The Audioboom Group PLC (LON: BOOM) share price spiked 6.85% higher after releasing the final audited results for the year ended 31 December 2022. The company generated revenues worth US$74.9 million, marking a 24% improvement to 2021’s US$60.3 million.
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The leading global podcast company revealed that its pretax profits rose 15% to US$3.6 million compared to 2021’s US$3.1 million. In addition, the company told investors its impressive revenue growth of 24% outlined above was much higher than the industry average of 15%.
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Audioboom revealed that global average monthly podcast downloads had surged 19% to 117.1 million versus last year’s average of 98.2 million. In addition, the firm’s monthly advertisers rose to 5,257, marking a 60% increase from 2021’s 3,278 advertisers.
The company was ranked the fourth largest podcast publisher in the United States in the twelve months from October 2021 to September 2022, ranking closely behind Spotify, SiriusXM and iHeartMedia.
After the reporting period ended, Audioboom’s audience soared to 36 million unique users in February 2023. In addition, the average monthly downloads for January and February 2023 rose 10% to 122.2 million compared to 110.9 million in Q4 2022.
The global podcast company also renewed its multi-year production, technology, and commercial partnership with Formula 1, where Audioboom will produce, distribute and monetise official F1 podcasts up to 2025.
Audioboom has already secured revenues worth $50 million through contracts for 2023, marking a great start to the year.
Stuart Last, CEO of Audioboom, commented: “The story of 2022 was of record revenue, record adjusted EBITDA profit, and record cash generation for Audioboom. We increased our market share considerably, continued on our mission to power podcasting for creators and brands, and we expanded our creator network diluting revenue concentration amongst our top tier of podcast creators. Our progress was limited by an advertising market that weakened throughout the year due to macroeconomic conditions, but I am pleased with our performance and remain confident in our future.”
*This is not investment advice.
The Audioboom (BOOM) share price.
The Audioboom share price spiked 6.85% higher to trade at 475.50p, from Wednesday’s closing price of 445.00p.
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