Podcast company Audioboom has posted a sharp rise in revenue for the year after ramping up its share of advertising spend in the rapidly growing audio market.
The Aim-listed firm reported a 91 per cent increase in revenue to $22.2m (£16.9m) in the year to the end of December, while its loss before interest, tax, depreciation and amortisation was $3m, down from $4.7m in 2018.
Audioboom, which hosts podcasts including the Totally Football Show and Sue Perkins: An hour or so with…, hailed an “incredible” year and said it had exceeded market expectations for the first time in its history.
However, shares in the company dipped just over two per cent as the rate of revenue growth slowed compared to the first half of the year.
Audioboom boosted its brand advertisers count and increased global revenue per 1,000 downloads in the final month of the year. It has also benefitted from its focus on premium content, where advertising impressions rose 60 per cent to 1.6bn.
“Once again we outpaced the industry and enhanced our position as a global leader in podcasting,” said chief executive Stuart Last.
“As we look ahead, Audioboom will seek to increase its share of advertising spend in the core US market, as well as the UK, by focusing on our acquisition of premium content.
“We will also invest in the growth of our Audioboom Originals Network; expanding our studio and production facilities, increasing our podcast IP, hiring top production talent, and launching more than 10 new shows in 2020.”
While Audioboom is still yet to turn a profit, it has pared down its loss significantly over the last year through a cost-cutting plan.
Earlier this year the podcast platform opened two new production studios in New York as it looks to expand its slate of original shows.