Audioboom’s turnover slumps after true crime podcast network leaves
Turnover Audioboom drops by more than 20% after true crime podcast Morbid Network leaves for competitor
- Audioboom declared revenue of $15.4 million for the three months ended March
- True crime anthology Morbid is one of the most popular podcasts in the US
Audioboom’s first-quarter revenue fell significantly following the departure of a major podcast platform to competitor Wondery.
The podcast developer reported revenue of $15.4 million for the three months ended March, which was in line with forecasts but lower than the record $19.5 million in the same period last year.
More than a fifth of the group’s revenue during the last period came from the Morbid Network, whose true crime-themed anthology series of the same name is one of the top ten most popular podcasts in the US.
Nice ride: Audioboom recently extended a multi-year agreement with Formula 1 to produce, distribute and monetize the official podcasts of the international motor racing series
In April 2022, the show’s creators signed an exclusive week-long advertising sales and framework contract with Wondery, creators of the British Scandal podcast hosted by comedians Matt Forde and Alice Levine.
Audioboom lost about 30 million monthly downloads when Morbid left the following month. It compensated for this by entering into new partnerships and contract extensions.
The company extended a multi-year agreement with Formula 1 under which Audioboom will produce, distribute and monetize the official podcasts of the international motor racing series.
Since Formula 1 switched to podcasting five years ago, its various titles – ranging from F1: Beyond the Grid to F1 Nation – have been downloaded more than 80 million times, according to Audioboom.
In addition, the company signed extended contracts with the Australian Radio Network and podcasts such as the paranormal show Astonishing Legends and true crime programs Killer Queens and Devils in the Dark.
However, trading was impacted by a slowdown in advertising spending amid tougher market conditions, while adjusted underlying revenue plummeted from a record $900,000 to around $200,000.
Audioboom’s CEO Stuart Last acknowledged the current issues facing the advertising market, but said that “over the medium to long term, we are confident that brands will continue to trust podcasting as an important part of their marketing strategy.”
He added: “We continue to expect to deliver year-over-year growth for the full year and continue to outperform the broader market, and we see strong signs of the advertising market returning.”
Showcase, the company’s global advertising marketplace, continued its impressive growth and increased its total revenue by 47 percent.
At the same time, the average number of brand advertisers on Audioboom’s platform grew by almost three quarters to almost 6,500 per month.
Audioboom Group Shares were down 5.4 percent at 350p early Wednesday afternoon, meaning their value is down about 30 percent over the past six months.