Audioboom delivers record revenues in Q1

Podcast company Audioboom said on Monday that it had delivered record first-quarter revenues and underlying earnings, driven by the "continued growth" of Showcase, the firm's global advertising marketplace.

Audioboom said on Monday that quarterly revenues rose 107% to $19.7m, leading to $900,000 in first-quarter underlying earnings, up from $300,000 at the same time a year earlier.

Average global monthly downloads increased for the ninth successive quarter to 126.2m, up 45% year-on-year, while global downloads in March reached a record high of 131.0m.

The AIM-listed firm also said average brand advertiser count in the quarter was up 26% at 379, while average global revenue per 1,000 downloads increased to $50.48, up 25%.

Audioboom cited the continued growth of Showcase for much of the strong showing, with revenue from advertising technology in Q1 being more than 150% greater than in the same period in 2021, and now contributing more than 11% to group revenue

Looking forward, Audioboom stated it had contracted revenue in excess of $60.5m for 2022 through advance advertising bookings, surpassing 2021's total full-year revenue of $60.2m.

As of 0930 BST, Audioboom shares were down 5.85% at 1,930.0p.