Audioboom saw its sales rocket in the past year, as scores of listeners spent more time at home tuning into podcasts.
The London-listed company saw its revenues swell to £19.7million, which is around a fifth higher than back in 2019.
In the last three months of 2020, the company saw record breaking growth, with revenue up by a quarter.
Audioboom is backed by property guru Nick Candy, pictured here with his wife, Holly
The boost in revenue means Audioboom, which is backed by property guru Nick Candy, narrowed its losses from around £2.18million to £1.32million.
Revenue per 1,000 downloads increased by a third in the past year, while the number of advertisers opting to use Audioboom to bolster sales increased by 11 per cent year-on-year.
On the back on its strong results, shares in AIM-listed Audioboom rose over 10 per cent yesterday and today the group’s share price is down 0.84 per cent or 2.55 points to 302.45p. A year ago, the company’s share price was 237.50p.
Audioboom’s boss Stuart Last, said: ‘I am delighted that the company continues to perform well on all fronts despite one of the most challenging years in history.’
He added: ‘In 2021, we will continue to scale our content operation, partnering with leading independent podcasts and investing in our in-house production arm.
‘We see significant potential in emerging revenue streams that utilise our ad tech platform, including programmatic and international sales.’
The upbeat update emerged after the group offloaded a 10 per cent stake in its business to Singapore-based technology investment firm, One Nine Two, last year.
The sale of this slice of the business helped Audioboom raise £3million, which the company has ploughed into bolstering its original programming schedule.
Audioboom has surged in popularity in recent years and hosts an array of podcasts.
Its ‘originals’ podcasts include one with broadcaster Sue Perkins, and ‘After the Whistle’ with former rugby player Lewis Moody.
Other podcasters use the platform to publish episodes onto its platform and to others including Apple Podcasts and Spotify. This is Money’s podcast, produced in-house, is also published via Audioboom.
The company has around 13,000 ‘content channels’ which are listened to roughly 90million times every month.
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This post first appeared on Dailymail.co.uk
