Auddia Announces Launch of faidr 3.1 With New AI Functionality
August 20 2024 - 6:57AM
Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the
“Company”), a proprietary AI platform for audio identification and
classification and related technologies, reinventing how consumers
engage with AM/FM radio, podcasts, and other audio content, today
announced the launch of faidr 3.1 with product improvements aimed
at driving enhanced user metrics to support increased subscription
revenue. The Company will also be holding an investor webcast and
updated presentation today at 4:30 pm ET at the Investor Summit:
https://www.webcaster4.com/Webcast/Page/3062/51129
“The overarching goal of Auddia since launching faidr has been
to continuously improve the app and its capabilities to drive
towards user metrics that provide a favorable return on advertising
spend. We have known for some time based on our cost to secure an
install of faidr on the free tier that consumers respond very
positively to the message of listening to AM/FM radio streams
without commercials. To obtain the level of growth that transitions
this consumer interest into meaningful revenue, the Company has
been focused on adding new capabilities and more value to faidr to
convert this consumer interest into retained users at rates that
can drive significant revenue from subscribers,” said Jeff
Thramann, Executive Chairman of Auddia.
After adding podcasting and exclusive content to faidr last
year, Auddia recently announced the introduction of new and
differentiated podcast listening experiences. Consumers will still
have the ability to jump forward and backward while listening to
podcasts, but Auddia’s newest technology allows faidr users to have
more intelligent control. Through Forward+ consumers can skip
entire content segments such as chapters or ad breaks with a single
press of the forward control, as opposed to requiring multiple
presses. Through the Seamless feature, which is only available on
partner podcasts, consumers can automatically avoid ads through a
subscription tier that shares revenue with the podcast creator. The
Company recently announced its first podcast partner for the
subscription based Seamless product.
Recent and ongoing faidr 3.1 initiatives are the result of an
extensive analysis of the user experience by an outside firm that
specializes in interacting with users to recommend app improvements
likely to improve user interactions and key metrics.
Theo Romeo, Chief Product and Marketing Officer for Auddia,
added, “We are excited to see how consumers respond to the addition
of Forward+ and Seamless, as well as the addition of the full suite
of faidr 3.1 initiatives. Our recent and upcoming additions are all
aimed at improving retention such that we can confidently expand
the user base on the free tier so we have access to a much larger
audience for converting free users to subscribers. No other
platform can give consumers access to commercial free AM/FM
streaming and podcasting in the same app. As we extend faidr 3.1
initiatives from user experience improvements to more convenient
automobile access through formal Android Auto and Apple CarPlay
integrations, and expansion into other platforms such as desktop
and home control systems, we expect to see continual improvements
in user metrics that form the basis for driving meaningful
subscription revenue.”
Auddia has recently completed the integration of a new
onboarding process to faidr as well as the addition of Forward+ and
Seamless in conjunction with podcast partners. Android Auto and
Apple CarPlay integrations are expected to be announced in the near
term followed by further improvements in the listening
experience.
The Company expects faidr 3.1 and future improvements will
translate into a larger user base and growing subscription
revenue.
About Auddia Inc.
Auddia, through its proprietary AI platform for audio
identification and classification and related technologies, is
reinventing how consumers engage with AM/FM radio, podcasts, and
other audio content. Auddia’s flagship audio superapp, called
faidr, brings two industry firsts to the audio-streaming landscape:
subscription-based, ad-free listening on any AM/FM radio station
and podcasts with interactive digital feeds that support deeper
stories and open untapped revenue streams to podcasters. faidr also
delivers exclusive content and playlists, and showcases exciting
new artists, hand-picked by curators and DJs. Both differentiated
offerings address large and rapidly growing audiences with strong
purchase intent. For more information, visit: www.auddia.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 about the Company's current
expectations about future results, performance, prospects and
opportunities. Statements that are not historical facts, such as
"anticipates," "believes" and "expects" or similar expressions, are
forward-looking statements. These forward-looking statements are
based on the current plans and expectations of management and are
subject to a number of uncertainties and risks that could
significantly affect the Company's current plans and expectations,
as well as future results of operations and financial condition.
These and other risks and uncertainties are discussed more fully in
our filings with the Securities and Exchange Commission. Readers
are encouraged to review the section titled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2023, as well as other disclosures contained in the Annual
Report and subsequent filings made with the Securities and Exchange
Commission. Forward-looking statements contained in this
announcement are made as of this date and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investor Relations:Kirin Smith, PresidentPCG Advisory,
Inc.ksmith@pcgadvisory.comwww.pcgadvisory.com
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