Podcast platform Audioboom today said it boosted its revenues to become America’s fourth largest publisher, but its boss has hinted at mass job layoffs.
The company’s chief executive however hinted that job cuts could be on the horizon as vowed to control costs and “restructure” Audioboom’s sales team.
The online distribution platform said its revenues increased 25 per cent, from £48.6m ($60.3m) in 2021 to £60m ($75.5m) in 2022.
The uptick in revenues meant Audioboom’s earnings before interest, tax, depreciation, and amortisation, (EBITDA) jump 16 per cent, to $3.6m.
Audioboom chief executive Stuart Last however warned that the podcast company’s growth “was restricted by global economic headwinds, which negatively impacted the wider advertising market.”
Still, Last noted that Audioboom’s revenue growth “once again outpaced our competitors” and saw it gain market share.
PwC had previously forecast the US podcasting industry would post growth of 15 per cent year on year from 2021 to 2022.
Audioboom’s revenue growth saw the London headquartered firm become the US’ “fourth largest publisher,” the chief executive said.
Looking forwards, Last set out plans to “restructure” Audioboom’s sales organization, as he vowed to “focus on controlling costs” and operate “with a lean team” in 2023.
The chief executive said the firm is now “focused on ensuring that the Company is structurally resilient” as he noted the podcast company has built a record $8.1m cash reserves – which he said would be “critical during uncertain economic periods.”