Audioboom, the listed podcast platform, has reported a decline in revenue, along with a full-year EBITDA loss. Total sales for the 12 months ended 31st December 2023 fell from $74.9m in 2022 to $65 million. In comparison, the adjusted EBITDA loss was $1.5m against the $3.6m profit in the prior year. Despite this, the company has reported a return to revenue growth, EBITDA profitability, and cash generation in Q4, which saw revenue surge to $19.2m, a 37% increase from Q3 2023 and a 5% increase from Q4 2022. The company has already contracted revenue of over $47m for 2024 through advance bookings, while Audiboom has launched a brand advertising unit and AdVet proprietary tool for creators that reduce advertising booking times by more than 60%. Stuart Last, CEO of Audioboom, said, “I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments.”
The company’s expansion and diversification of its customer base through its brand sales unit have resulted in new commercial partnerships with leading advertising agencies, thus raising the number of ads slots and ad impressions being made available for sale to customers. The operational improvements have positioned Audioboom to maximise value from advertisers in 2024. The company expects a record revenue for 2024. As Last stated, “Our Q4 revenue of over $19m is the highest since Q2 2022 and reflects the improvements we have made in the business across the year.” Such improvements have been timely during a positive ‘upfronts’ advertising season, according to Audioboom.
