Audioboom shares dive after podcast maker falls to loss

  • Audioboom Group’s adjusted losses before nasties totalled $396,000 in 2023 
  • The company lost true crime podcast Morbid to rival Wondery two years ago

Audioboom Group shares plunged on Monday after the firm swung to an annual loss due to a softer advertising market and the loss of a popular podcast.

The AIM-listed podcast developer revealed adjusted losses before nasties totalled $396,000 in 2023, compared to positive earnings of $3.59 million the prior year. 

This was despite the company’s audience numbers and average monthly downloads of its shows rising to a record 38 million and 121.9million, respectively.

Loss: Podcast developer Audioboom revealed that its adjusted losses before nasties totalled $396,000 in 2023, compared to positive earnings of $3.59 million the prior year

Audioboom’s revenue fell by almost $10million to $65million as a subdued economic backdrop led to businesses further reducing their marketing budgets.

Turnover also declined following the departure of the highly popular US true crime anthology Morbid to rival Wondery in May 2022.

Before it transferred, Morbid was downloaded 30 million times per month and provided approximately a fifth of Audioboom’s sales.

As a result, shares in Audioboom slumped 10.7 per cent to £2.70 by late Monday afternoon, meaning they have shrunk by about 90 per cent since peaking in April 2022.

However, the London-based company believes 2024 will be a record year thanks to a strong first-quarter performance and the expectation revenue growth and profits will expand over the coming months.

In the opening three months of this year, Audioboom’s average turnover per 1,000 downloads jumped by 27 per cent to $52.17, which helped total sales rise by 11 per cent to $17.1million.

During the period, the group renewed contracts with programmes like Crime Weekly, The Tim Dillon Show and Real Ghost Stories.

It also signed deals with comedy show Soder, history podcast Omnibus, and George Conway Explains It All To Sarah Longwell, whose two presenters discuss the legal cases facing former US President Donald Trump.

Stuart Last, Audioboom’s chief executive, said 2024 ‘has started exactly as we hoped, with the positive momentum of the final quarter of last year continuing’.

Founded in 2009, Audioboom is the fourth-biggest podcast publisher in the United States, with 5.6 million average weekly users, according to advertising group Triton Digital.

The business produces the official podcasts for motor racing series Formula One, such as F1: Beyond the Grid and F1 Nation,

Other shows on its network include Truth vs Hollywood, Sue Perkins: An Hour or So With, and No Such Thing as a Fish, which is hosted by the research team behind the BBC comedy panel show QI.