Audioboom warns of a global advertising slump despite posting a sharp revenue spike
Audioboom has warned of a global advertising slump despite posting a sharp revenue spike for 2022.
The podcast distributor said revenues jumped 25 per cent last year to £60million as users continue to tune in to shows following a pandemic boom. Profits rose 16 per cent to around £3million.
The London based firm, which is backed by property tycoon Nick Candy, said monthly downloads rose 3 per cent to 110.9m in the fourth quarter.
Tuned in: Podcast distributor Audioboom, which is backed by property tycoon Nick Candy (pictured with wife, actress and singer Holly Valance) said revenues jumped 25%
Audioboom hosts podcasts for The Spectator magazine as well as shows by 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 growth after the pandemic as ‘on steroids’ and there were reports that the business attracted takeover interest last year.
Chief executive Stuart Last said the company has £6.5million in cash reserves, which would be ‘critical during uncertain economic periods’.