TIDMBOOM
RNS Number : 3569V
Audioboom Group PLC
14 April 2021
This announcement contains inside information as stipulated
under the UK Market Abuse Regulations ("MAR").
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Q1 Trading Update
Record quarterly performance; 49% revenue growth and maiden
adjusted EBITDA profit
Revenue growth ahead of market expectations
Audioboom (AIM: BOOM), the leading global podcast company, is
pleased to provide a trading update for the quarter ended 31 March
2021.
Financial and operating highlights
-- Record quarterly revenue of US$9.5 million, up 49% on Q1 2020
(US$6.4 million) and up 12% on Q4 2020 (US$8.5 million)
-- Maiden quarterly adjusted EBITDA(1) profit of US$0.03 million (Q1 2020: US$0.5 million loss)
-- Average global monthly downloads increased to 87.1 million,
up 37% on Q1 2020 (63.4 million). Global downloads in March 2021
reached 91.6 million
-- Average brand advertiser count of 301, up 12% on Q1 2020 (270)
-- Average global revenue per 1,000 downloads (eCPM) increased
to US$40.55, up 14% (Q1 2020: US$35.55)
-- Access to capital of US$5.5 million as at 31 March 2021,
represented by Group cash of US$2.2 million and US$3.3 million of
the non-revolving SPV loan facility remaining undrawn
Key Q1 2021 commercial developments
-- Continued strong sales performance, with the Company on track
to deliver 2021 revenue well ahead of current market expectations
having already signed advertising bookings representing over 90% of
the current market forecast for 2021 Group revenue
-- Further expansion of the Audioboom Originals Network with the
launch of RELAX! with Colleen Ballinger and Erik Stocklin - which
reached number 1 on the Apple US podcast chart - and Dark Air with
Terry Carnation - a show written by and starring Rainn Wilson from
The Office (US)
-- Launched new partnership with MAPP Media who will provide
monetisation services for Audioboom's impression-based advertising
inventory in the UK. The MAPP platform will optimise revenue from
the Company's archived podcast content
-- Extended and expanded strategic partnership with the
Australian Radio Network (ARN). Under the new agreement - which
runs until 2023 - ARN will provide exclusive monetisation for
Audioboom's Australian advertising inventory
-- Extended partnership with leading podcast True Crime
Obsessed. The new three-year agreement continues Audioboom's
exclusive commercial and distribution partnership, as well as
supporting the development and production of a slate of new shows
under the Obsessed Network brand
-- Enhanced our premium sales network through new commercial
partnerships with leading podcasts including Wafflin' with Joe
Weller, Curbsiders and Dark History with Bailey Sarian
-- 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
Stuart Last, CEO of Audioboom, commented: "Q1 2021 was a
breakthrough period for Audioboom, reaching adjusted EBITDA
profitability for the first time and demonstrating the strength of
our business model. I am delighted with our revenue performance and
continued cost control. It is important to note that the 49%
year-on-year revenue growth we have delivered is benchmarked
against the one quarter in 2020 that was not significantly impacted
by Covid-19.
Our record performance is driven by our content focused
expansion strategy. New content partnerships and successful
Audioboom Originals Network launches delivered strong growth in our
Global Downloads key performance indicator, with more than 90
million downloads in March. As a result, Audioboom became the
fourth largest podcast publisher by number of average weekly users
in the US on the Triton Digital ranker.
This positive momentum has continued into the second quarter
with the Company signing advertising bookings representing more
than 90% of the existing market forecast for 2021 group
revenue.
Achieving adjusted EBITDA profitability for the quarter is an
important milestone for Audioboom. We are now focused on ensuring
2021 continues to deliver even more success and even more value to
our shareholders."
1) Earnings before interest, tax, depreciation, amortisation,
share based payments, non-cash foreign exchange movements and
material one-off items
Enquiries
Audioboom Group plc
Stuart Last, Chief Executive Officer Tel: +44(0)300 303
Brad Clarke, Chief Financial Officer 3765
Allenby Capital Limited (Nominated Adviser Tel: +44(0)20 3328
and Broker) 5656
David Hart / Alex Brearley (Corporate
Finance)
Amrit Nahal (Sales and Corporate Broking)
About Audioboom
Audioboom is a global leader in podcasting - our shows are
downloaded more than 90 million times each month by 25 million
unique listeners around the world. Audioboom is ranked as the
fourth 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 'Dark Air with Terry
Carnation', 'RELAX!', '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. 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.
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END
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