This announcement contains inside information as stipulated under the
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
· Total revenue for the nine months to 30 September of
· Record Q3 adjusted EBITDA(1) profit of
· Total adjusted EBITDA(1) profit for the nine months to 30 September of
· Full year adjusted EBITDA expectations raised to
· Record quarterly performance from Showcase, our global advertising marketplace. Revenue of
· Record eCPM (average global revenue per 1,000 downloads) in Q3 of
· 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
· The Company has in excess of
Commercial highlights
· 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
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
Our adjusted EBITDA profit of
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
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' (
Audioboom operates internationally, with global partnerships across
For more information, visit audioboom.com.
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