In its 2020 annual finance report, UK-based podcast network and tech company Audioboom raised its revenue and improved its bottom line, both by double digits. Net loss remains the story (as with many audio companies) but key metrics appear to be pointed upward as the company CEO targets profitability.
“In 2020 Audioboom strengthened its position as one of the largest independent podcast companies in the world, delivered record revenue and EBITDA performance and put profitability in sight.” –Stuart Last, CEO, Audioboom
Here are the key numbers:
- 2020 revenue: US$26.8-million, up 20% over 2019
- Adjusted EBITDA loss: US$1.7-million, an improvement of 42% on 2019’s US$3.0-million net loss
- The company served 311 brand advertisers in December 2020, more than the 280 of December 2019
- Global revenue per 1,000 downloads in December was US$38.99, a 32% gain year-over-year.
Audioboom CEO Stuart Last
In an email exchange with RAIN News, Audioboom CEO Stuart Last discussed the CPM (cost per thousand) for his company’s ad sales in 2020. “Our average individual single ad slot CPM is around $25,” he said. Stuart Last dug into it a bit further, explaining that while the $388.99 per thousand downloads is a braggable metric, there is more upside to come:
“If shows on average have 5 ad units and each is sold at our $25 average, then the maximum eCPM at a 100% fill rate is around $125. At $38.99 we are doing a decent job of optimising sales, but there’s also lots of headroom there for further growth.” He noted that the next financial report will be released April 14, and he predicted “fantastic progress.”
The report brags that Audioboom has risen to the 5th largest U.S. podcast publisher in the Triton Digital Podcast Report. In the latest report, w e see that Audioboom is in the top-5 cluster that includes U.S. podcast giants NPR, Stitcher, Entercom (including its Cadence13 and Pineapple Street Studios subsidiaries, and Cumulus Media’s Westwood One podcast division.
Audioboom has extended its partnership with Formula 1 until 2023, producing two shows and providing exclusive ad sales.
Importantly, Audioboom says that in 2021 the company has already signed ad bookings which represent over 80% of the current market forecast.
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