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Highlights:
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Audioboom Group PLC reported record revenue of $18.8 million for Q3, reflecting a 34% increase year-over-year and achieving its fourth consecutive profitable quarter with adjusted EBITDA of $1 million.
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The growth has been driven by the success of its global advertising marketplace, Showcase, which saw revenues nearly double to $7 million, contributing over 30% to the group's total revenue.
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The company has reduced its financial obligations, enhancing profit margins, and has already booked over $71 million in revenue for 2024.
Audioboom Group PLC (LSE:BOOM) experienced a notable 17% surge in its share price following the release of its latest trading update, which highlighted record revenue and raised profit expectations. For the third quarter, the podcast company reported revenue of $18.8 million, representing a substantial 34% increase compared to the same period last year. The adjusted EBITDA for the quarter reached $1 million, marking Audioboom’s fourth consecutive quarter of profitability.
The significant growth in revenue can be attributed to the performance of Audioboom's global advertising marketplace, Showcase, which saw revenues nearly double to $7 million. This segment accounted for over 30% of the group’s overall revenue, underscoring the increasing demand for podcast advertising and Audioboom's ability to capitalize on this trend.
Additional highlights from the update include a record global revenue per 1,000 downloads (eCPM) of $66.06 and robust performance in its podcast lineup. The renewal of key contracts for popular shows, such as the Duncan Trussell Family Hour and Politics War Room, further demonstrates Audioboom’s strong positioning in the podcasting space.
In a strategic move to enhance profitability, Audioboom has also reduced its financial obligations, which has positively impacted profit margins. With over $71 million in revenue already secured for 2024, the company is reinforcing its competitive stance in the podcasting market.
