TIDMBOOM
RNS Number : 9708I
Audioboom Group PLC
07 April 2020
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Q1 Trading Update
Record first quarter revenue of US$6.4 million
Audioboom (AIM: BOOM), the leading global podcast company, is
pleased to provide an update on trading for the quarter ended 31
March 2020.
Financial and operating highlights
-- Q1 2020 revenue of c.US$6.4 million, up 40% on Q1 2019 (US$4.6 million)
-- Brand advertiser count of 271 as at 31 March 2020, up 52% on 31 March 2019 (178)
-- Global revenue per 1,000 downloads (eCPM) for March 2020
increased to US$38.40, up 81% on the same period last year (March
2019: US$21.24)
-- Q1 2020 available premium advertising impressions were 442
million, up 45% from the same period last year (Q1 2019: 305
million)
-- Cash position as at 31 March 2020 was US$0.8 million (31
December 2019: US$2.0 million; 31 March 2019: US $1.7 million)
-- In February 2020, Audioboom entered into a two-year US$4
million secured loan facility arrangement with SPV Investments Ltd,
providing sufficient headroom to fund the Company and its growth
strategy through to forecast sustainable cash positive generation
on a monthly basis. As of 31 March 2020, this debt facility had not
been utilised and remains available for drawdown
Key commercial developments
-- Expansion of the Audioboom Originals Network with the launch
of For All Moms, Life's Little Mysteries, Noise Cancelling and
Here's The Sitch
-- Co-production partnership established with Future Publishing,
to create and launch three original content podcasts in 2020
focused on technology, science and video games
-- Renewed partnership with a Tier 1 podcast partner, with SPV
Investments Ltd providing a financial guarantee on the Company's
contractual commitments - this partnership is expected to deliver
material revenue for the Company during 2020 and beyond
-- Entered into new distribution partnerships with Pandora (81
million active monthly users) and Amazon Music (65 million active
monthly users), and expanded existing distribution partnership with
Saavn
-- Moved to the IAB V2 certified measurement standard via our
technology partnership with Voxnest to provide greater transparency
to our advertising sales partners
-- Retained Raine Advisors Limited as financial adviser in
relation to examining strategic options for the Company, and
subsequently established a formal sale process pursuant to the
Takeover Code. The process is continuing and the Board is pleased
with the level of buyer interest and interaction and will continue
to evaluate the impact of Covid-19 on the process over the coming
weeks
Stuart Last, CEO of Audioboom, commented: " I'm delighted that
we have continued our momentum into 2020, delivering results ahead
of management's expectations, and growing our market position.
However, this quarter was about more than just our direct financial
results, it was about creating long-term value for the business
through new initiatives and partnerships.
"During the first quarter, we launched four new Audioboom
Originals, further focusing the business on content and creativity.
We established new distribution partnerships with Amazon Music and
Pandora, which will allow Audioboom Originals, our publisher
partners and our brand advertisers to connect with new podcast
audiences. We adopted the IAB's V2 measurement standard, which
enhances our relationship with the advertising and brand community.
Additionally, the commitment of our Chairman and major shareholder,
through the provision of a loan facility, gives us the ability to
plan for longer-term growth.
"We are still developing an understanding of how Covid-19 will
impact podcasting. Early indications are that we will see more
caution from advertisers during Q2, although they remain committed
to the podcast medium by increasing their levels of long-term
support for proven networks. The Board will continue to monitor
these developments closely, but believes that Audioboom remains in
a strong position."
Enquiries
Audioboom Group plc
Stuart Last, Chief Executive Officer Tel: +44(0)20 7403
Brad Clarke, Chief Financial Officer 6688
Allenby Capital Limited (Nominated adviser Tel: +44(0)20 3328
and Broker) 5656
David Hart/Alex Brearley/Asha Chotai
Tel: +44(0)20 7933
Walbrook PR Limited (PR & IR Advisers) 8780
Nick Rome/Tom Cooper or audioboom@walbrookpr.com
About Audioboom
Audioboom is the leading global podcast company, consolidating
the business of on-demand audio, making content accessible,
wide-reaching and profitable for podcasters, advertisers and
brands. Audioboom operates internationally, with operations and
global partnerships across North America, Europe, Asia and
Australia, and addresses the issue of disparate podcast services by
putting all of the pieces of the puzzle together under one
umbrella, creating a user-friendly, economical experience.
Audioboom hosts over 13,000 content channels, with key partners
including A+E Networks (US), Associated Press (US), 'Astonishing
Legends' (US), 'Casefile True Crime' (AUS), Edith Bowman (UK),
'Felon True Crime Podcast' (AUS), Jonathan Ross (UK), 'Moneycontrol
Podcast' (India), 'No Such Thing As A Fish' (UK), Red FM (India),
Starburns Audio (US), 'The Cycling Podcast' (UK), 'The Totally
Football Show' (UK), 'The True Geordie Podcast' (UK) and
'Undisclosed' (US).
Original content produced by Audioboom includes 'The 45th' (US),
' Covert ' (US), 'I Almost Knew That' (India), 'The Psychology
Behind with Dr Linda Papadopoulos' (UK), ' Ctrl Alt Win Podcast '
(India), 'Deliberations' (US), 'It's Happening with Snooki &
Joey' (US), ' Mafia ' (US), 'Mission To Zyxx' (US),' Night Call'
(US) and ' The Russell Brand Podcast ' (UK).
The platform receives over 60 million listens per month and
allows partners to share their content via Apple Podcasts,
BookMyShow, Deezer, Google Podcasts, iHeartRadio, RadioPublic,
Saavn, Spotify, Stitcher, Facebook and Twitter as well as their own
websites and mobile apps.
For more information, visit audioboom.com.
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END
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