TIDMBOOM
RNS Number : 6646D
Audioboom Group PLC
23 June 2023
This announcement contains inside information as stipulated
under the UK Market Abuse Regulations ("MAR").
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Trading Update
Audioboom (AIM: BOOM), the leading global podcast company, today
provides an update on current trading.
-- During 2023, the operational KPIs of the Company have
continued to demonstrate year-on-year growth, however, the
advertising markets have remained challenging for longer than
anticipated. Whilst we believe the advertising markets will improve
- with the Company being in prime position to take advantage when
they do - the Company expects the revenue and adjusted EBITDA for
the current financial year to be lower than previously
anticipated
-- The Company continues to see good like-for-like revenue and
KPI performance in the business (excluding the Morbid podcast which
left the network in May 2022), and we expect this to continue in
the second half of the year
-- In addition, to safeguard against future advertising market
conditions, the Company has adjusted the approach taken to
calculating its minimum guarantee offers for podcast partners
-- In May 2023, new records were set for global monthly
downloads (135 million) and total brand count (8,007). Showcase,
our automated advertising marketplace, recorded its highest ever
monthly revenue total in May, and total cumulative advertising
impressions made available to brands across the Audioboom platform
in the five months to 31 May 2023 reached 4.2 billion, up 21% on
2022 (3.5 billion)
-- The expansion of the Audioboom creator network has continued
in Q2 2023 with new partnerships launched with top tier podcasters
including Real Ones with Jon Bernthal, Trading Secrets, and Once
Upon A Crime
-- Business operations continue to improve significantly, with
the Company in a strong position to fully exploit future
improvements in advertising market conditions, and the Company
expects to return to meaningful growth in Q3 and Q4 2023 on a
year-on-year and sequential basis
-- Group cash at 31 May 2023 of US$5.2 million (31 March 2023:
US$5.1 million) with a further US$1.8 million available via an
undrawn overdraft. The Company has collected in excess of US$30m to
date in 2023
The Company will publish its interim financial statements for
the six months ending 30 June 2023 in mid-July.
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)20 3714
Brad Clarke, Chief Financial Officer 4285
finnCap Ltd (Nominated Adviser and Broker)
Jonny Franklin-Adams/Abigail Kelly/Milesh Hindocha Tel: +44(0)20 7220
(Corporate Finance) 0500
Charlotte Sutcliffe/Harriet Ward (ECM)
About Audioboom
Audioboom is a global leader in podcasting - our shows are
downloaded more than 130 million times each month by 38 million
unique listeners around the world. Audioboom is ranked as the
fourth largest podcast publisher in the US by Edison Research.
Audioboom's ad-tech and monetisation platform underpins a
scalable content business that provides commercial services for
more than 8,000 podcasts, with key partners including 'Casefile
True Crime' (US), 'True Crime Obsessed' (US), 'The Tim Dillon Show'
(US), 'No Such Thing As A Fish' (UK), and 'The Cycling Podcast'
(UK).
Audioboom Studios is home to a slate of content developed and
produced by Audioboom, including 'Dark Air with Terry Carnation',
'F1: Beyond The Grid', 'RELAX!', '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
TSTSESEFEEDSEIM
(END) Dow Jones Newswires
June 23, 2023 02:00 ET (06:00 GMT)
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