Audioboom (AIM: BOOM), the leading global podcast company, is pleased to provide an unaudited trading update for the 12 months ended 31 December 2019.
Financial Highlights (1)
· Revenue increased 91% to US$22.2 million (2018: US$11.7 million for 13 months)
· Adjusted EBITDA (2) loss reduced 36% to US$3.0 million (2018: loss of US$4.7 million) (3)
· Cash position as at 31 December 2019 was US$2.0 million (31 December 2018: US$1.6 million)
· Brand advertiser count of 280 as at 31 December 2019, up 75% on December 2018 (160)
· Global revenue per 1,000 downloads (eCPM) for December 2019 increased 16% to US$29.60 (December 2018: US$25.49)
· Total available premium advertising impressions for the 12 months to 31 December 2019 up 59% to 1,644 million (2018: 1,035 million)
The Board is pleased to report this strong performance for the year to 31 December 2019 with the Company exceeding market expectations for the first time in its history. Growth was especially impressive as it was against a 13-month prior period. The Board continues to be excited about the opportunities for the business and believes this momentum will continue into 2020 and beyond.
Stuart Last, CEO of Audioboom, commented: “2019 was an incredible year for Audioboom with strong growth across all areas of the business. Once again we outpaced the industry and enhanced our position as a global leader in podcasting. As we look ahead, Audioboom will seek to increase its share of advertising spend in the core US market, as well as the UK, by focusing on our acquisition of premium content. We will also invest in the growth of our Audioboom Originals Network; expanding our studio and production facilities, increasing our podcast IP, hiring top production talent, and launching more than ten new shows in 2020.