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Audioboom warns of global advertising slump despite sharp sales spike
Audioboom has warned of a global advertising slump, despite a sharp revenue spike for 2022.
The podcast distributor said revenue jumped 25 per cent to £60 million last year as users continue to tune in to shows following a pandemic boom. Profits rose 16 percent to around £3 million.
The London-based company, which is backed by real estate mogul Nick Candy, said monthly downloads rose 3 percent to 110.9 million in the fourth quarter.
Tuned in: Podcast distributor Audioboom, which is backed by real estate mogul Nick Candy (pictured with wife, actress and singer Holly Valance) said revenues are up 25%
Audioboom hosts podcasts for The Spectator magazine, as well as shows from former Great British Bake Off presenter Sue Perkins and football broadcaster James Richardson.
It makes money by helping creators find advertisers for shows and produces its own podcasts in London and the US, including F1: Beyond The Grid.
Candy previously described Audioboom’s post-pandemic growth as “on steroids,” and there were reports that the company attracted acquisition interest last year.
Chief executive Stuart Last said the company has £6.5m in cash reserves, which would be “critical during uncertain economic times”.