By Jess Jones
Audioboom, the London-based podcasting giant, returned to revenue growth at the end of last year although its overall revenue was lower than in 2022.
The firm reported revenue of $19.2m (£15.1m) in its fourth quarter of 2023, up 37 per cent on the previous quarter and up five per cent from the same quarter in 2022.
In an update to markets on Monday, Audioboom said it hit revenues of $65m (£51m), compared to $74.9m (£58.8m) in 2022.
Its average global monthly downloads dropped slightly to 110.1m the fourth quarter of 2023, from 110.9m in the same period the previous year.
The company said this was a problem that impacted the wider podcasting industry as Apple removed auto-download numbers.
Audioboom’s advertising marketplace, called Showcase, generated 35 per cent more revenue in 2023 than in 2022, despite the global ad downturn.
It says it has already secured revenue of more than $47m (£36.9m) for 2024, through upfront advance bookings.
“I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments during the upfronts booking season,” said chief executive Stuart Last.
Last year, Audioboom blamed an almost 20 per cent revenue decline on a poor advertising market and the loss of a popular true crime podcast, Morbid, to rival American network Wondery.
