Audioboom returned to revenue growth in the last quarter of 2023, with the firm targeting ‘record’ sales this year thanks to an improving outlook for the advertising market.
The London-listed podcast publisher, which is one of the largest in the United States, revealed revenue growth of 37 per cent in the last quarter to $19.2million (£15.1million), and year-on-year growth of 5 per cent.
The fourth-quarter helped revive Audioboom’s fortunes, but overall revenue for 2023 was still down from $74.9million to $65million (£51million).
The London-based firm also added that overall revenue for 2023 was down to $65million (£51million) from $74.9million in 2022
The group’s global monthly downloads were slightly down to 110.1 million.
The business revealed this was due to Apple removing its auto-download feature, which has had an effect on the ‘wider podcast industry’, with numbers expected to decline by 10 per cent.
Audioboom said it anticipates record revenue in 2024, with operational improvements, such as a ‘significant reduction in minimum guarantee obligations’, and a return to adjusted earnings profitability.
Stuart Last, CEO of Audioboom, added: ‘I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments during the upfronts booking season, resulting in us contracting more than $47 million of revenue for 2024 through advance bookings.’
In October, the firm saw a hefty drop in revenue following a slump in the advertising market and the loss of a hit show.
The firm revealed turnover fell by around a fifth to $45.8million (£37.6million) for the opening nine months of 2023.
Much of the decline was caused by the departure of true crime anthology series Morbid to rival network Wondery in May 2022 after the pair agreed to an advertising sales and one-week windowing contract.
Not only was Morbid the London-based company’s most popular podcast, with about 30 million monthly downloads, it provided around 20 per cent of its business.
Audioboom shares were down 3.85 per cent to 312.50p in Monday midday trading.
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