Podcast giant Acast doubles revenue as on-demand listening grows
Podcast giant Acast doubled its revenue last year as it racked up almost 2bn listens on its growing portfolio of shows.
The Stockholm-based firm, which helps podcast makers distribute and monetise their shows, reported revenue of 361m Swedish krona (£29m) in 2019, up from 180m krona the previous year.
Acast, whose shows include the Adam Buxton podcast and My Dad Wrote a Porno, said the growth was driven by strong performance in its key markets.
The Americas grew 148 per cent, while its European business was up 91 per cent.
The firm’s operating expenses soared 74 per cent as it almost doubled headcount and poured money into developing its proprietary technology.
Acast is yet to turn a profit, but the company said it had improved its loss margin and was on track to achieve profitability.
The figures, which continue Acast’s run of doubling revenue year on year, came as the firm increased the number of shows on its platform to more than 10,000.
Acast’s shows secured 1.9bn listens over the year across 195 countries, as the booming popularity of on-demand listening shows no signs of slowing down.
Last year the company secured deals with CBC and PBS — public broadcasters in Canada and the US respectively — to host their podcasts. Acast is already the BBC’s commercial partner for its audio content outside the UK.
Acast, which has cemented its position as the market leader in podcasting, has also opened a new content development arm to develop its own programming.
Its first show — The Score: Bank Robber Diaries — has already secured 1.25m listeners globally.
Acast also opened three new offices over the year and acquired New York-based podcast platform Pippa.
Acast said it did not expect an impact to its products and services as a result of the coronavirus outbreak.
While the podcast industry could suffer a fall in listener numbers due to a sharp drop in commuting, there has also been a surge in new shows about the pandemic.
However, Acast is likely to face a squeeze on advertising revenue as brands cut their spend during the economic downturn.
“2019 was a tremendous year for Acast,” said chief executive Ross Adams. “We’ve firmly cemented our position as the world’s most significant podcast company in every sense – listens, creators and revenue.”