Audioboom results fall on deaf ears

Shares in AIM-listed podcast specialist Audioboom (LON:BOOM) tumbled by 15.22% to 1.95p (as of 14:40 BST) after its losses narrowed slightly during the year ended 31st December. Revenues climbed by 92% as the company continued to bring in new advertisers and content.

CEO Rob Proctor commented: “I am delighted the significant investments we’ve made in people and technology over the past couple of years have been reflected in these financial results with revenue increasing 92% for the period and the Company achieving cashflow break-even over the final three months.

“We signed some impressive new content during the period, including ‘Casefile’, ‘And That’s Why We Drink’ and also re-signed two of the UK’s biggest podcasts, by number of listens. I am particularly pleased with the success of our Audioboom Originals Network programming with both the London and New York studios creating more than 11 shows, which expands our operating margins and creates valuable intellectual property for the Company. The entire audio entertainment industry is already beginning to value intellectual property within the sector and we have already seen several large industry players, such as Spotify, acquiring podcasting businesses over the past 12 months and Luminary, a podcast start up, raise US$100m“.