TIDMBOOM
RNS Number : 1468Q
Audioboom Group PLC
16 October 2023
This announcement contains inside information as stipulated
under the UK Market Abuse Regulations ("MAR").
Audioboom Group plc
("Audioboom", the "Group" or the "Company")
Q3 Trading Update
Audioboom (AIM: BOOM), the leading global podcast company,
announces its trading update for the quarter ended 30 September
2023.
Financial and operating KPIs
-- Total revenue for the nine months to 30 September 2023 of US$45.8
million (2022: US$57.1 million), reflecting the loss of the Morbid
podcast which left the network in May 2022 and a weak advertising
market during this period
-- Strong start to Q4 2023 with anticipated revenue of at least
US$19 million, the Company's highest revenue quarter since Q2
2022 and representing a return to year-on-year growth on a quarterly
basis (Q4 2022: US$18.3m)
-- Total adjusted EBITDA(1) loss for the nine months to 30 September
2023 of US$1.7 million, which includes full payment of all creator
minimum guarantees signed to the Audioboom network before the
advertising market downturn
-- Anticipated return to adjusted EBITDA profit in Q4 2023 through
acceleration in revenue and consequently reduced exposure to
creator contractual minimum guarantee obligations
-- Record average monthly downloads in Q3 2023 of 126.6 million,
up 18% on Q3 2022 (107.5m downloads)
-- Average Q3 brand advertiser count of 7,960, up 40% on Q3 2022
(5,699 brands )
-- September E-CPM (revenue per 1000 downloads) of US$43.90, compared
to the Q3 average of US$37.00, highlights significant operational
improvements that delivered strong revenue in the month, with
further sequential monthly revenue growth expected to continue
into Q4 2023
-- The Company is positioned to capture maximum available advertising
demand with a record inventory of 1 billion ad impressions created
for sale in October (vs 675 million in Oct 2022)
-- The Audioboom Creator Network continues to expand with leading
podcasts signed to the network during Q3 2023 including: Girls
Next Level, The Adam Friedland Podcast, We're Here To Help, Out
of The Pods, The Bulwark Network, Your Mom & Dad and Girls Gone
Bible. These shows are expected to contribute more than eight
million monthly downloads to the network in 2024
-- Continued strong growth of Showcase, with revenue from our ad-tech
powered marketplace up 30% YTD vs the same period in 2022. New
demand-side partnerships launched in Q3 with DAX US, Amazon Ads,
Bold Collective and Antipodes will increase future Showcase monetisation
opportunities
-- Audioboom continues to rank as the fifth largest podcast publisher
in the key US market in both the Edison Research and Triton Digital
podcast reports, as well as third in Australia, second in New
Zealand and fourth in Canada on the Triton Digital Podcast ranker,
highlighting strong global performance
-- Strong operating performance and tight controls over operating
expenditure has delivered a 10% reduction in total opex(2) for
the nine months to 30 September 2023 of US$7.9 million (to 30
September 2022: US$8.8 million)
-- Group cash at 30 September 2023 of US$3.0 million (30 June 2023:
US$5.3 million) with a further US$1.8 million available via an
undrawn overdraft. Q3 cash utilisation included facilitating
US$1.0 million of recoupable advance payments to top tier podcasters.
A further US$2.0 million has been collected post quarter end
-- The Company anticipates record revenue in 2024, with operational
improvements (including the significant reduction in minimum
guarantee obligations) delivering a return to strong adjusted
EBITDA positivity
Stuart Last, CEO of Audioboom, commented: "Strong operational
progress in Q3 2023 will be recognised through a return to
year-on-year and strong sequential revenue growth in the final
quarter of the year, as well as a return to adjusted EBITDA profit
on a quarterly basis.
Across 2023 we have made improvements in key areas of our
business in order to accelerate our path back to growth. Our
milestone of creating 1 billion sellable advertising impressions in
October is the result of changes to our inventory creation process,
further development of our Showcase marketplace, and the continued
growth of the Audioboom Creator Network. This positions us to
capture maximum advertiser demand, deliver more than US$19 million
of revenue in Q4 2023, and puts us on a path to record annual
revenue in 2024.
As audiences continue to flock to podcasting - highlighted by
the record 126 million plus downloads across our network each month
- we are optimising for the current advertising market, while we
are also primed and ready to take full advantage of any future
macro improvements.
Further operational optimisation, particularly improvements to
our creator contracts which increase our share of advertising
revenue, whilst vastly reducing our exposure to minimum guarantees,
are expected to move us back to adjusted EBITDA profitability in Q4
and drive EBITDA growth in 2024.
I would like to thank our partners for continuing to support the
Company through a more challenging period than we had expected, I
am confident about our prospects for 2024 and I am pleased to
maintain our expectations for record revenue performance next
year."
1) Earnings before interest, tax, depreciation, amortisation,
share based payments, non-cash foreign exchange movements and
material one-off items
2) Operating costs before interest, tax, depreciation,
amortisation, share based payments and non-cash foreign exchange
movements
Enquiries
Audioboom Group plc
Stuart Last, Chief Executive Officer Tel: +44(0)20 3714
Brad Clarke, Chief Financial Officer 4285
Cavendish Capital Markets Ltd (Nominated Adviser
and Broker)
Jonny Franklin-Adams/Abigail Kelly/Rory Sale 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 135 million times each month by 38 million
unique listeners around the world. Audioboom is ranked as the fifth
largest podcast publisher in the US by Edison Research and Triton
Digital.
Audioboom's ad-tech and monetisation platform underpins a
scalable content business that provides commercial, distribution,
marketing and production services for a premium network of top tier
podcasts. Key partners include the official Formula 1 podcasts 'F1:
Beyond the Grid' and 'F1 Nation', '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 operates internationally, with global partnerships
across North America, Europe, Asia and Australia. The platform
distributes content via Apple Podcasts, YouTube, Spotify, Pandora,
Amazon Music, Google Podcasts, iHeartRadio, 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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October 16, 2023 02:00 ET (06:00 GMT)
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