Audioboom hits impressive ad milestone, but monetisation worries persist
Published: 12:23 02 Nov 2023 GMT
Podcast platform Audioboom Group PLC (AIM:BOOM) popped 16% higher on Thursday after announcing a new milestone of one billion monthly advertising impressions for the first time in October.
Podcasts in the Audioboom Creator Network generated a total 1.01 billion impressions, helped by the AdRip inventory creation tool which was first launched by Audioboom in 2021.
AdRip enables creators to automate the removal of historic advertising, replacing it with new advertising each time a back-catalogue episode is listened to.
Audioboom reaches more than 38 million unique listeners globally and generated more than 127 million downloads each month in the third quarter, an 18% year-on-year increase.
The company expects to generate more than US$19 million of revenue in the fourth quarter, which would be the strongest revenue period for the company since the second quarter of 2022.
"I'm delighted that we have achieved this milestone,” said Audioboom’s chief executive Stuart Last. “To create more than one billion monthly advertising impressions highlights the scale that we are developing at Audioboom."
However, Audioboom’s share price remains significantly lower over the long term, remaining 93% down since peaking in April 2022.
The group issued a profit warning this June, flagging a lack of advertising revenue, indicating that it is struggling to properly monetise its listenership.
As a result, Audioboom has “adjusted the approach taken to calculating its minimum guarantee offers for podcast partners”.
Shares were selling for 155p at the time of writing.
