The podcast industry sees a significant boost as the US election fever grips listeners, propelling Audioboom’s financial gains.
- Audioboom shares climbed nearly 19% owing to record-breaking revenue and profit amidst heightened demand for political content.
- The company reported $18.8m (£14.4m) in revenue for the third quarter, marking a notable increase from last year’s figures.
- Audioboom’s advertising platform, Showcase, achieved its highest quarterly revenue, illustrating strong operational execution.
- CEO Stuart Last expresses confidence as the company prepares for its strongest seasonal quarter, anticipating further growth.
Shares in Audioboom soared by almost 19% as the company experienced a surge in demand for podcast content, driven largely by the US election. This resulted in a record-breaking revenue and profit for the third quarter. The London-listed company disclosed a revenue of $18.8m (£14.4m), a significant increase compared to $14m (£10.7m) from the same period last year.
Audioboom’s third quarter was marked by profitability in terms of adjusted EBITDA, achieving a profit of $1m (£766,200). This represents the fourth consecutive quarter of EBITDA profitability, demonstrating consistent financial strength.
A pivotal factor in this financial performance was Audioboom’s advertising platform, Showcase, which generated its highest quarterly revenue ever at $7m (£5.4m), almost doubling from the previous year. This indicates a strong demand and effective monetization strategy by the company.
Stuart Last, Audioboom’s Chief Executive, expressed satisfaction with the company’s third-quarter performance, emphasizing the strong revenue growth. He stated, “I am delighted with Audioboom’s performance in Q3 2024, headlined by strong revenue and adjusted EBITDA growth, and underpinned by a robust business model.”
Looking forward to the next quarter, Last anticipates further growth, citing increased advertisement demand related to sporting events and holiday seasons, alongside the US election. The company’s political and news programmes have seen audience numbers increase by over 34%. This growth is expected to further translate into revenue, capitalising on the heightened interest in election coverage.
Audioboom is poised for continued financial success, driven by strategic advertising and content expansion in an election-charged market.
