Audioboom Group PLC (AIM:BOOM) reported a 13% rise in revenue in 2024 and flagged a positive start to the new year.
At $73.4 million, revenue was ahead of forecasts, while earnings (adjusted EBITDA) increased to $3.4 million compared to a $400,000 loss a year ago. In its fourth quarter, Audioboom saw earnings (adj EBITDA) of $2.1 million.
The podcast platform highlighted that ‘Showcase’, its tech-driven advertising marketplace, delivered $23.1 million in revenue, up 56% from 2023. Showcase accounted for 32% of total revenue.
"I am very pleased to report that we have beaten adjusted EBITDA expectations for the fourth time in 2024 - a great way to round off another successful year in the growth of Audioboom as the world's leading independent podcast platform,” chief executive Stuart Last said.
“The final quarter highlights the strong business model we have created - stable operating costs and higher margins delivering an EBITDA margin of more than 10% in Q4 2024.”
Last added: “At the heart of our success was the continued growth of Showcase - our global ad-tech marketplace which enables brands to target audiences at scale and ensures podcasters on the Audioboom Creator Network maximise the value from their content.
“Showcase is the highest gross margin product in our business and is now responsible for 32% of our revenue.”
Looking ahead, Audioboom noted it has secured $54 million in contracted revenue for 2025, and pricing for its premium advertising product is 17% higher than last year.
It anticipates record revenue and earnings for the year, supported by partnerships with creators like American comedian Tim Dillon and new shows including Reading Reddit (NYSE:RDDT).
At the end of 2024, Audioboom was the fourth-largest podcast publisher in the United States and Australia and was also highly ranked in Canada, New Zealand, and Latin America.