Host and distributor audioBoom posted its mid-year financial report with results for the six months ending May 31. Revenue rose 460% over the year-ago period to more than £1.84 million. The company’s adjusted EBITDA loss was £2.6 million for the first half, up from £2.2 million in H1 2016 due to investments in technology and content acquisition.
“We are now delivering on our potential and are well positioned to lead our emerging industry on the international stage with a strong balance sheet to fund the business through to profitability,” explained CEO Rob Proctor. “Audioboom has focused on its original content production during this period, which is vitally important as we look to create our own IP and increase our overall gross margins. Additionally, we have placed emphasis on our ability to deliver programmatic advertising campaigns which, given PWC’s latest industry report showing a sharp rise in programmatic audio revenues, means that we are once again ahead of the curve and well positioned for future growth.”