Audioboom has posted a huge rise in revenue in the first six months of the year as it continues to cash in on advertising in the lucrative podcast market.
The Aim-listed company reported first-half revenue of $9.8m (£7.9m), a huge increase on the $3.6m posted in the same period last year.
Audioboom, which hosts podcasts from celebrities including Jonathan Ross and Heston Blumenthal, also slashed its overall loss by almost 50 per cent to $2.8m following a cost-cutting plan.
The bumper trading reflects sharp growth in the podcasting market, as advertisers look to tap into the format’s highly-targeted audiences.
But Audioboom said its first-half growth outstripped the wider market, as it grew its roster of advertisers and beefed up average revenue per 1,000 listens.
“Considering the potential marketplace we are creating, with a record 135m individuals listening to at least one Audioboom podcast in June, this global reach presents many possibilities within the global digital marketplace,” said chief executive Rob Proctor.
“This platform will create new commercial opportunities as podcasting and audio continue to attract global investors.”
Audioboom, which hosts over 13,000 content channels, said it has slashed costs through its line of original shows. The firm last week opened two new production studios in New York, doubling its production capacity.
The podcast platform has also continued its partnership with official Formula 1 show Beyond the Grid, as well as popular true crime series Undisclosed.
Audioboom said its forward sales for the second half are already at record levels, and said it expected continued strong performance for the rest of the year.
The firm will be hoping for continued growth in on-demand listening, which has attracted attention from major streaming firms.
Spotify has been ramping up its presence in the podcast market with a string of acquisitions in recent months, while Apple is reportedly exploring plans to create original podcasts exclusively for its users, in a move that could shake-up the industry.
Research published last month by podcast agency 4DC revealed podcast listeners outspend their peers by as much as 179 per cent, with the starkest contrast found among millennials.
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