Audioboom (BOOM) revenues increased 180% to $4.6 million in Q1 2019 in a record quarter for the global podcast company.
It increased brand advertiser count to 178, and revenue per 1000 listens in the US was $23.77 million, up 67% from the same quarter last year.
Total available premium advertising impressions was 305 million, up 28% from same period last year, and the company reported a cash position of $1.7 million.
Shares were trading 6.52% higher at 2.45p a share following the update
Rob Proctor, CEO of Audioboom, commented: "We are delighted with our start to 2019. We have signed great new podcasts during Q1, are making compelling new content, F1: Beyond the Grid is performing exceptionally well, and we have industry leading sell through rates.”
“Podcasting is now the growth sector in digital media for brands and broadcasters looking to consolidate or add podcast creation and content to their platforms and we are involved in more content negotiations and commercial opportunities than ever before.”
He added “We are ideally positioned to benefit from this; and the continued corporate activity within the sector demonstrates Audioboom's potential to deliver significant shareholder value this year".
The company also told investors it signed an enhanced global commercial agreement with Spotify, secured a number of key contract renewals, and has a strong pipeline of content acquisition.
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