Audioboom sales fall 20 per cent as it ramps up advertising capacity
Audioboom has posted a drop in revenue due to the fragile advertising market and the continuing impact from the loss of a hit show last year.
The London-based podcasting platform said today that revenues for the first nine months of the year fell to $45.8m (£37.6m), down from $57.1m in the same period in 2022.
Shares fell nearly three per cent on Monday morning as the company reported an adjusted loss of $1.7m (£1.4m).
It blamed the almost 20 per cent decline on the advertising downturn and the loss of a popular true crime podcast, Morbid, to rival American network Wondery in May last year, which has proved to be a big loss for the company.
Ranked as the fifth largest podcast publisher in the US by Edison Research, Audioboom it saw its highest ever average monthly downloads of 126.6m, up 18 per cent year on year.
It plans to capitalise on its growing audience and capture the advertising demand by making a record 1 billion ad impressions available for sale in October, compared with 675m last October.
Chief executive Stuart Last said: “Our milestone of creating 1 billion sellable advertising impressions in October is the result of changes to our inventory creation process, further development of our Showcase marketplace, and the continued growth of the Audioboom Creator Network.
“This positions us to capture maximum advertiser demand, deliver more than $19 million of revenue in Q4 2023, and puts us on a path to record annual revenue in 2024.”