Audioboom has upgraded profit guidance for the third time in less than two months, as the podcast platform's advertising sales continue to surpass expectations. The AIM-listed group, which hosts the popular F1: Beyond The Grid podcast - and is also home to our This is Money podcast, told shareholders on Wednesday it had continued to trade ahead of expectations in the fourth quarter.
Audioboom has been forced to respond to changes to Apple's IOS operating system this year, which 'depleted inventory levels' and led to a $15million potential revenue hit for 2024. It has ramped up efforts in its high-margin Showcase business, which allows advertisers to build a campaign in five minutes via a self-service portal, according to Audioboom.
Showcase revenues in November were up 53 per cent on the same time last year, with advertiser customer numbers up 65 per cent to 10,165. It boasts average global revenue per 1,000 downloads – a key performance metric - of $75.60, up 38 per cent on $54.75 in November last year, 'as pricing and demand levels across the platform continue to grow'.
Audioboom has upgraded profit guidance three times since 15 October as its Showcase business continues to power performance. Audioboom said the 'ongoing success' of its Showcase focus has lifted full-year revenue expectations to 'at least' $73million. It now expects to post full-year adjusted earnings before nasties of $3.1million, up from guidance of $2.8million in November and $2.5million in October.
