Podcast platform Audioboom reported revenues quadrupled in the first half year-on-year as user numbers at the Aim-listed firm doubled.
Revenues increased to £1.8m in the six months up to the end of May, up by 460 per cent from £329,000 in the first half of last year..
The firm said it has booked £4m for 2017, including first-half revenues, in line with market expectations
Programmatic advertising accounted for around five per cent of total revenue during the first half, the firm reported.
Monthly unique users reached 81m in May 2017, up from 34m at the same point last year. Total unique file requests in the first half (including streams and downloads) reached 325m, up from 247m in the latest comparable quarter, the second half of 2016.
Net cash at the end of May was £3.25m, after it raised £5.3m from investors.
Audioboom's shares were up 13 per cent at 2.26p in early afternoon trading.
Why it’s interesting
The wonderful world of podcasts has enjoyed a stunning surge in recent years on the back of big names in radio as well as hit shows like Serial. Audioboom is riding that wave.
Indeed, the Aim-listed company with the best ticker in the business (BOOM) has got a piece of the Serial action with an unofficial spin-off podcast, Undisclosed. But that is just the tip of the iceberg: content partner channels (of which City A.M. has one) have now reached more than 11,000, up from 8,000 last year.
Like many Aim-listed companies, Audioboom has had a volatile year of ups and downs, but it seems its leadership wants more, with acquisitions pointing to a future beyond podcasting in the growing world of voice-controlled technology.
It acquired natural language processing and artificial intelligence development company SONR News for £1.43m in February, suggesting it has set its sights on more than just commuters listening to podcasts.
What Audioboom said
Rob Proctor, chief executive of AudioBoom, said:
We are now delivering on our potential and are well positioned to lead our emerging industry on the international stage with a strong balance sheet to fund the business through to profitability.
Audioboom has focused on its original content production during this period, which is vitally important as we look to create our own IP and increase our overall gross margins.
I believe that our overall strategy of content acquisition, content creation and media sales is being further validated by the rapid rise in voice activated, hands-free, screen-free, internet search requests via digital home assistants, such as Amazon Echo and Microsoft's Cortana.
For now Audioboom is a podcast platform firm, and the wave of expansion in a still nascent industry has driven impressive revenue growth.