REG - Audioboom Group PLC - Trading Update

AudioboomAnnouncement

11/12/2024 07:00

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RNS Number : 5907P  Audioboom Group PLC  11 December 2024

 

 

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

 

 Audioboom Group plc
 Stuart Last, Chief Executive Officer                             Tel: +44(0)20 3714 4285

 Brad Clarke, Chief Financial Officer

 Cavendish Capital Markets Ltd (Nominated Adviser and Broker)
 Jonny Franklin-Adams/Rory Sale/Elysia Bough (Corporate Finance)  Tel: +44(0)20 7220 0500

 Harriet Ward (ECM)

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.

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