Audioboom sets new record for podcast downloads despite challenging market
Published: 07:45 23 Jun 2023 BST
Audioboom Group PLC (AIM:BOOM) has downgraded its revenue and adjusted EBITDA forecasts for the current financial year, per the global podcast company’s latest trading update.
Despite experiencing year-on-year growth in operational key performance indicators, the group has faced challenges in the advertising markets, which have persisted longer than anticipated.
However, Audioboom remains optimistic that the advertising markets will eventually improve, and it is well-positioned to capitalise on the opportunities that arise.
To safeguard against future advertising market conditions, the company has adjusted the approach taken to calculating its minimum guarantee offers for podcast partners.
Notwithstanding the aforementioned challenges, Audioboom recently achieved several noteworthy milestones.
In May, the group set a new record of 135mln global monthly downloads, plus a total brand count record of 8,007.
Showcase, the company's automated advertising marketplace, reported its highest monthly revenue to date in May.
Furthermore, the total cumulative advertising impressions available to brands across the Audioboom platform for the first five months of 2023 rose by 21% compared to the previous year.
During the second quarter of 2023, Audioboom expanded its creator network by partnering with renowned podcasters, including Real Ones with Jon Bernthal, Trading Secrets, and Once Upon A Crime.
As of 31 May, Audioboom had a group cash balance of US$5.2mln (£4.1mln), slightly higher than the previous quarter's US$5.1mln, with additional access to a further US$1.8mln through an undrawn overdraft.
