Audioboom experiences significant share price increase following enhanced podcast demand driven by US election interest.
- The company’s Q3 revenue reached a record $18.8m (£14.4m), exceeding last year’s $14m (£10.7m), showcasing solid growth.
- Audioboom reported a fourth consecutive profitable quarter in adjusted EBITDA, particularly driven by advertising advancements.
- The company’s Showcase platform played a crucial role, nearly doubling its revenue to $7m (£5.4m) compared to last year.
- CEO Stuart Last anticipates further growth with upcoming sporting events and the US election boosting advertising demand.
Shares of Audioboom have risen nearly 19%, a direct result of increased podcast demand generated by the unfolding US election climate. This surge parallels Audioboom’s report of an unprecedented revenue milestone, reaching $18.8m (£14.4m) in the third quarter, significantly surpassing the previous year’s earnings of $14m (£10.7m).
Not only has Audioboom showcased remarkable revenue growth, but it has also marked its fourth consecutive profitable quarter in terms of adjusted EBITDA. This consistency underscores a robust financial trajectory, buoyed by targeted advertising strategies and an adaptive business model.
Central to Audioboom’s financial achievement is its advertising platform, Showcase, which recorded its highest quarterly revenue, amassing $7m (£5.4m). This figure represents almost a doubling from 2023, illustrating the platform’s pivotal role in the company’s revenue stream transformation.
CEO Stuart Last expressed his satisfaction with these outcomes, emphasising Audioboom’s strong Q3 performance primarily attributed to revenue and EBITDA gains. Last’s optimism extends into the future quarters, citing the traditionally strong fourth quarter lined with vibrant advertising opportunities.
Furthermore, the US election has further stimulated Audioboom’s programming slates, particularly in politics and news, fostering a 34% audience growth in early presidential campaigns. This audience expansion directly translates into enhanced revenue avenues, reinforcing Audioboom’s position in the media landscape.
Audioboom’s strategic initiatives and market-driven demand are set to sustain its impressive growth trajectory in the near future.
