19 Dec 2012 07:00
19 December 2012
UBC Media Group plc
Further growth at Audioboo and new investment
UBC Media Group ("UBC" or the "Company") is pleased to announce that it has participated in a successful fundraising for its associate company, Audioboo, the fast-growing audio platform for social networks. UBC invested £330,000 to maintain its shareholding at 36.5% in a round which saw participation from all of Audioboo's major existing investors, including Channel 4 TV, AudioGo and also brought a new US investor to the company.
Audioboo operates a mobile and web-based platform that allows broadcasters and content creators to distribute audio clips via social media. It is used widely by most of the UK radio sector and adopted by the BBC as an official technology partner. On mobile or web applications, users can browse content uploaded by others or create content themselves, audio can then be easily and automatically attached to a tweet or sent to Facebook friends.
The company has seen rapid growth this year, with registered users in November 2012 at 862,000, a 20% rise month on month and up from 161,000 at the start of 2012. In November, 5.4 million audio streams were served to users, up 54% month on month.
The fundraising will underwrite a major expansion of the platform, with a re-design and upgraded apps to be released in January 2013 and an expansion into the US market. Part of the funding has come from a new US investor - Yea networks - which syndicates programmes across North America, including one of the most-listened to contemporary morning shows, "Kidd Kraddick in the Morning", heard by some 2 million people every week in more than 80 radio markets. Kidd Kraddick will begin using Audioboo on his programme in the New Year as part of the deal.
The investment in Audioboo is part of UBC's broader strategy, outlined in June, to concentrate on the development of the company's digital and interactive divisions. On December 6th 2012, the Company announced its first licencing deal for the mobile gaming "app" that it has developed for radio stations. Early reaction to Absolute Radio's "Rock Off" app has been positive with the app consistently in the iTunes top 5 for music games. Around 10% of listeners who have downloaded the free app are going on to make in-app purchases of music packs. UBC is now actively exploring the licensing of the game in the United States and would expect to be in a position to launch there early next year.
Simon Cole, Chief Executive of UBC commented:
"Watching the growth of Audioboo has been one of the most exciting developments in the last year. The media industry generally in now increasingly focussing on the way broadcast services can be linked to online and especially social networks. We are perfectly positioned, both through our investment in Audioboo and in developments like our gaming apps, to benefit from these changes."
Enquiries:
UBC Media Group 020 7453 1600
Simon Cole, CEO (@uksimon)
Chris Dent, Finance Director
FinnCap 020 7220 0500
Charlotte Stranner / Rose Herbert, Corp. Finance
Victoria Bates, Corp. Broking
Notes to Editors
About UBC Media Group
UBC is quoted on the London Stock Exchange's AIM market. UBC is a leading provider of digital content, software and mobile applications. The Group is the largest independent producer of radio programming for the BBC and a provider of entertainment programming to radio stations and online media. Its software division, Unique Interactive, is a global supplier of digital radio text and data services.
www.ubcmedia.com