Audioboom (BOOM) , a global podcast company, released trading updates reflective of significant growth over the past year. Stand out in the report was the 92% increase in revenue, from $6.1 million in November 2017 to $11.7 million this year.
Such significant growth, coming in mostly in the final three months of 2018, is particularly impressive considering 2018 was not all smooth sailing for the company.
In February 2018, it was announced AudioBoom would merge with larger US competitor, Triton Digital, in a £134 million deal. However, three months later, that transaction was permanently halted.
So, as CEO Rob Proctor argued, these significantly positive results are “hugely satisfying” for the company.
The trading update also includes a 36% increase in revenue per 1,000 listens in the US, jumping from $19.02 in H1 2018 to $25.87 this past December and an adjusted, for exceptional items such as the cost of the aborted Triton Digital transaction, EBITDA loss reduced to $5.2 million.
The last three months of 2018 proved to be invaluable for Audioboom, as it not only accounted for most of the huge 92% growth seen but also drove the operating cash flow breakeven reported in the year’s end.
This dynamic has made Audioboom confident in its performance for 2019. Mr. Proctor commented, "The exciting results in the final three months of the period, 2019 pre-booked advertising campaigns and content acquisition pipeline are all pointing towards a further significant increase in Company performance in 2019.”
The feeling permeates outside the company as well as brand advertisers flock, the count reached 160 in December up from May’s 130, to the growing company.
For more news and updates on Audioboom: