Tuesday 22 June 2021 9:42 am

Audioboom hikes revenue forecasts as podcast ads boom

Audioboom has hiked its revenue forecasts for the full year after cashing in on strong advertising sales across its podcasting platform.

The London-listed company said signed advertising bookings had already hit 99 per cent of its overall expectations for the whole of 2021.

As a result, the firm expects revenue to be “significantly” ahead of market expectations, while adjusted earnings are also set to be higher than previously forecast.

It comes after Audioboom, which hosts and distributes podcasts including No Such Thing As A Fish and Sue Perkins: An Hour Or So With, posted its first ever profit in the first quarter.

The platform has cashed in on growing interest in podcasts, ramping up the prices it charges for premium ad spots.

It has also expanded its portfolio of original shows. Its recently-launched true crime podcast Dark History hit number 1 on the Apple podcast chart in the US, UK, Canada and Australia and has racked up more than 2m listens for its first episode.

Despite the upbeat update shares in Audioboom, which is backed by property tycoon Nick Candy, dipped marginally in early trading.

However, the company’s stock has grown more than fourfold in the last six months alone and in May it was added to the MSCI Micro-Cap Index.