Audioboom Q2 earnings: Record revenue and “strong impact on the industry”

Global podcast company Audioboom released its Q2 earnings this morning (London Stock Exchange), documenting record high revenue and a bit of profit (using adjusted EBITDA) — the first reported profit for the company.

“After a breakthrough first quarter of 2021 in which the Company reported a maiden adjusted EBITDA profit, the story of the second quarter is of accelerated revenue and EBITDA growth as our content-focused expansion strategy delivered increased value to the business,” said CEO Stuart Last. “We have made a strong impact on the industry,” he asserted, referring to the Audioboom Originals Network which includes owned-and-operated podcasts Dark History, RELAX!, The Southern Tea, and Dark Air with Terry Carnation.

The earnings release notes that Audioboom has signed advertising that already represents over 90% of the Board’s revenue expectations for 2021. Here are the financial highlights for Q1 and H1:

  • Record H1 revenue of US$22.8 million, up 93% on H1 2020 (US$11.8 million). Year-on-year growth outpaced the predicted wider annual industry average growth by 55%*
  • Record Q2 revenue of US$13.3 million, up 144% on Q2 2020 (US$5.4million) and up 39% on Q1 2021 (US$9.5 million)
  • Adjusted EBITDA** profit of US$0.2 million (H1 2020: US$1.2 million loss)
  • Group loss for the period significantly reduced to US$0.46 million (H1 2020: US$2.0 million loss)
  • Average Q2 global monthly downloads increased to 92.1 million, up 25% on Q2 2020 (73.5 million). Global downloads in June 2021 reached 92.8 million
  • Average Q2 brand advertiser count of 326, up 27% on Q2 2020 (256)
  • Average global revenue per 1,000 downloads (eCPM) increased to US$50.73 in Q2 2021, up 92% (Q2 2020: US$26.41)
  • Access to capital of US$4.8 million as at 30 June 2021, represented by Group cash of US$1.5 million and US$3.3 million of the non-revolving loan facility with SPV Investments Limited remaining available

Global sales partnerships are part of the story; they include  MAPP Media (UK), Australian Radio Network (Australia) and Ideabrew Studios (India).

Stuart last informs investors that investment is a key priority — that includes an expanded podcast production slate and development of new ad tech.

“Audioboom is a leader in podcasting globally, and the performance in the first half highlights that the Group is increasingly capitalising on this market position to the benefit of shareholders,” he said.


Brad Hill