Audioboom announced that it has raised £1.5 million in support of its original programming efforts. The new equity funding stemmed from a subscription of new ordinary shares with a price of 1.3 pence per share. The audio company said it will use the money for upfront fees to secure new and existing podcast content and their audiences. Audioboom has secured content partnerships with partners such as SBI AUdio and Formula1, and it has more deals in the works. Any remaining proceeds will go toward content creation and promotion to continue expanding the Audioboom Originals Network.
“Recent corporate activity in the industry has seen high profile acquisitions and fundraises,” Audioboom CEO Rob Proctor said. “The comparative valuations of these transactions could indicate that 2019 is the year that Audioboom and its shareholders will start to benefit from the foundations that we have laid down and the platform and content that we have created.”
Audioboom also noted that its forward in-read advertising bookings and monthly recurring revenues from programmatic advertising and podcast subscriptions for 2019 have already surpassed its total revenue for the 13-month period ending December 31, 2018. It reportedly has a stable cash position to the end of last year.