Audioboom Group plc
("Audioboom" or the
"Company")
Trading Update
Strong KPI growth and adjusted EBITDA
profit ahead of current market expectations
Audioboom (AIM:
BOOM), the leading global podcast company, is pleased to announce
that it has continued its strong momentum during the fourth quarter
of 2024 and the Board now expects that Audioboom will generate an
increased adjusted EBITDA(1) profit of at least
US$3.1 million,
significantly surpassing the recently upgraded market expectation
of US$2.8 million.
This performance has
been driven by delivering excellent KPI growth in November
2024:
· Continued strong revenue
growth from Showcase - our scalable, higher gross margin,
tech-based advertising marketplace - up 53% on November 2023
· Record monthly brand
advertiser count of 10,165, up
65% on November 2023 (6,157), as more brands utilise
Showcase for scalable, targeted campaign delivery
· eCPM (average global revenue
per 1,000 downloads) of US$75.60, up 38% on November 2023 (US$54.75), as
pricing and demand levels across the platform continue to
grow
The podcast industry has evolved materially
over the past 12 months, largely driven by Apple's iOS17 update in
late 2023 which depleted inventory levels and impacted the
Company's potential revenue by an estimated US$15 million across
2024. As a result, the Company has focussed on growing its highest
gross margin product, Showcase, which has improved the gross profit
recognised. Due to the ongoing success of this approach, we expect
to grow revenue to at least US$73 million this year, with
significantly higher adjusted EBITDA profit than initially
forecast.
The Company continues to perform very well, and
we anticipate revenue growth for 2025 will be at least in line with
the forecasted industry growth of 10%. Importantly, however,
Audioboom's higher quality revenue is expected to generate
significantly higher adjusted EBITDA profit in 2025.
Stuart Last,
CEO of Audioboom, commented: "I am very pleased to see a third
upgrade to our expectations this year, with Audioboom set to
deliver at least US$3.1 million of adjusted EBITDA profit. Our
platform is delivering higher-quality revenue and extracting more
value than ever before, and I look forward to updating you further
on our performance this year in January 2025."
1) Earnings
before interest, tax, depreciation, amortisation, share based
payments, non-cash foreign exchange movements, material one-off
items and onerous contract provisions and losses
incurred
Enquiries
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Audioboom Group plc
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Stuart Last, Chief Executive
Officer
Brad Clarke, Chief Financial
Officer
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Tel: +44(0)20 3714 4285
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Cavendish Capital Markets Ltd (Nominated Adviser and
Broker)
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Jonny Franklin-Adams/Rory
Sale/Elysia Bough (Corporate Finance)
Harriet Ward (ECM)
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Tel: +44(0)20 7220 0500
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About
Audioboom
Audioboom is a global leader in podcasting -
our shows are downloaded 100 million times each month by 38 million
unique listeners around the world. Audioboom is ranked as the fifth
largest podcast publisher in the US by Triton Digital.
Audioboom's ad-tech and monetisation platform
underpins a scalable content business that provides commercial,
distribution, marketing and production services for a premium
network of top tier podcasts. Key partners include the official
Formula 1 podcasts 'F1: Beyond the Grid' and 'F1 Nation', 'True
Crime Obsessed' (US), 'The Tim Dillon Show' (US), 'No Such Thing As
A Fish' (UK) and 'The Cycling Podcast' (UK).
Audioboom operates internationally, with global
partnerships across North America, Europe, Asia and Australia. The
platform distributes content via Apple Podcasts, YouTube, Spotify,
Pandora, Amazon Music, Google Podcasts, iHeartRadio, Facebook and
Twitter as well as a partner's own websites and mobile
apps.
For more information, visit
audioboom.com.