Audioboom (AIM: BOOM), the leading global podcast company, is pleased to announce its unaudited half-year results for the six months ended 30 June 2021.
Financial Highlights and KPIs
· Record H1 revenue of US$22.8 million, up 93% on H1 2020 (US$11.8 million). Year-on-year growth outpaced the predicted wider annual industry average growth by 55%*
· Record Q2 revenue of US$13.3 million, up 144% on Q2 2020 (US$5.4million) and up 39% on Q1 2021 (US$9.5 million)
· Adjusted EBITDA** profit of US$0.2 million (H1 2020: US$1.2 million loss)
· Group loss for the period significantly reduced to US$0.46 million (H1 2020: US$2.0 million loss)
· Average Q2 global monthly downloads increased to 92.1 million, up 25% on Q2 2020 (73.5 million). Global downloads in June 2021 reached 92.8 million
· Average Q2 brand advertiser count of 326, up 27% on Q2 2020 (256)
· Average global revenue per 1,000 downloads (eCPM) increased to US$50.73 in Q2 2021, up 92% (Q2 2020: US$26.41)
· Access to capital of US$4.8 million as at 30 June 2021, represented by Group cash of US$1.5 million and US$3.3 million of the non-revolving loan facility with SPV Investments Limited remaining available
· Continued strong trading, with the Company having now signed advertising bookings representing over 90% of the Board’s revenue expectations for the Group for 2021
· Expansion of the Audioboom Originals Network through show launches with influential US talent including Rainn Wilson (Dark Air), Lindsey Chrisley (The Southern Tea), Colleen Ballinger (RELAX!) and Bailey Sarian (Dark History). In June 2021, Dark History achieved Number 1 status on the Apple and Spotify podcast charts globally, including in the US, UK, Australia and Canada
· New commercial partnerships with top tier podcasts including: Zane & Heath Unfiltered, Hacks on Tap with CNN’s David Axelrod, Wafflin’ with Joe Weller, and Curbsiders
· New global sales partnerships to optimise revenue generation with MAPP Media (UK), Australian Radio Network (Australia) and Ideabrew Studios (India)
· Launched new advertising technology, including a tool for podcasters to automate the replacement of embedded live read advertising with real-time dynamic advertising, in order to re-monetise back catalogue content
· Climbed to fourth position (previously sixth) in Triton Digital’s March 2021 ranker of the largest US podcast publishers by number of average weekly users
* Interactive Advertising Bureau’s May 2021 Podcast Advertising Revenue Study states that US podcast advertising revenue is expected to grow by 60% in 2021 relative to 2020
** Earnings before interest, tax, depreciation, amortisation, share based payments, non-cash foreign exchange movements and material one-off items
Stuart Last, CEO of Audioboom, commented:
“After a breakthrough first quarter of 2021 in which the Company reported a maiden adjusted EBITDA profit, the story of the second quarter is of accelerated revenue and EBITDA growth as our content-focused expansion strategy delivered increased value to the business.
We have made a strong impact on the industry and podcast audiences during this period through our Audioboom Originals Network launches, which has increased our standing in the industry as podcast creators. Dark History, RELAX!, The Southern Tea and Dark Airwith Terry Carnation have all been commercial successes, with Dark History leading the charge as it hit number 1 on both the Apple and Spotify charts globally in June 2021.
The financial progress Audioboom has made will enable us to further invest in key areas of the business as we move into the second half of 2021. Expansion of our podcast production operation and the development of new advertising technologies are priorities, and we anticipate that both will deliver further growth opportunities for the remainder of this year and beyond.
Audioboom is a leader in podcasting globally, and the performance in the first half highlights that the Group is increasingly capitalising on this market position to the benefit of shareholders – thank you for your support.”
Audioboom Group plc
Stuart Last, Chief Executive Officer
Brad Clarke, Chief Financial Officer
Tel: +44(0)300 303 3765
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