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Summary
- The revenue of Audioboom Group PLC had shown a surge of around 49% during Q1 FY21 as compared to Q1 FY20.
- BOOM had reported an adjusted EBITDA of USD 0.03 million during Q1 FY21.
- The average monthly downloads stood at 87.1 million during Q1 FY21.
Audioboom Group PLC (LON:BOOM) is the LSE listed consumer discretionary stock. BOOM’s shares have generated a return of around 310.76% in the last 12 months. The Company is a constituent of the FTSE AIM All-Share index.
Company Overview
Audioboom Group PLC (LON:BOOM) is a global leader in podcasting. Moreover, the shows got downloaded 85 million times in a month by around 25 million unique listeners worldwide. According to the Triton Digital Podcast Report, BOOM was regarded as the 4th largest podcast publisher in the US in terms of weekly reach during April 2021.
(Source: Company presentation)
A brief about Podcast Industry
Podcasts are audio files that can be downloaded from the internet on playback devices. According to the recent report from Grand View Research, the market size of the global podcast market was USD 9.28 billion in 2019, and it would be anticipated to increase at a CAGR of 27.5% from 2020 to 2027. Meanwhile, the easy accessibility of podcast while gardening, exercising, and walking would boost the demand for the industry. However, poor internet connectivity and low data storage may adversely impact the industry.
Q1 FY21 Trading Update (for the three months ended 31 March 2021, as of 14 April 2021)
The Company had shown revenue growth of around 49% to USD 9.5 million during Q1 FY21 as compared to Q1 FY20. However, the revenue growth remained 12% on a quarter-to-quarter basis. Moreover, BOOM had achieved adjusted EBITDA profitability for the first time as it reported an adjusted EBITDA of USD 0.03 million during Q1 FY21. The average monthly downloads stood at 87.1 million during Q1 FY21, which increased by around 37% from 63.4 million reported during Q1 FY20. Furthermore, the average brand advertiser count had reached 301, and the average global revenue per 1,000 downloads had increased to USD 40.55 during Q1 FY21.
Share Price Performance Analysis of Audioboom Group PLC
(Source: EODHD/Others, Thomson Reuters)
BOOM shares were trading at GBX 724.50 and were up by close to 9.77% as of 23 April 2021 at 12:35 PM GMT. BOOM’s 52-week Low and High were GBX 145.00 and GBX 770.00, respectively. Audioboom Group PLC had a market capitalization of around £103.53 million.
Business Outlook
BOOM had shown strong sales momentum during Q1 FY21 and carried the same momentum for its second quarter as well. Moreover, the advertising bookings had represented more than 95% of the upward range of the revised FY21 revenue forecast. The Company had anticipated generating robust revenues and an increased adjusted EBITDA during FY21. Furthermore, BOOM had demonstrated several growth catalysts during FY21. BOOM had witnessed robust advertising demand across its top 50 shows with an average occupancy of more than 85%. Meanwhile, BOOM had highlighted the successful launch of “Dark Air with Terry Carnation” on 01 April 2021 in the Audioboom Originals Network, and 90% of its advertising inventory was sold even before the premier. Also, the Company pointed out the high volume of new advertising bookings because Q3 FY21’s advertising inventory for its top 25 shows was made available at the beginning of April 2021.
