Podcast company nearly doubles revenue with 91 per cent increase

A UK podcast company has reported a 91 per cent increase in revenue for 2019.

Audioboom, a London-based independent podcast firm, announced today that its revenue increased to $22.3m in 2019 from $11.7m in 2018 - nearly doubling in the year.

During the period, the company increased its number of advertisers by 75 per cent, adding 120 new brand advertisers.

Since the year’s end, Audioboom has entered into distribution partnerships with Pandora and Amazon Music.

The business is currently in talks for the sale of the brand.

Stuart Last, CEO of Audioboom, commented: “Audioboom has achieved an outstanding set of results and I am delighted that, in my first year as CEO, the company has exceeded market expectations for the first time in its history.

“In 2019, our premium content and premium advertising strategy came sharply into focus, and resulted in revenue almost doubling and our EBITDA loss being significantly reduced.

“Quality and creativity have become the key pillars of our business and have driven our growth at more than double the pace of the wider podcast industry.

“We acquired some of the best new independent shows for our premium sales network in 2019 and expanded our Audioboom Originals Network with some fantastic new programming from our in-house production teams in New York and London.

“Momentum has continued into 2020, with bookings ahead of management expectations for the first quarter.

“While we are working hard to understand the impact of COVID-19 on the industry and our business, we’re confident that the support of our shareholders and an improved cash position has put us in a strong position to continue our expansion and further cement Audioboom as the leading independent podcast company.”

Michael Tobin, chairman of Audioboom, added: “The board appointed Raine Advisors and have subsequently established a formal sale process pursuant to the UK Takeover Code.

“A number of interested parties are actively engaged in the process, and currently potential buyer interest in Audioboom suggests the process will stay the course, but we will continue to evaluate the impact of Covid-19.

“We will keep shareholders informed of developments in the coming weeks.

“Notwithstanding the formal sales process, the company remains focused on its core business strategy and the Q1 2020 results to date indicate that these efforts continue to transform into excellent financial performance.”