Global podcast company, Audioboom, announced a 125% rise in its 2021 revenue to $60m due to “continued growth” in the US podcast market on Monday.
Audioboom’s revenue rose by 125% to $60.3m from $26.8m in 2020 out of which 96% of group revenue was generated from the continued growth in the United States and its developing podcast market.
The company’s revenue growth in 2021 outpaced the predicted wider industry average growth by 108% and Audioboom had to increase expectations on its performance for 2021, 7 times.
On average, Audioboom’s global monthly downloads for Q4 rose by 39% to 113m compared to 2020’s Q4 with 81.7m, and global downloads broke a record with 115.7m downloads in October 2021.
The average global revenue per 1,000 downloads in the fourth quarter for Audioboom rose by 49% to $55.85 compared to $37.55 in Q4 2020, and the average brand advertiser count for Q4 was 396, a 32% increase from 301 in Q4 2020.
Audioboom’s revenue streams are bifurcated as direct revenue, marketplace, Audioboom Studios and Sonic Influencer Marketing. The gross margins differed for these segments by yielding 22%, 26%, 36% and 12% respectively.
The group’s adjusted EBITDA for 2021 was profitable and amounted to $3.1m compared to the loss of $1.8m in 2020 as the company recorded positive EBITDA in every month of 2021.
Audioboom’s annual net pre-tax profit was $1.7m compared to the loss of $3.3m in 2020, and total profit amounted to $7m compared to the loss of $3.2m, due to the recognition of a $5.3m of deferred tax asset.
Podcast company, Audioboom’s cash outflow from operating activities reduced by 76% to $800,000 from $3.3m in 2020.
The $4m loan facility with SPV Investments expired at the end of the period, and Audioboom has arranged a £1.5m overdraft with HSBC to deal with any working capital needs. SPV Investments’ $4 million content finance facility is set to expire in June 2022.
Audioboom Developments
Audioboom has continued its development of Audioboom Studios, its production arm, through the commercial success of Dark Air with Terry Carnation, as well as the extension of our production partnership with Formula 1.
The company has enhanced its creator network through new commercial partnerships with leading podcasts, including Redhanded, The Way I Heard It with Mike Rowe, Zane & Heath Unfiltered, Dark History, Hacks on Tap, and Spitballers.
Audioboom also launched its key advertising technology, including inventory creation tool, AdRip, and its global automated advertising marketplace, Showcase.
For the rest of 2022, the company says its “set to be another successful year for Audioboom with continued revenue expansion and growth in profitability.”
Audioboom has noted record sales in Q1 with a 107% increase in revenue from Q1 2021 amounting to $19.7m and adjusted EBITDA of $900,000.
Stuart Last, CEO of Audioboom, commented, “I am delighted to report on a defining year for the business which saw top-line growth of 125%, our maiden EBITDA and net profit, and the transformation of shareholder value.”
“Our phenomenal performance has positioned us as the world’s leading pure-play podcast business and increased our market-share significantly. Our innovation led to the launch of new best-in-class advertising technology tools, the scaling of our platform and new levels of success for our creator partners and advertisers.”
“Our ambition is to build the world’s leading podcasting business, and I am delighted with the start we have made in 2022 and look forward to the future with confidence. I would like to thank our creators, clients, customers and partners, as well as our incredibly talented Audioboom team and our supportive shareholders as we look forward to another exciting and successful year.”
Audioboom shares have dropped 0.7% to 2,035 despite fantastic results in FY21 on Monday.