Audioboom delivered its second consecutive Trading Update (not a formal market filing) for Q1 2024. It is an upward-moving report in nearly all particulars.
“2024 has started exactly as we hoped with the positive momentum of the final quarter of last year continuing.” –Stuart Last, CEO Audioboom
The main financial highlights are below (and HERE), helpfully (for us) stated in US dollars:
- Q1 revenue: $17.1 million (+11% over year-ago Q1)
- Profit: $0.1 million (adjusted EBITDA)
- Record Q1 CPM: $52.17 (+27% from previous year)
- Record Q1 brand advertiser count: 7,839 (+ 21% from previous year)
- 110 million downloads (down from 125 million year-over-year). Audioboom attributes the YoY reduction in downloads to Apple’s infamous iOS17 update which altered how downloads are attributed. Audioboom notes that download numbers across the wider industry fell by 32% (citing Triton Digital download data and Podnews analysis).
The company observes that record audience reach was attained in January 2024, with more than 38.6 million unique listeners consuming podcasts through the Audioboom platform.
Audioboom’s Showcase ad marketplace is called out in this report, citing “record revenue in March, but does not supply numbers.
On the inventory side, audioboom offered 1.1 billion impressions to advertisers in March alone — that’s a 10% uptick from the previous record (one billion) established in October of last year.
In the CEO commentary, Stuart Last provides upbeat guidance in the revenue growth rate. On the subject of artificial intelligence, he notes: “We also took our first steps in the utilisation of AI to generate advertising creative and translate content for international distribution, as well as expanding our work in monetising YouTube content. These are two areas I believe will provide significant opportunity for the business in the coming years.”
