(Alliance News) - Podcast company Audioboom Group PLC on Thursday announced the launch of AdRip, a new proprietary advertising technology tool that enables the re-monetisation of the network's vast back catalogue of content.
AdRip automates the removal of historic 'live-read' advertising that has been previously embedded into shows and is no longer providing revenue. The tool replaces the embedded advertising with new ad-breaks, which then allow Audioboom to sell and insert new ads each time an episode is downloaded in the future.
Audioboom's content receives more than 92 million downloads per month, with more than 50% of that consumption on back catalogue or historic episodes.
Revenue generated through advertising technology has risen from 5% of total revenue in 2020 to 9% in 2021 and the company will continue to invest in ad tech developments to deliver further growth.
"We continue to innovate to create tools that will provide scale to our business. As the industry develops, historic episodes will become an even larger part of the listening mix, and with the launch of AdRip we are opening up an opportunity to deliver value against a huge catalogue of rich content," said Chief Executive Stuart Last.
Shares in Audioboom closed 1.6% lower at 880.00 pence each in London on Thursday.
By Amrit Sahota; newsroom@alliancenews.com
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Audioboom Grp. (BOOM)