RE: No April or May update20 Jun 2024 09:50
Forward-looking statement by SL, Q1 update 15th April.
Stuart Last, CEO of Audioboom, commented:
"2024 has started exactly as we hoped with the positive momentum of the final quarter of last year continuing. We recorded our second successive period of year-on-year revenue growth and adjusted EBITDA profit as our recovery from the challenging market conditions of 2023 continued. Over this coming year I expect our revenue growth rate to improve further. We have more than US$55 million of contracted revenue for 2024 from advance advertising bookings, and we are perfectly positioned at this stage of the year to deliver our goals of record revenue and adjusted EBITDA profitability.
We have made investments in our sales operation, and I am very pleased to bring two highly skilled and experienced executives into the Audioboom team. Molly Harvey in the US and Shaun Wilson in the UK will focus on expanding our blue-chip brand customer base to drive revenue and continue the maturation of our podcast monetisation engine.
Other key initiatives within the Company - including the continued growth of our Showcase marketplace, accelerated ad inventory creation, the expansion of our brand platform Sonic, and the restructuring and renewal of podcaster contracts on more favourable terms - continued to progress well in Q1.
We also took our first steps in the utilisation of AI to generate advertising creative and translate content for international distribution, as well as expanding our work in monetising YouTube content. These are two areas I believe will provide significant opportunity for the business in the coming years.
Sentiment in the advertising industry continues to improve, which can be seen in our progress so far. The team at Audioboom are continuing to create strong value in our platform for creators and brands, and we all look forward to delivering a record 2024."