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Shares in AIM-listed podcast specialist Audioboom (LON:BOOM) rose by 16.77% to 181p (as of 14:45 BST) after the firm reported a 40% improvement in Q1 revenues. Global revenues per 1,000 downloads in March was up by 81% relative to last year.
CEO Stuart Last commented: “I’m delighted that we have continued our momentum into 2020, delivering results ahead of management’s expectations, and growing our market position. However, this quarter was about more than just our direct financial results, it was about creating long-term value for the business through new initiatives and partnerships.
“During the first quarter, we launched four new Audioboom Originals, further focusing the business on content and creativity. We established new distribution partnerships with Amazon Music and Pandora, which will allow Audioboom Originals, our publisher partners and our brand advertisers to connect with new podcast audiences. We adopted the IAB’s V2 measurement standard, which enhances our relationship with the advertising and brand community. Additionally, the commitment of our Chairman and major shareholder, through the provision of a loan facility, gives us the ability to plan for longer-term growth.
“We are still developing an understanding of how Covid-19 will impact podcasting. Early indications are that we will see more caution from advertisers during Q2, although they remain committed to the podcast medium by increasing their levels of long-term support for proven networks. The Board will continue to monitor these developments closely, but believes that Audioboom remains in a strong position“.