Q3&Q47 Oct 2024 09:44
Stuart Last, CEO of Audioboom, commented: "Audioboom continues to deliver positive results in 2024 with momentum building as we enter our strongest period of the year. Revenue growth of 35% in August 2024 (over August 2023) is incredibly pleasing and is driven by record performance by Showcase - our scalable, tech-based advertising marketplace. Showcase delivered US$2.5 million of revenue last month - 143% growth versus the same period in 2023.
Showcase is also our highest margin revenue line, and as a result of the Showcase growth we delivered our highest monthly adjusted EBITDA profit in almost two years of US$0.3m.
I'm very pleased that in August our podcasts were downloaded more than 103 million times, growing significantly from our Q2 2024 average of 95 million. The Audioboom Creator Network is expanding once more.
Q4 is always our highest demand period due to the return of the NFL and the English Premier League, as well as the US holiday season, and this year it will be further boosted by the US election. I am extremely optimistic about Audioboom's future, and I look forward to providing an update on trading for the third quarter on 15 October 2024."
Amazon tops $1.8 billion ad-spending commitment target
The telecom industry saw an unexpected spending surge in 2023 that has carried over into 2024. Two years ago, the category slumped to a 1.8% growth rate amid a turbulent stretch for the major US telecom companies. But a turnaround began last year, and this year we expect the reinvigorated competition between the likes of Verizon, AT&T, and T-Mobile to push the industry over $20 billion in digital ad spending for the first time.
The “other” category will take second place in growth this year, thanks to political ad spending. “Other” comprises a smorgasbord of smaller ad spenders such as real estate, nonprofits, professional services, energy, manufacturing, industrials, politics, and education. Once every four years, the political portion of that equation surges. US digital political ad spending will spike by 362.6% this year, propelling “other” to unusual outcomes in many of our industry ad spending rankings.