive business indicators include a new record for Audioboom’s global monthly downloads — 135-million.
The company’s automated brand marketplace (called “Showcase”) recorded its highest-ever monthly revenue in May. That number is undisclosed in the note, but presumably will be part of the H1 report in July.
Further, the number of ad impressions made available to advertisers in the first five months of 2023 reached 4.2-billion, which is up 21% year-over-year.
Audioboom has $2-million (U.S.) in the bank, and $1.8M available as overdraft.
“Business operations continue to improve significantly, with the Company in a strong position to fully exploit future improvements in advertising market conditions, and the Company expects to return to meaningful growth in Q3 and Q4 2023 on a year-on-year and sequential bases.” –Audioboom
