TIDMBOOM
RNS Number : 6355S
Audioboom Group PLC
18 March 2021
This announcement contains inside information as stipulated
under the UK Market Abuse Regulations ("MAR").
18 March 2021
Audioboom Group plc
("Audioboom", the "Company" or the "Group")
Final audited results for the year ended 31 December 2020
Audioboom (AIM: BOOM), the leading global podcast company, is
pleased to announce its final audited results for the year ended 31
December 2020.
HIGHLIGHTS FOR THE YEARED 31 DECEMBER 2020
Financial and operating highlights
-- 2020 revenue of US$26.8 million, up 20% on 2019 (US$22.3
million). Year-on-year growth outpaced the predicted wider industry
average growth by 93% (1)
-- Adjusted EBITDA ( (2) loss of US$1.7 million represents an
improvement of 42% on 2019 (US$3.0 million loss)
-- Brand advertiser count of 311 as at 31 December 2020, up 11% on December 2019 (280)
-- Global revenue per 1,000 downloads (eCPM) for December 2020
increased to US$38.99, up 32% (December 2019: US$29.60)
-- Continued strong improvement in performance related to our ad
technology, with revenue from our automated ad network in 2020 of
US$2.5 million, up 258% on 2019 (US$0.7 million)
-- Access to capital of US$6.6 million as at 31 December 2020,
representing Group cash of US$3.3 million and US$3.3 million of the
SPV loan facility remaining undrawn. US$0.7 million of the
previously drawn non-revolving SPV loan was repaid to SPV
Investments Limited in November 2020
Key commercial developments
-- Continued expansion of the Audioboom Originals Network with
the launch of Raising A Pro, Crime Weekly (a co-production with
Main Event Media) and RELAX! with Colleen Ballinger and Erik
Stocklin
-- Enhanced our premium sales network through new commercial
partnerships with leading podcasts including The Fantasy
Footballers, Strange & Unexplained, Hoot and a Half, That Gaby
Roslin Podcast, Meditation Minis, and Team Never Quit
-- Entered or renewed several strategic partnerships focused on
enhancing distribution, data and monetisation. With the impact of
Covid-19, these partnerships became even more important in
bolstering Audioboom's operations and maximising resilience to the
global pandemic
Post year end highlights
-- Extended co-production and commercial partnership with
Formula 1 until 2023. Audioboom will produce the F1: Beyond The
Grid and F1 Nation podcasts, and provide exclusive advertising
sales services
-- Climbed to 5th largest US podcast publisher, and retained
position as largest international podcast publisher in Australia,
in January 2021's Triton Digital Podcast Report
-- Strong start to 2021 having already signed advertising
bookings representing over 80% of the current market forecast for
2021 Group revenue - further details will be provided in Q1 trading
update which is expected to be released on 14 April 2021
1) eMarketers August 2020 Podcast Advertising Revenue Report
states that US podcast advertising revenue was expected to grow by
10.4% in 2020 relative to 2019
2) 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: " In 2020 Audioboom
strengthened its position as one of the largest independent podcast
companies in the world, delivered record revenue and EBITDA
performance and put profitability in sight. The business has
delivered this growth despite the challenges we faced as Covid-19
disrupted global media, but our resilience and continued progress
in the face of the pandemic is testament to the strength of our
business model and operations.
We have expanded globally through strategic regional
partnerships, seen impressive growth in revenue from our
advertising tech, and launched creatively impactful Audioboom
Original programming. Most importantly, our combination of content,
monetisation and technology is unique amongst our peers and is the
driving force behind our growth.
2021 is set to be a breakthrough year for Audioboom as we move
the business towards the milestone of positive EBITDA. I am
delighted with the start we have made towards our goal with the
Company already signing advertising bookings representing more than
80% of the current market expectations as to revenue for the full
year, and I look forward to providing an update on further progress
in our Q1 trading update in April. "
Enquiries
Audioboom Group plc Tel: +44(0)300 303
3765
Stuart Last, Chief Executive Officer
Brad Clarke, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser Tel: +44(0)20 3328
and Broker) 5656
David Hart /Alex Brearley/Asha Chotai
(Corporate Finance)
David Johnson (Corporate Broking and Equity
Sales)
About Audioboom
Audioboom is a global leader in podcasting - our shows are
downloaded more than 85 million times each month by 25 million
unique listeners around the world. Audioboom is ranked as the fifth
largest podcast publisher in the US by Triton Digital.
Audioboom's ad-tech and monetisation platform underpins a
scalable content business that provides commercial services for a
premium network of 250 top tier podcasts, with key partners
including 'Casefile True Crime' (US), 'Morbid' (US), 'True Crime
Obsessed' (US), 'The Morning Toast' (US), 'No Such Thing As A Fish'
(UK), and 'The Cycling Podcast' (UK).
The Audioboom Originals Network is a slate of content developed
and produced by Audioboom including 'Baby Mamas No Dramas',
'Covert', 'It's Happening with Snooki & Joey', 'Mafia',
'Huddled Masses' and 'What Makes A Killer'.
Audioboom operates internationally, with operations and global
partnerships across North America, Europe, Asia and Australia. For
more information, visit audioboom.com. The platform allows content
to be distributed via Apple Podcasts, Spotify, Pandora, Amazon
Music, Deezer, Google Podcasts, iHeartRadio, RadioPublic, Saavn,
Stitcher, Facebook and Twitter as well as a partner's own websites
and mobile apps. For more information, visit audioboom.com.
CHAIRMAN'S STATEMENT
I am pleased to present this Chairman's Statement which reflects
upon a particularly strong performance in 2020 and a very promising
start to 2021, and looks forward to a bright future for your
Company.
Against the inescapable backdrop of Covid-19, the Company proved
the strength of its business model with a robust response to the
global pandemic resulting in impressive growth in all KPIs, a
material increase in revenue, a substantially reduced EBITDA loss,
and market expectations exceeded for the second year in
succession.
It is testament to the efforts of the management team and all
staff that growth in the year once again outpaced - almost doubling
- that of the wider podcasting industry (which itself continues to
expand materially), leading to increased market share and further
cementing the Company's position as one of the world's largest
independent podcast companies in an industry that is rapidly
maturing into mainstream media.
In his CEO Review, Stuart Last provides further detail around
the Company's strategy and focus, component parts of the business,
operational and financial performance, the strong start to 2021 and
the outlook for the future.
I was pleased, personally, to be able to further support the
Company, along with Candy Ventures sarl (our largest shareholder)
and via SPV Investments Limited, through the provision of a US$4
million loan facility early last year. In the circumstances, only
US$0.7 million was required to be drawn down and has since been
repaid, and the balance remains available should it be required
until the expiry of the facility in February 2022. In addition,
following the conclusion of the formal sales process in October,
the Company secured a further GBP3.15 million in equity growth
funding at a significant premium to the then prevailing share price
following an approach by a new investor. The funding and available
facilities have enabled, and will continue to allow, the Company to
acquire and retain high revenue producing, established podcasts and
talent, and to develop the Group's higher margin Audioboom
Originals Network, all of which will further drive performance. Not
only does this access to capital provide the headroom to fund
Audioboom through to sustainable positive cash flow generation, the
Board is increasingly confident, in light of the strong start to
the year, that it will reach that position during 2021 with
expectations for positive EBITDA for the year as a whole. At this
point the Company will have successfully taken control of its own
destiny.
I would like to take this opportunity to thank the entire
Audioboom team for their continuing professionalism and commitment,
and also to thank our shareholders and partners for their loyalty
and vision in supporting Audioboom as it continues to grow.
Michael Tobin OBE
Chairman
17 March 2021
CHIEF EXECUTIVE OFFICER'S REVIEW
Introduction
I am pleased to provide this report with the business in such a
strong position as our growth in 2020 once again outpaced that of
the wider podcast industry. In the year under review, we enhanced
our position as one of the biggest independent podcast companies in
the world, delivered record revenue and EBITDA performance and
profitability is now in sight.
The business has delivered this growth despite the challenges we
faced in 2020. Covid-19 disrupted global media, impacting audience
habits, advertising budgets and production operations throughout
the year, but our resilience and continued growth in the face of
the pandemic is testament to the strength of our business model,
operations and the wider industry.
We have expanded our global operations through strategic
regional partnerships, seen impressive growth in revenue from our
advertising tech, and launched creatively impactful Audioboom
Original programming. Most importantly, our combination of content,
monetisation and technology is unique amongst our peers and is the
driving force behind our growth.
The momentum we regained in the second half of last year has
continued into 2021, and the traditional seasonal drop-off in Q1
advertising demand has not materialised. We are sharply focused on
taking the Company to a position of positive EBITDA this year and
have made a very strong start towards achieving that objective. I
am pleased to offer an update on 2021 performance later in this
report, as a transformative year for Audioboom begins to take
shape.
Strategy
Between 2014 and 2018 Audioboom created a scalable technology
and monetisation platform for podcasting. The platform includes: a
hosting and distribution content management system; dynamic ad
insertion advertising tech; bespoke Salesforce-based revenue and
inventory management systems; an analytics toolset; and a premium
advertising sales unit.
The Audioboom platform is fully scalable. In 2020 it controlled
more than 9,000 podcast channels, delivering more than 85 million
downloads each month to more than 25 million unique users. The
scalability of the platform will drive the expansion of these
numbers without any material investment into technology being
required in the near term.
Audioboom's growth strategy is clear - scale monetisable content
on top of this platform. Over the past 18 months our team has
embraced this strategy and have executed it successfully, leading
to continued upward revenue and KPI trends. All near term
investment will be used to expand our content footprint.
Scaling content on to our platform is achieved in three ways;
acquiring content, creating content and accessing content.
1. Content Acquisition. Audioboom develops commercial
partnerships with existing independent podcast talent and content
networks, where we provide a full slate of professional services,
including exclusive advertising representation in our core US and
UK markets. Opportunity for accelerated content acquisition comes
via the Company's strong working relationships with the major
Hollywood talent agencies, including UTA, WME and CAA. Content
acquisition of high-quality Tier One podcasts (which may involve
payment of advances or minimum guarantees) delivers fast revenue
growth for the Company, through the sale of high-value,
high-engagement, embedded host endorsement advertising and
increasingly a second window of monetisation through ad tech and
dynamic ad insertion.
2. Content Creation. Audioboom's production and creative arm
develops original content through the Audioboom Originals Network,
and provides production services for major media and entertainment
brands like Formula 1. Audience and sales-trend data from our wider
business informs our show development strategy, with insights into
key growth genres and strong sales verticals. Content creation
requires up-front investment through content production costs,
facilities and audience acquisition spend, but creates strong
revenue growth at a higher gross margin, as well as further revenue
potential through IP opportunities, including television
adaptation, touring and merchandise sales.
3. Content Access. The Sonic Influencer Marketing platform
enables brands to connect with audiences across the entire
professional-level podcasting landscape. Sonic utilises top-tier
talent both within the Audioboom network and at all major podcast
networks globally, to deliver premium host endorsement advertising
campaigns to engaged audiences on behalf of their clients. Sonic
Influencer Marketing provides fast revenue growth to the Group,
albeit with a lower gross margin than Content Acquisition and
Content Creation.
Accelerated Revenue Growth
While we are focused on achieving a positive EBITDA position in
2021 through revenue growth and cost control, we have also
identified three key areas for investment once we reach
self-sustainability. This investment will build on our content
growth plans and provide accelerated revenue generation to the
Company:
Ad Tech Monetisation
Audioboom is a market leader in the sale of premium, high value
podcast advertising in which ad spots take the form of host
endorsements and are embedded into each episode during the
recording or editing process. CPMs for these premium units range
from US$20 to US$50, but this model does not utilise our ad-tech
for delivery.
Our Dynamic Ad Insertion (DAI) capabilities, whereby ad spots
are served to the listener at the point of download or playback,
have thus far been focused on monetising the long-tail of podcast
channels, relying on low-value programmatic advertising at CPMs
between US$5 and US$12.
We have identified an opportunity to develop a new second window
sales model, which sits between the premium and the programmatic.
In this model, embedded advertising is removed from an episode
after 90 days and is replaced by new ads through DAI. More than 40%
of Audioboom's downloads are from back catalogue content older than
90 days, with the potential to create more than 100 million new
available advertising impressions per month. Direct sales utilising
this approach yield CPMs ranging from US$10 to US$25.
We began exploring this model in 2020 with monetisation from our
ad tech growing 258% across the year. We will focus on new
international sales partnerships, ad technology development,
audience data access and growth of sales relationships to develop
this offering further and deliver increased value to our podcast
partners.
UK Production Arm
Since launching in 2018, Audioboom's production arm has been
focused on producing content for US-based audiences through its
studio complex in New York City. The nascent nature of the UK
podcast advertising market has, until recently, carried too much
risk for investing in content creation and audience acquisition.
However, we believe the market and sales model is now of a size and
strength to support investment in original content.
Furthermore, Audioboom has a unique capability to utilise
audience and sales data from its wider business to develop podcasts
with strong audience engagement. The UK podcast market is uncrowded
in comparison to the US, making discovery less challenging and
audience acquisition through paid marketing more efficient.
There is a gap in the UK market for a leading end-to-end
commercial podcast publisher - Audioboom will take advantage of
this opportunity through the creation of a new production unit.
Subscription Platform Growth
Audioboom's subscription platform, in which hobbyist and
enthusiast-level podcasters pay US$10 or US$20 per month to utilise
our professional hosting platform and toolset, provides significant
upside revenue opportunity.
Currently, more than 100,000 new podcasts are launched every
month globally, and each podcast needs a hosting platform in order
to publish content to listening apps. To date, Audioboom's
subscriber growth has been fully organic with no paid marketing or
investment in user acquisition.
Gross margins for our subscription platform are greater than
90%, and the lifetime value of a user is above US$250. We believe
there is strong potential to grow our subscription revenue through
targeted paid marketing.
Overview of the Market
The launch of Triton Digital's Podcast Reports in 2020,
alongside Podtrac's Podcast Ranker, highlighted the strong market
position Audioboom has established:
-- In May 2020 Audioboom entered Triton's report as the 6(th)
largest podcast publisher in the US, a position we maintained
across the year before rising to 5(th) position in the January 2021
report
-- Audioboom consistently ranked as the largest international
podcast publisher in Triton's Australian Podcast Ranker report
throughout the year
-- Audioboom would rank as the 4th largest podcast publisher on
a Global Downloads basis if the Company took part in Podtrac's
industry ranker
Audioboom has also continued to outpace the wider podcast
industry's rate of expansion. The Interactive Advertising Bureau
initially projected US market growth in 2020 of 29.6%, however this
was downgraded in an eMarketeers study as a result of Covid-19 to
10.4%. Audioboom expanded at almost twice the rate of the industry,
growing in 2020 by 20.2%.
Audioboom has outperformed the wider industry's growth in each
of the past three years. Since 2017 Audioboom has grown 80% faster
than the wider market. Our compound annual growth rate during this
time is 63.9% versus 35.7% for the industry.
Continued outperformance of the industry would see Audioboom's
market position and standings in the Triton Digital and Podtrac
rankers improve further, cementing our place as a global leader in
podcasting.
The podcast industry is expected to rebound quickly from
Covid-19. eMarketeers' revenue study projects market growth in 2021
of 45%. This growth will be chiefly driven by the increase in
consumption of podcast content in the US as highlighted in the most
recent Edison Research Infinite Dial study, with key audience data
points including:
-- A 17% yearly increase in the number of US adults who listen to podcasts each week
-- A 14% increase in the average number of episodes consumed by podcast listeners each week
Audioboom is well placed to take maximum advantage of industry
tailwinds.
2020 saw further consolidation across the industry, with notable
M&A activity including:
-- Spotify's acquisition of The Ringer and Megaphone
-- Sirius XM's acquisition of Stitcher
-- iHeartMedia's acquisitions of Voxnest and Triton Digital in 2021
-- Amazon's acquisition of Wondery
Acquisition strategy has been centred on the combination of
technology, content production and monetisation. These are elements
which we have already built into the Audioboom business and which
we are currently using to scale growth.
Operational Review
I am pleased to report a strong year of monetisation and
operational progress across all areas of the business.
KPIs
Our three Key Performance Indicators are drivers of growth in
our most important income stream - premium advertising sales:
1. Brand advertiser count of 311 as at 31 December 2020, up 11%
on 31 December 2019 (280)
Brand advertiser count measures Audioboom's active customers.
Key drivers of this KPI growth include: addition of new content
genres to widen brand appeal; overall market growth and expansion
of brands advertising in podcasts; optimal campaign performance
with agency campaigns resulting in new agency clients being
added.
2. Revenue per 1,000 downloads (eCPM) for December 2020
increased 32% to US$38.99 (December 2019: US$29.60)
e-CPM is a measure of the value we extract from every 1,000
downloads on the platform, and how we optimise the supply of
available advertising inventory. Growth drivers for this KPI
include: increasing fill rates; increasing ad rates; developing a
second-window revenue model to monetise back-catalogue content.
3. Total available premium advertising impressions for the 12
months to 31 December 2020 up 2% to 1,674 million (1,644 million to
31 December 2019)
Total available premium advertising impressions measures the
growth in supply of live read or host endorsement inventory. In
January 2020 Audioboom adopted version 2 of the IAB's Podcast
Measurement Standard, which placed stronger filtering and
restrictions on download counting. The new measurement methodology
reduced our count of premium advertising impressions by
approximately 30%, therefore minimising perceived growth in this
KPI between 2019 and 2020.
For 2021, we will replace the Premium Advertising Impressions
KPI with a Global Downloads metric. This new data point is an
industry standard metric, enables more accurate comparisons to be
drawn with other podcast networks, is measured using the
Interactive Advertising Bureau's Podcast Measurement Standard V2,
and is verified by Triton Digital - a leader in audio
measurement.
Content Acquisition
Audioboom's publisher network saw strong growth in 2020, as we
delivered significant value to our independent podcast partners
through our premium sales model, and - materially for the first
time - through our advertising technology.
We brought new leading independent publishers to the Audioboom
network, with opportunities to create commercial partnerships with
Tier One podcasters increasing over previous years as a result of
our continued work to develop relationships with talent agencies,
management groups and creator networks.
Key new podcast partnerships formed in 2020 and post-period end
included The Fantasy Footballers, Tiny Meat Gang, Mile Higher,
Rotten Mango and Coffee Convos.
Audioboom's premium-first sales strategy, in which we focus on
high-engagement, high-CPM, host endorsed ads that are embedded into
the content for 90 days followed by a second monetisation window
utilising ad-tech, has enabled us to optimise revenue generation
for our partners. Combined with best-in-class client services via
our US and UK content teams, we have a strong record of partnership
renewals that was seen again in 2020.
Key podcast partnership renewals in 2020 and post-period end
included Casefile True Crime, Morbid: A True Crime Podcast, The
Morning Toast, No Such Thing As A Fish and The Duncan Trussell
Family Hour. As Audioboom deepens its relationships with partners,
we extend the length of renewals, currently averaging between 24
and 36 months on top performing shows.
Monetisation of our premium publisher network accounted for 66%
of the Group's 2020 revenue and on an absolute basis is expected to
continue to grow significantly in 2021.
Our premium network includes around 200 shows, but in the wider
publisher network more than 8,500 shows utilise the Audioboom
platform for technology or non-premium monetisation. 4,000 podcasts
use Audioboom's technology toolset through our subscription
platform, paying us US$10 or US$20 per month for access. Revenue
from this content group accounted for 2% of Group revenue in 2020,
but has been identified as an area of future growth through
targeted paid marketing.
Sales against the long-tail and archive content on our network
was a key driver of our strong ad-tech revenue growth, which
delivered US$2.5 million in 2020, up 258% on 2019 (US$0.7 million).
We expect continued significant future growth of this area as we
build new sales channels and partnerships through our ad
technology.
Content Creation
During 2020 we expanded our production arm with the launch of
eight new Audioboom Originals, developed and produced by our
in-house creative team. We also extended our production services
offering, in which we are engaged to produce content on behalf of
talent or brands.
Production plans were disrupted by Covid-19 during the second
quarter of the year, with a number of launches delayed until the
advertising environment had rebounded enough to ensure effective
monetisation. Additionally, shows in development experienced delays
as our production unit adapted to the challenges of remote
recording caused by the pandemic.
Despite these challenges our production business delivered a
strong year, growing revenue by 57% to US$1.1 million (2019 US$0.7
million). Shows produced by Audioboom were downloaded 34 million
times during the year.
New Audioboom Originals launched in 2020 included: Raising A
Pro, Huddled Masses, Baby Mamas No Dramas, Crime Weekly, Truth Vs
Hollywood, For All Moms, Here's The Sitch and Because Mom Said
So.
Mafia, What Makes A Killer, Never Thought I'd Say This and An
Hour Or So With Sue Perkins all returned for successful new
seasons, while It's Happening, Blank Check and The 45th continued
to deliver weekly episodes.
As well as the Audioboom Originals Network, our production arm
produces a number of podcasts for brands and publishers. Our
flagship production project with Formula 1 was extended earlier
this year until 2023, with Audioboom's role expanding to the
production of F1 Nation in addition to the globally successful F1:
Beyond The Grid.
Investment into Audioboom's production arm is a key part of our
accelerated growth strategy, with a goal of delivering 15% of Group
revenue by 2024.
Content Access
In its second full year of operation, Sonic Influencer
Marketing, our platform that enables brands to purchase advertising
inventory across the entire podcast landscape, reinforced its
strategic role within the Group and once again contributed
materially to our growth.
More than 30 brands utilised the service, with key clients
including Article, Outerknown and Instacart all increasing their
marketing budgets due to the success of campaigns executed through
Sonic.
To support the growth of Sonic we focused on the development of
a bespoke Salesforce inventory management platform that will enable
the business to scale and provide new levels of intelligence around
audiences, pricing and campaign performance. The platform launched
in early 2021 and is now powering Sonic's booking and campaign
execution process.
Sonic has experienced a strong start to 2021, with four new
clients joining the platform during Q1 including Keeps - a major
podcast advertiser over recent years - highlighting the industry's
recognition of Sonic Influencer Marketing as an emerging leader in
the space.
Key commercial and strategic partnerships
Audioboom's strategic partnerships are focused on enhancing
distribution, data and monetisation. During 2020, with the impact
of Covid-19, these partnerships became even more important in
bolstering our operations, ensuring we were fit for business and
maximising our resilience to the global pandemic.
Australian Radio Network (ARN)
Audioboom engaged ARN as our exclusive advertising sales partner
in Australia in 2020 as we stepped up efforts to monetise our
content outside our core US and UK markets. Australia is our third
largest market for downloads and Audioboom is the largest
international publisher in the country. Until 2020 revenue derived
from Australian consumption was minimal, but our partnership with
ARN presents significant upside opportunity with no additional
investment needed. We expect significant growth in Australian
revenue in 2021 as a result of the partnership.
Rogers Media
Canada is Audioboom's fourth largest market for downloads, and
our partnership with Rogers Media is focused on building revenue
from that consumption. Similar to our work in Australia, this
expansion requires no additional investment from Audioboom as
Rogers Media will provide exclusive advertising sales
representation in the region.
Triton Digital
Our partnership with Triton Digital provides the Company with
verifiable consumption data, a ranking service that highlights our
industry leadership position to advertising agencies and brands,
and access to a programmatic marketplace that bolsters our
monetisation efforts. Post-period, Audioboom and Triton Digital
have renewed the partnership for a further two years.
Podsights
Audioboom utilises the Podsights attribution toolset to identify
the true reach and performance of our advertising campaigns,
allowing us to deliver enhanced value to our brand advertisers.
Podsights enables our brand partners to directly link product sales
across a family of IP addresses to an individual advertising
campaign, thus proving the value of podcasting as a medium, and the
strength of Audioboom's ability to deliver campaigns impactfully to
an audience.
Nielsen
Audioboom renewed a data partnership with Nielsen during 2020,
further utilising their Podcast Listener Buying Power Service to
add qualitative audience information to our dataset. This rich
audience profiling tool enables the Company to explore new sales
opportunities, and creates stronger engagements between our brand
advertisers and listeners.
Amazon Music and Pandora
Early in 2020 Audioboom signed new distribution partnerships
with two major audio platforms - Amazon Music and Pandora. Through
these partnerships the entire roster of Audioboom podcasts were
made available to the 146 million monthly active users across
Amazon Music and Pandora. The Company continues to explore
opportunities to ensure our podcasts can be heard by the maximum
number of consumers.
Voxnest
Our partnership with ad-tech and data platform Voxnest began in
September 2019 and expanded across 2020 to deliver increased levels
of analytics, audience insight, ad campaign management tools and
programmatic monetisation. This partnership is at the core of our
second window content monetisation strategy and programmatic
revenue expansion.
Financial Review
In 2020, the Company recorded revenue growth that almost doubled
the expected wider podcast industry growth, it proved its
resilience to a global pandemic and in Q4 recorded its highest
revenue quarter to date. The Company continued to build on its
strong operation and financial foundations and did so with an
average headcount of 37 staff, making it an extremely efficient and
focused organisation.
Revenue increased by 20% to US$26.8 million for 2020 from
US$22.3 million in 2019. In 2020, 94% of Group revenue was
generated in the United States, which is the largest and most
developed market for podcasting, up from 90% in 2019 due to the
continued growth in that territory as well as the second full year
of trading at Sonic Influencer Marketing.
Gross margin increased slightly to 23% in 2020 (2019: 22%) and
Audioboom continues to have a mix of revenue streams, contributing
different gross margins. Direct revenue, where advertising is
placed on third party podcasts via the Audioboom sales teams,
yielded a 22% gross margin in 2020. The Audioboom Originals Network
contributed a 40% gross margin in 2020 and, due to the higher
associated gross margin, is a key area of focus going forward for
the Company. Sonic Influencer Marketing typically contributes a
gross margin of between 12% and 15% and therefore, despite the
growth of this business, it does impact the overall Group gross
margin.
The Company continued to control overheads and we have aligned
staff globally to ensure that every employee contributes to the
growth of the business. We continue to monitor the cost base
closely and align it to the Company's operational demands and this
will continue into 2021 as we increase focus on areas that we
believe can drive further revenue growth, in the Audioboom
Originals Network, subscription revenue and further ad network
monetisation.
The Company's overall trading for the period, as measured by
adjusted EBITDA (earnings before interest, tax, depreciation,
amortisation, share based payments, non-cash foreign exchange
movements and before exceptional items) recorded an improvement of
42% to a loss of US$1.7 million from a US$3.0 million in 2019.
The total comprehensive loss for the year demonstrated a 57%
improvement to a US$3.1 million loss from a US$7.1 million loss in
2019. The cash outflow from operating activities fell to US$3.3
million from US$5.2 million in 2019, a 37% reduction.
The improvements in the working capital cycle that the Company
has recognised over the last two years have been achieved via
continued good debtor collection while also reducing average
payable days. The implementation of the bespoke podcast advertising
booking system in 2018, continued improved cash collection and
sustained revenue growth has led to 2020 debtor days of 87 being in
line with the 86 reported in 2019. It should be noted that a record
revenue quarter in Q4 of US$8.5 million contributed to the year-end
debtor day total being above the 58 days that was recorded at the
half year. Average payable days reduced from 72 days in 2019 to 65
days in 2020.
During the period, the Company raised a total of GBP3.15 million
(before expenses) from the issue of ordinary shares to a new
investor, One Nine Two Pte Limited. The Company will use these
funds to continue to invest in generating organic growth.
On 17 June 2019, the Company agreed a content funding facility
with SPV Investments Limited ("SPV"), a special purpose vehicle
established by Michael Tobin, the Company's Chairman, and Candy
Ventures sarl, the Company's largest shareholder, pursuant to which
SPV provides minimum revenue guarantees to certain leading content
partners of the Company. To date, three leading podcasts have been
retained via the SPV guarantee facility, in June 2019, January 2020
and December 2020. As at 31 December 2020, US$1.1 million of the
SPV content funding facility was available (increasing to US$1.7
million as at the date of this report).
On 7 February 2020, the Company announced that it had entered
into a two year US$4 million secured loan facility arrangement (the
"Facility") with SPV. To date, US$0.7 million of the Facility has
been drawn down, and subsequently repaid in November 2020. As at 31
December 2020, and as at the date of this report, US$3.3 million of
the Facility remains undrawn and the Company has no debt. Net cash
at the period end was US$3.3 million (31 December 2019: US$2.0
million).
The financial results shown above illustrate that the drive to
increase revenues whilst maintaining strong cost management is
working and should deliver significant shareholder value as the
Company continues its journey towards sustainable positive
EBITDA.
Trading Update and Outlook
2021 is set to be a breakthrough year for Audioboom as we move
the business towards the milestone of a positive EBITDA position.
Proving we have created a self-sustainable business model should
provide confidence to shareholders in our ability to deliver
long-term value.
I am pleased to provide an update on our recent progress,
highlighting an impressive start to the year, with the Company
already signing advertising bookings representing more than 80% of
the current market expectations as to revenue for the full
year.
Additionally, in the first quarter of 2021, we have added
significant scale through our content-focused growth strategy,
recognised in Triton Digital's January 2021 Podcast Report where
Audioboom moved up to 5(th) position on their ranker of the largest
podcast publishers in the US. This additional scale will support
the continuation of our positive revenue growth across the
year.
RELAX! With Colleen Ballinger and Erik Stocklin - our first
Audioboom Original launch this year - has already made a strong
impact, hitting number one on the Apple podcast chart in January
2021. Due for release on 1 April is our boldest Audioboom Original
to date - Dark Air, a 14 episode serial written by and starring
Rainn Wilson from The Office (US).
Sonic Influencer Marketing has already accessed inventory in
more than 150 top tier podcasts outside the Audioboom network for
its brand clients this year, including at Pod Save America, The
Sarah Silverman Podcast, Crime Junkie, and Conan O'Brien Needs A
Friend.
We have also strengthened our premium sales network through the
renewal of key shows (Astonishing Legends, Two Girls One Ghost),
and new commercial partnerships (The Fantasy Footballers, Strange
& Unexplained, That Gaby Roslin Podcast, Meditation Minis and
Team Never Quit).
I am delighted with the start we have made towards our 2021
goals, and I am looking forward to updating you on further progress
in our Q1 trading update in April.
Stuart Last
Chief Executive Officer
17 March 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2020
2020 2019
Notes US$'000 US$'000
Continuing operations
Revenue 2 26,782 22,310
Cost of sales (20,581) (17,414)
----------------- -----------------
Gross profit 6,201 4,896
Administrative expenses (9,288) (12,339)
----------------- -----------------
--------------------------------------------- ------ ------------------ ------------------
Adjusted operating loss (1,720) (2,970)
- Amortisation and impairment of intangible
assets - (2,420)
- Share based payments 9 (715) (1,429)
- Depreciation (60) (60)
- Corporate transaction costs 5 (167) -
- Depreciation - leases (319) (331)
- Operating foreign exchange (loss)
/ gain (106) 110
- Restructuring costs - (343)
---------------- ----------------
--------------------------------------------- ------ ------------------ ------------------
Operating loss (3,087) (7,443)
Finance costs 4 (210) (97)
---------------- ----------------
Loss before tax (3,297) (7,540)
Income tax credit - 221
---------------- ----------------
Loss for the financial period attributable
to equity holders of the parent (3,297) (7,319)
---------------- ----------------
Other comprehensive loss
Foreign currency translation difference 61 193
---------------- ----------------
Total comprehensive loss for the period (3,236) (7,126)
======== ========
Loss per share
from continuing operations
Basic and diluted 6 (23) cents (55) cents
============ ============
All results for both periods are derived from continuing
operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
As at 31 December As at 31 December
2020 2019
Notes US$'000 US$'000 US$'000 US$'000
ASSETS
Non-current assets
Property, plant and equipment 90 140
Right of use asset 822 1,300
--------------- ---------------
912 1,440
Current assets
Trade and other receivables 8,028 7,120
Cash and cash equivalents 3,257 1,992
--------------- ---------------
11,285 9,112
------------------- -------------------
TOTAL ASSETS 12,197 10,552
------------------- -------------------
Current liabilities
Trade and other payables (5,667) (5,861)
------------------- -------------------
NET CURRENT ASSETS 5,618 3,251
------------------- -------------------
Non-current liabilities
Lease liability (636) (1,029)
------------------- -------------------
NET ASSETS 5,894 3,662
========= =========
EQUITY
Share capital 7 - -
Share premium 7 60,822 56,210
Issue cost reserve (2,048) (2,048)
Foreign exchange translation
reserve (276) (337)
Reverse acquisition reserve (3,380) (3,380)
Retained earnings (49,224) (46,783)
---------------- ----------------
TOTAL EQUITY 5,894 3,662
======== ========
The accompanying accounting policies and notes form an integral
part of these financial statements.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEARED 31 DECEMBER 2020
2020 2019
US$'000 US$'000
Loss from continuing operations (3,297) (7,319)
---------------- ----------------
Loss for the period (3,297) (7,319)
Adjustments for:
Taxation credit - (221)
Interest payable 210 -
Amortisation and impairment of intangible
assets - 2,420
Depreciation of fixed assets 60 60
Effect of retranslation of fixed assets - (11)
Share based payments 715 1,429
Increase in trade and other receivables (906) (2,952)
Increase in trade and other payables 301 1,846
Decrease in lease liability (411) (433)
Foreign exchange gain / (loss) 76 (17)
---------------- ----------------
Cash flows from operating activities (3,252) (5,198)
Taxation received 28 106
---------------- ----------------
Net cash used in operating activities (3,224) (5,092)
---------------- ----------------
Investing activities
Purchase of property, plant and equipment (10) (36)
---------------- ----------------
Net cash used in investing activities (10) (36)
---------------- ----------------
Financing activities
SPV loan interest and fees 4 (113) -
Proceeds from SPV loan 4 700 -
Repayment of SPV loan 4 (700) -
Proceeds from issue of ordinary share
capital (net of issue costs) 4,612 5,539
---------------- ----------------
Net cash generated from financing activities 4,499 5,539
======== ========
Net increase in cash and cash equivalents 1,265 411
---------------- ----------------
Cash and cash equivalents at beginning
of period 1,992 1,581
---------------- ----------------
Cash and cash equivalents at end of
period 3,257 1,992
======== ========
The Group had no borrowings at the end of either financial
period and therefore no reconciliation of net debt has been
provided.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2020
Share Share Issue Reverse Foreign Retained Total
capital premium cost acquisition exchange earnings equity
reserve reserve translation
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
At 31 December
2018 - 50,883 (2,048) (3,380) (530) (40,893) 4,032
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Loss for the
period - - - - - (7,319) (7,319)
Issue of shares - 5,327 - - - - 5,327
Equity-settled
share-based
payments - - - - - 1,429 1,429
Foreign exchange
gain on
translation
of overseas
subsidiaries - - - - 193 - 193
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
At 31 December
2019 - 56,210 (2,048) (3,380) (337) (46,783) 3,662
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Loss for the
period - - - - - (3,297) (3,297)
Issue of shares - 4,612 - - - - 4,612
Equity-settled
share-based
payments - - - - - 856 856
Foreign exchange
gain on
translation
of overseas
subsidiaries - - - - 61 - 61
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
At 31 December
2020 - 60,822 (2,048) (3,380) (276) (49,224) 5,894
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Share premium
Share premium represents the consideration paid for shares in
excess of par value (nil), less directly attributable costs.
Issue cost reserve
The issue cost reserve arose from expenses incurred on share
issues.
Reverse acquisition reserve
The reverse acquisition reserve relates to the reverse
acquisition of Audioboom Limited by Audioboom Group plc on 20 May
2014.
Foreign exchange translation reserve
The foreign exchange translation reserve is used to record
exchange differences arising from the translation of the financial
statements of foreign operations.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARED 31 DECEMBER 2020
1. GENERAL INFORMATION AND BASIS OF PREPARATION
Audioboom Group plc is incorporated in Jersey under the
Companies (Jersey) Law 1991. The Company's shares are traded on
AIM, the market of that name, operated by the London Stock
Exchange.
The Group prepares its consolidated financial statements in
accordance with International Accounting Standards ('IAS') and
International Financial Reporting Standards ('IFRS') as adopted by
the EU. The financial statements have been prepared on the
historical cost basis, except for the revaluation of financial
instruments. The consolidated financial statements have been
prepared in accordance with and in compliance with the Companies
(Jersey) Law 1991 and were approved by the Board on 17 March
2021.
These results are audited, however the financial information set
out in this announcement does not constitute the Group's statutory
accounts for the period ended 31 December 2020, but is derived from
the 2020 Annual Report. The auditors have reported on those
accounts; their report was unqualified.
The preparation of financial statements in accordance with IFRS
requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosure of
contingent assets and liabilities at the date of the financial
statement and the reported amounts of revenue and expenses during
the reporting period. Although these estimates are based on
management's best knowledge of current events and actions, actual
results may ultimately differ from those estimates.
The accounting policies used in completing this financial
information have been consistently applied in all periods
shown.
Going concern
The financial statements have been prepared on the going concern
basis, which assumes that the Group will have sufficient funds to
continue in operational existence for the foreseeable future. The
Group ended the year with access to US$6.6 million of capital,
being US$3.3 million of cash and US$3.3 million of the loan
facility arrangement with SPV Investments Limited announced in
February 2020. The Board's forecasts for the Group, including due
consideration of the business forecasting positive EBITDA in 2021,
projected increase in revenues and decreasing cash-burn of the
Group and taking account of reasonable possible changes in trading
performance including changes outside of expected trading
performance, indicate that the Group will have sufficient cash
available to continue in operational existence for the next 12
months from the date of approval of the financial statements and
beyond. No additional funding is considered to be required and
based on the Board's forecasts, the Group considers that it will
not require additional funding for the foreseeable future for the
purposes of meeting its liabilities as and when they fall due. The
Board believes that the Group is well placed to manage its business
risks, and longer-term strategic objectives, successfully.
Management has carried out sensitivity analyses of the Group's
cash flow models to assess the impact of a range of possible
outcomes, including lower than anticipated revenues, and the
mitigations that the Group has available to it, including a
reduction in overhead costs, active working capital management and
the availability of finance from SPV Investments Limited. In
addition, management continue to assess any ongoing impact of
Covid-19 on Group performance, albeit that the Group proved
resilient to the challenges posed by the pandemic in 2020.
Accordingly, the Directors are satisfied that the Group will
continue to be able to meet its ongoing liabilities as and when
they fall due in reasonably foreseeable circumstances.
Therefore, the Directors consider the going concern basis of
preparation of these financial statements appropriate.
2. REVENUE 2020 2019
US$'000 US$'000
Subscription 463 327
Advertising 26,319 21,983
-------------- --------------
26,782 22,310
======= =======
The Directors consider the Group to operate within one operating
segment, content related revenue, and consequently expenditure and
balance sheet analysis is not presented between subscription and
advertising services.
Geographical information
The Group's operations are principally located in the UK and the
USA. The main assets of the Group, cash and cash equivalents, are
held in Jersey.
The Group's revenue from external customers by geographical
location is detailed below:
2020 2019
US$'000 US$'000
United Kingdom 1,638 2,137
Rest of the World 36 57
USA 25,108 20,116
-------------- --------------
26,782 22,310
======= =======
The Group invoiced 39% of its income to three customers who
represented more than 10% of the reported revenues.
The Group currently has three geographic revenue regions,
however, as the Group's controlling operations are primarily based
in the UK, there is no separation of income, expenditure and
sections of the balance sheet for the purposes of segmental
reporting.
3. STAFF COSTS 2020 2019
Number Number
Average number of production, editorial
and sales staff 31 32
Average number of management and administrative
staff 6 8
-------------- ---------------
37 40
======= =======
US$'000 US$'000
Wages and salaries 4,613 4,597
Social security costs 362 348
Pension costs (defined contribution scheme) 206 21
Share based payments 600 976
-------------- ---------------
5,781 6,142
======= =======
4. FINANCE COSTS 2020 2019
US$'000 US$'000
Depreciation - lease interest 97 97
SPV loan interest and arrangement fee 113 -
------------ -------------
210 97
======= =======
On 7 February 2020, the Company announced that it had entered
into a two-year US$4 million secured loan facility arrangement (the
"Facility") with SPV Investments Limited. To date, US$0.7 million
of the Facility has been drawn down, and subsequently repaid in
November 2020. As at 31 December 2020, US$3.3 million of the
non-revolving loan facility remains undrawn and the Company has no
debt. The Facility attracted an arrangement fee of US$80,000 and
the Company incurred 8% interest annualised on amounts drawn
(US$33,000).
5. CORPORATE TRANSACTION COSTS
On 19 February 2020, the Company announced that it had commenced
a formal sale process ("FSP") under the Takeover Code as part of
the Board's strategic review. On 14 October 2020, the Company
announced that the FSP had ended and that it would focus on further
organic growth. The Group recognised US$167,000 of costs in
relation to corporate fees incurred during the FSP.
6. LOSS PER SHARE
Basic earnings per share is calculated by dividing the loss
attributable to shareholders by the weighted average number of
ordinary shares in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could
be called upon to issue shares that would decrease earnings per
share, or increase the loss per share. For a loss-making company
with outstanding share options, the net loss per share would be
decreased by the exercise of options. Therefore, as per IAS33:36,
the anti-dilutive potential ordinary shares are disregarded in the
calculation of diluted EPS.
The Company completed a 100:1 share consolidation on 21 June
2019 and the calculations set out below reflect this.
Reconciliation of the loss and weighted average number of shares
used in the calculation are set out below:
Weighted average Per
Loss number of share amount
shares
2020
US$'000 Thousand Cents
Basic and diluted EPS
Loss attributable to shareholders: (3,297) 14,276 (23)
- Continuing and discontinued ========= ========= =========
operations
2019
US$'000 Thousand Cents
Basic and diluted EPS
Loss attributable to shareholders:
- Continuing and discontinued
operations (7,319) 13,385 (55)
========= ========= =========
7. STATED CAPITAL ACCOUNT
On 21 June 2019, the Company consolidated every 100 existing
ordinary shares of no par value into one new ordinary share of no
par value and the numbers below are adjusted to reflect this.
No. of Share Share
shares capital premium
US$'000 US$'000
At 31 December 2018 11,732,910 - 50,883
Shares issued in the period
Shares issued at 130p each 1,152,847 - 1,931
Shares issued at 250p each 1,120,000 - 3,396
---------------------- ------------------- ---------------------
At 31 December 2019 14,006,757 - 56,210
---------------------- ------------------- ---------------------
Shares issued in the period
Share options exercised 267,737 - 539
Shares issued at 225p each 1,400,000 - 4,072
-------------------- --------------------- -----------------------
At 31 December 2020 15,674,494 - 60,821
=========== =========== ===========
There is no authorised share capital and all shares rank pari
passu. All issued share capital is fully paid up. All ordinary
shares have no par value.
8. RELATED PARTY TRANSACTIONS
Content funding facility
On 17 June 2019, the Company agreed a content funding facility
with SPV Investments Ltd ('SPV), a special purpose vehicle. SPV was
established and is owned equally by Michael Tobin, the Company's
Chairman, and Candy Ventures sarl, the Company's largest
shareholder. The SPV was established to provide minimum revenue
guarantees of up to US$4 million to certain leading new and
existing content partners of the Company. Audioboom pays the SPV 8%
of the net advertising revenue (after paying the content partner
its share) received by Audioboom, in relation to those podcasts.
The underlying providers of the guarantees were to be granted
25,000 warrants to subscribe for ordinary shares in the Company for
every US$1 million of guarantee provided, subject to a maximum of
100,000 warrants. The exercise price of all warrants associated
with the SPV content funding facility is GBP3.30 per ordinary share
each, with such warrants being exercisable for five years from
grant. The initial use of the content funding facility was to
provide a guarantee of US$1 million in June 2019. The second
guarantee provided by the SPV in January 2020 of US$1.75 million
led to a grant of an aggregate of 43,750 warrants split equally
between Michael Tobin and Candy Ventures sarl. The third guarantee
provided by the SPV in December 2020 of US$2.2 million led to a
grant of 31,250 warrants split equally between Michael Tobin and
Candy Ventures sarl. In the prior year, a guarantee by the SPV in
June 2019 led to a grant of an aggregate of 25,000 warrants split
equally between Michael Tobin and Candy Ventures sarl. A total of
100,000 warrants have now been issued pursuant to the facility,
which is the maximum number of warrants being capable of issue in
this regard. Following the third use of the content funding
facility, as at 31 December 2020 the amount remaining available
under the facility was approximately US$1.1 million.
US$4 million loan facility
In February 2020, the Company announced a US$4 million secured
loan facility arrangement (the "Facility") with SPV. The Facility
attracts interest at a rate of 8 per cent. per annum on drawn down
funds, together with a US$80,000 arrangement fee payable on the
first draw down, equivalent to 2 per cent. of the full US$4 million
available under the Facility. The accrued interest is payable at
the date of repayment of the principal amount outstanding. The
latest date for repayment is 24 months from the commencement of the
Facility, however it may be repaid earlier at the Company's
election. Any amounts repaid will not be available for subsequent
drawdown. The Facility is secured against the assets of Audioboom
Limited and contains events of default which are customary in
nature for this type of loan facility. To date, US$0.7 million has
been drawn down under the Facility and this was repaid in full in
November 2020 (including interest and loan arrangement fees
amounting to US113,000). As at 31 December 2020, US$3.3 million of
the non-revolving Facility remained undrawn.
9. SHARE-BASED PAYMENTS
On 21 June 2019, the Company consolidated every 100 existing
ordinary shares of no par value into one new ordinary share of no
par value and the numbers below are adjusted to reflect this.
The Company has share option schemes for employees of the Group.
Options are exercisable at the price agreed at the time of the
issue of the share option. The vesting period and/or any
performance conditions vary between employees. If the options
remain unexercised after a period of 10 years from date of grant
the options expire. Options are typically forfeited if the employee
leaves the Group before the options vest. Details of the share
options granted during the period are as follows:
2020 2019
Weighted Weighted
Average Average
Number of Exercise Number of Exercise
Share options Price (GBP) Share options Price (GBP)
Outstanding at beginning
of period 1,212,643 1.759 563,644 1.937
Granted during the period 271,500 1.840 809,600 1.613
Forfeited/lapsed during
the period (177,669) 1.533 (160,601) 1.610
Exercised during the period (267,737) 1.464 - -
-------------------- ---------------------
Outstanding at end of
period 1,038,737 1.822 1,212,643 1.759
============= =============
Exercisable at end of
period 547,379 1.845 631,960 1.837
============= =============
The options outstanding at 31 December 2020 had a weighted
average exercise price of GBP1.82, and an average remaining
contractual life of 8 years.
The Group recognised total expenses of US$600,000 related to
equity-settled share-based payment transactions for the 12-month
period ended 31 December 2020 (12 months to 31 December 2019:
US$976,000).
2020 2019
US$'000 US$'000
Share option charge 600 976
Warrant charge 115 453
-------------- --------------
715 1,429
======== ========
At the period end, the Company had in issue outstanding share
warrants for a total of 520,000 shares (2019: 445,000 shares) with
a weighted average exercise price of GBP3.12 (2019: GBP3.08).
320,000 (2019: 245,000) of the warrants were exercisable at the
period end, and the balance may become exercisable subject to
performance conditions.
10. CONTENT PARTNER MINIMUM GUARANTEES
In order to attract and retain leading podcast partners, the
Group offers certain partners minimum revenue guarantees ("MG")
over the life of the agreement between the parties. The MG offers
guaranteed revenue over the life of the agreement in the form of
monthly payments and/or an upfront advance payment, which is then
recouped over the life of the agreement, thus reducing future
expected payments proportionally. The MGs provided secure the right
of access to future content and therefore the expenditure in
relation to these guarantees is recognised over the term of the
contract. The content providers' obligations are discharged to the
Group over the term of the contract in line with when the Group
consumes the benefit of these obligations. In accordance with IFRS
9, no liability is recognised at the date of the contract as the MG
relates to future performance obligations of the content
provider.
2020 2019
US$'000 US$'000
MG expenditure committed in 12 months or
less 6,585 3,946
MG expenditure committed in more than 12
months 1,226 73
----------------- -----------------
Total MG amount committed to expenditure 7,811 4,019
======== ========
2020 2019
US$'000 US$'000
MG amount that is backed by the SPV content
funding facility 2,881 500
MG amount available in SPV content funding
facility 1,119 3,500
----------------- -----------------
Total SPV content funding facility 4,000 4,000
======== ========
11. POST BALANCE SHEET EVENTS
On 17 February 2021, 7,665 new Ordinary Shares were issued to
satisfy the exercise of existing share options under the Company's
Share Option Scheme 2014 by an employee. Therefore, the total
number of Ordinary Shares and voting rights in the Company is
15,682,159 at the date of this report.
On 17 February 2021, Audioboom Inc received a US$373,615
Paycheck Protection Progam loan from HSBC Bank USA operating under
the US Small Business Administration where financial support is
given to US domiciled companies during the Covid-19 pandemic. The
loan will be forgiven should Audioboom Inc not reduce headcount
during the loan period.
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