Audioboom revenue rises though US costs weigh on its earnings

 
Rebecca Smith
Audioboom's boss said he thinks podcasting will be a $1bn industry in the next few years
Audioboom's boss said he thinks podcasting will be a $1bn industry in the next few years (Source: Getty)

​Audioboom has announced revenue ahead of expectation for 2016, rising £1.1m to £1.3m.

The podcast maker has still posted a loss of £4.6m, though that is a £1.1m improvement on 2015.

Read more: Audioboom! Shares in podcast firm rocket up 15 per cent

The company, which has noted a rise in direct costs from increasing investment in the US, has invested in extra headcount to accelerate financial growth for the year, with a bolstered balance sheet off the back of its recent £4.5m fundraising.

Rob Proctor, chief executive of Audioboom, said:

Over 75m people listened to a ‘Boom’ last month, showing that we are building a digital media platform that continues to grow at a tremendous rate. The podcasting industry is growing rapidly and Audioboom is well positioned to take advantage of this development, matching targeted advertising to audiences.

The Alternative Investment Market-quoted firm also said advertising impressions have grown to a total of 242m in 2016, up from 44m in 2015.

Total unique file requests, effectively the user appetite for Audioboom-hosted podcasts for the year, are up 430m, rising 145 per cent from 174m in 2015.

Last month the company revealed its newest investor was a venture capital fund that has backed the likes of Jennifer Lopez, the Rolling Stones and Eric Clapton.

Edge Investments, a UK investor into "the creative industries", poured £500,000 into the podcast firm.

Read more: Developing a new Edge? Audioboom gets popstar fund backing

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