Audioboom Group PLC (LON:BOOM) struck a chord with investors after the podcast platform reported record revenues in the first quarter of the year.
In the three months to the end of March, revenue surged to US$4.6mln, better than bosses had hoped for and almost three times higher than what it achieved in the same period of 2018.
READ: Audioboom surges after banging trading update
Revenue per thousand listens was also up by 67% to US$23.77 (Q1 18: US$14.27), as was the number of brands advertising on its platform, which rose to 178 from 160 at the end of December.
The company said performance had been boosted by the launch of “compelling” new content such as F1: Beyond the Grid and Mafia, as well as the growing demand for podcasts in general.
“We are delighted with our start to 2019,” said chief executive Rob Proctor.
“We have signed great new podcasts during Q1, are making compelling new content, F1: Beyond the Grid is performing exceptionally well, and we have industry leading sell-through rates.
“Podcasting is now the growth sector in digital media for brands and broadcasters looking to consolidate or add podcast creation and content to their platforms and we are involved in more content negotiations and commercial opportunities than ever before. We are ideally positioned to benefit from this.”
Shares rose 4.4% to 2.4p on Wednesday morning.