Audioboom Group reported a double-digit rise in revenue on Monday as the podcast industry continues to grow.
The company reported a record H1 revenue of $40.9 million, up 79% compared to the prior-year quarter. Furthermore, Audioboom saw a record Q2 revenue of $21.2 million, up from 59% on Q2 2021.
You could say, “audio is booming.” Sorry, not one of my best.
Meanwhile, Audioboom reported a surge in EBITDA to $2 million, from $200,000 a year prior.
Average Q2 global monthly downloads increased to 124 million, up from 35% for Q2 2021, and global downloads in May reached 133 million. I mean, who doesn’t love a podcast.
The company stated key partnerships contributed to the revenue rise, delivering “large audiences and high volumes of advertising inventory.”
“I am delighted to report on another period of strong performance for Audioboom as we delivered record quarterly revenue in Q2 and increased our H1 revenue by 79% over the same period in 2021,” said Stuart Last, CEO of Audioboom.
Last also commented on the global challenges in 2022, however, believes “podcast revenue is expected to grow at a quicker pace than most other forms of audio.”
The positives keep coming for Audioboom as the podcast firm reported an upbeat outlook. They currently have advertising bookings of more than $68 million for 2022 signed.
That’s 13% greater than the entirety of Audiobooms revenue last year. I guess they’re not feeling the effects of inflation.
However, not all is plain sailing. The company does expect the advertising market to be tested by the economic downturn and is already seeing weaker advertiser demand for Q3 2022.
Looking into Audioboom’s share price over the previous six months, a significant drop has been clear. Furthermore, Audioboom shares fell 2.81% this morning despite record revenue.