Global podcast company Audioboom, which is publicly traded on the London Stock Exchange, has released its earnings report Q1 2022 financials.
“I am delighted to report that our fast growth has continued into 2022, further increasing our market share, deepening our work with our creators, expanding our options for advertisers, and achieving success for our original programming.” –Stuart Last, CEO Audioboom
This quarterly update follows the company’s full-year 2021 financial disclosure (RAIN coverage HERE), where revenue of US$60-million was up 125% year-over-year. Today we learn that Q1 revenue was $19.7-million (USD), setting an early pace to outperform in 2022.
The company served an average of 126M monthly downloads in the quarter, keeping an upward trend for nine consecutive quarters.
Perhaps most notably, Audioboom collected an average CPM of $50.48 per download (not per ad impression), a 45% year-over-year increase.
Below are all the bullet points disclosed by Audioboom in today’s filing (which is HERE):
Financial and operating highlights
- Record Q1 revenue of US$19.7 million, up 107% on Q1 2021 (US$9.5 million)
- Record Q1 adjusted EBITDA(1) profit of US$0.9 million (Q1 2021: US$0.03 million)
- Average global monthly downloads increased for the ninth successive quarter to 126.2 million, up 45% on Q1 2021 (87.1 million). Global downloads in March 2022 reached a record 131.0 million
- Average brand advertiser count of 379, up 26% on Q1 2021 (301)
- Average global revenue per 1,000 downloads (eCPM) increased to US$50.48, up 25% (Q1 2021: US$40.55)
- Group cash of US$3.3 million (31 December 2021: US$3.0 million)
- The Company continues to manage its balance sheet efficiently and utilise its working capital very effectively. As a reference it has collected US$2.9 million to date in April
- The Company has contracted revenue in excess of US$60.5 million for 2022 through advance advertising bookings, surpassing total full year 2021 revenue (US$60.2 million)
Key Q1 2022 commercial developments
- Continued growth of Showcase, our global advertising marketplace – revenue from advertising technology in Q1 2022 more than 150% greater than in Q1 2021, and now contributing more than 11% to Group revenue
- Strong pricing due to robust advertising demand, with an Average Unit Rate (AUR) during the quarter for our top 25 podcasts at US$14,295 vs Q1 2021’s AUR of US$6,455
- Further expansion of Audioboom Studios with new title launches including National Park After Dark, Can I Get In Your Pantry?, and Devils in the Dark, which reached number 1 on the UK True Crime podcast chart and the Top 15 of Apple’s overall podcast chart
- Long-term renewal of key content partnerships in our Premium Network, including Casefile True Crime, Mile Higher, Strange & Unexplained, Lights Out and The Sesh
- Launch of a new strategic partnership with leading radio and media company NZME to monetise Audioboom’s advertising inventory in New Zealand