The podcast distribution platform Audioboom is offering the industry a first look at how advertising trends are developing in 2021 and the news is good. First quarter revenue set a record for Audioboom which reports revenue jumped 49% from a year ago to $9.5 million, beating market expectations. Revenue was also up 12% compared to the fourth quarter.
“It is important to note that the 49% year-on-year revenue growth we have delivered is benchmarked against the one quarter in 2020 that was not significantly impacted by COVID-19,” said CEO Stuart Last.
Audioboom says it had 301 brand advertisers spending money during the first three months of the year. That is up from 270 a year ago. The company also says its average global revenue per one thousand downloads – what it calls its eCPM – increased to $40.55, a 14% increase versus the prior year.
“Q1 2021 was a breakthrough period for Audioboom,” said Last in the quarterly update to investors. “This positive momentum has continued into the second quarter with the company signing advertising bookings representing more than 90% of the existing market forecast for 2021 group revenue.”
Audioboom says its average global monthly downloads increased to 87.1 million during the first quarter, up 37% from the 63.4 million it had during the first quarter of 2020.
This week Audioboom signed a development deal with Obsessed Network, the true crime podcast company behind the show True Crime Obsessed, in an arrangement that will provide funding to the network to develop new shows and expand distribution of the brand’s existing and new podcasts under the Obsessed Network banner.
Last credited the company’s “content focused expansion strategy” and new content partnerships for accelerating download growth. Audioboom says its global downloads in March reached 91.6 million.