Audioboom targets record revenue in 2024 after return to growth
Published: 18:25 15 Jan 2024 AEDT
Audioboom Group PLC (AIM:BOOM) expects to deliver record revenue in 2024 after a strong end to 2023.
Stuart Last, CEO of Audioboom, commented: “I'm pleased to report a successful final quarter of 2023, with the business returning to growth mode.
“Our Q4 revenue of over US$19 million is the highest since Q2 2022 and reflects the improvements we have made in the business across the year.
“I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments during the upfronts booking season, resulting in us contracting more than US$47 million of revenue for 2024 through advance bookings.”
The global podcast company saw a return to revenue growth in the fourth quarter up to US$19.2 million, a 37% rise on the previous quarter, and up 5% on the year before.
The fourth quarter also saw a return to quarterly adjusted EBITDA profit of around US$0.2 million compared to a loss of US$1.9 million loss in the previous quarter.
Audioboom reported cash generation was US$3.7 million in the quarter, up US$0.7 million from 30 September.
It said total 2023 revenue totalled US$65.0 million, down from US$74.9 million the year before.
Audioboom reported record eCPM (average revenue per 1,000 downloads) in the quarter of US$58.82, up 59% on the previous quarter, and up 6% on the year before.
