A significant surge in podcast demand has propelled Audioboom’s financial growth, influenced largely by the looming US election.
- Audioboom shares experienced a dramatic 19% increase, correlating with strong financial results and positive future forecasts.
- In the third quarter, Audioboom posted a robust revenue rise to $18.8 million, surpassing the $14 million recorded in the previous year.
- The advertising platform, Showcase, played a pivotal role, achieving its highest quarterly revenue of $7 million.
- CEO Stuart Last expressed optimism, citing the seasonal high in ad demand and the impact of the US election on audience growth.
Audioboom shares soared nearly 19% on Tuesday, reflecting the company’s promising financial outlook. The podcast platform recorded a remarkable third-quarter revenue of $18.8 million, a significant increment from $14 million the prior year. This growth trajectory suggests Audioboom is poised to outpace market expectations, a projection bolstered by the current US election fervor.
Audioboom’s financial prosperity is underlined by a substantial rise in adjusted EBITDA, securing a profit of approximately $1 million. This achievement marks the fourth consecutive EBITDA-positive quarter, indicative of a solid and sustainable business model.
A noteworthy contributor to Audioboom’s financial success is its advertising platform, Showcase, which achieved its highest-ever quarterly revenue at $7 million. This near doubling of revenue from the previous year showcases the platform’s enhanced capability to leverage market opportunities.
Stuart Last, Audioboom’s Chief Executive, expressed satisfaction with the company’s Q3 2024 performance, highlighting both revenue and EBITDA growth as evidence of a robust business model. Last emphasized the anticipated strength of the upcoming quarter, driven by significant advertising demand associated with sports events and holiday seasons, further amplified by the US election.
The US election’s influence on Audioboom’s success is unmistakable. As political campaigns intensify, audiences for politics and news programming have expanded by over 34%, quickly translating into considerable revenue opportunities. As Last noted, the final quarter of the year promises to be an exciting period for the company, buoyed by sustained advertising demand.
Audioboom’s strategic positioning amid increased podcast demand and the US election has set the company on a path to exceed performance expectations.
