Audioboom’s turnover slumps after true crime podcast network leaves

Audioboom’s first-quarter revenue fell significantly following the departure of a major podcast platform to rival publisher Wondery.

The podcast developer reported revenue of $15.4million for the three months ending March, which was in line with forecasts but lower than the record $19.5million made during the equivalent period last year.

Over a fifth of revenues earned by the group during the latter period derived from the Morbid Network, whose eponymous true crime-themed anthology series is one of the ten most popular podcasts in the US.

In April 2022, the show’s creators struck an exclusive advertising sales and one-week windowing contract with Wondery, makers of the British Scandal podcast presented by comedians Matt Forde and Alice Levine.

Audioboom lost around 30 million monthly downloads when Morbid left the following month. It compensated for this by agreeing new partnerships and contract extensions.

The firm renewed a multiple-year deal with Formula One, which will see Audioboom produce, distribute and monetise the official podcasts of the international motor racing series.

Since Formula One moved into 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 like the paranormal show Astonishing Legends and true crime programmes Killer Queens and Devils in the Dark.

However, trading was impacted by a slowdown in advertising spending amid more difficult market conditions, while its adjusted underlying earnings plunged from a record $900,000 to about $200,000.

Audioboom’s chief executive Stuart Last acknowledged the current issues facing the advertising market but said that ‘in the medium to long-term, we are confident that brands continue to trust podcasting as a key part of their marketing strategy’.

He added: ‘We continue to expect to deliver year-on-year growth for the full year as well as continuing to outperform the wider market, and we see strong signs that the ad market is returning.’

Showcase, the firm’s global advertising marketplace, continued its impressive run of growth, expanding its total revenues by 47 per cent.

At the same time, the average number of brand advertisers on Audioboom’s platform grew by nearly three-quarters to almost 6,500 per month.

Audioboom Group shares were 5.4 per cent lower at 350p on early Wednesday afternoon, meaning their value has dropped by approximately 30 per cent in the past six months.