This
announcement contains inside information as stipulated under the UK
Market Abuse Regulations ("MAR").
Audioboom Group plc
("Audioboom", the
"Group" or the "Company")
Q3 Trading Update
34% revenue growth and EBITDA profit
significantly ahead of current market
expectations
Audioboom (AIM: BOOM), the leading global
podcast company, is pleased to provide a trading update for the
quarter ended 30 September 2024.
Financial and operating
highlights
· Record Q3 revenue
of US$18.8 million, up 34%
on Q3 2023 (US$14.0 million)
· Total revenue for
the nine months to 30 September of US$52.9 million, up 15% on the same period last year
(US$45.8 million), with September representing the second highest
month ever for revenue
· Record Q3
adjusted EBITDA(1) profit of US$1.0 million,
representing the fourth successive quarter of adjusted EBITDA
profitability, driven by the growth in the highest gross margin
revenue line, Showcase
· Total adjusted
EBITDA(1) profit for the nine months to 30
September of US$1.3 million, up
US$3.0 million on the same period last year (US$1.7 million
adjusted EBITDA loss)
· Full year
adjusted EBITDA expectations raised to US$2.5 million (up from
US$1.3 million previously)
· Record quarterly
performance from Showcase, our global advertising marketplace.
Revenue of US$7.0 million, up
99% on the same period last year (US$3.5 million),
reflecting the Company's continued progress in building key,
scalable advertising technology. In 2024 Showcase has contributed
more than 30% to Group revenue (9 months to September 2023:
23%)
· Record eCPM
(average global revenue per 1,000 downloads) in Q3 of US$66.06,
up 79% (Q3 2023:
US$37.00)
· Average Q3 brand
advertiser count of 8,257 (Q3 2023: 7,960)
· Average Q3 global
monthly downloads of 96.5 million (Q2 2024: 94.8 million), marking
a return to network growth following Apple's iOS17 update which
reduced and rebased download reporting materially across the wider
podcast industry
· Group cash at 30
September 2024 of US$3.3 million (30 June 2024: US$3.5
million)
· The Company has
in excess of US$71 million revenue for 2024 booked
· Audioboom maintained fifth
position in both the Triton Digital and Edison Research rankers of
the top US podcast publishers, closing the gap to fourth place by
more than 3.5 million weekly downloads and 0.5 million unique
listeners
· Key contracts renewed with
leading podcasts in our creator network including Duncan Trussell Family Hour, The Bulwark,
Sisters In Law, George Conway Explains It All, Politics War
Room and Chilluminati. These shows are
downloaded more than 70 million times each year
· Further restructuring of
creator contracts in this period has reduced Audioboom's annual
minimum guarantee obligations by more than US$1.0 million and
improved the Company's gross margin
Stuart Last,
CEO of Audioboom, commented:
"I am
delighted with Audioboom's performance in Q3 2024, headlined by
strong revenue and adjusted EBITDA growth, and underpinned by a
robust business model. With our seasonally strongest quarter ahead,
we are set to significantly outperform market expectations for
adjusted EBITDA.
Our 34%
revenue growth this quarter was driven by Showcase - our global
ad-tech based marketplace. Our technology innovation, combined with
our focus on attracting blue-chip brands to the platform, led to
Showcase recording US$7.0 million of revenue, up an impressive 99%
on the same period last year.
Our adjusted
EBITDA profit of US$1.0 million in the quarter is particularly
pleasing, achieved by delivering substantial growth on our highest
gross margin revenue line, Showcase; working hard to deliver on our
podcast partner minimum guarantee obligations, which contributes to
improving gross margins; and maintaining a very stable cost-base.
Consequently, we are now seeing a rapid gearing of our
profitability, which is set to continue into Q4.
The final
quarter is always an exciting time for the business, buoyed by
strong advertising demand around sports seasons and the holidays.
This year the US election will boost that demand further - our
politics and news programming slates have seen their audiences grow
by more than 34% during the early part of presidential campaigning,
and this growth has quickly translated to revenue
opportunity.
Thank you to
the Audioboom team for continuing to build a smart, efficient and
scalable business with such dedication. 2024 is set to be a success
for Audioboom, and I look forward to updating shareholders in the
coming months."
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
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Audioboom Group plc
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Stuart Last, Chief Executive
Officer
Brad Clarke, Chief Financial
Officer
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Tel: +44(0)20 3714 4285
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Cavendish Capital Markets Ltd (Nominated Adviser and
Broker)
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Jonny Franklin-Adams/Abigail
Kelly/Rory Sale (Corporate Finance)
Harriet Ward (ECM)
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Tel: +44(0)20 7220 0500
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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', 'Casefile
True Crime' (US), '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.