Posted on July 19, 2018 by staff

Podcasting firm grows revenue despite aborted £134m deal


The CEO of global podcasting firm AudioBoom has the company’s positive financial results despite the “considerable distraction” of an aborted £134 million US deal.

The AIM-listed business has grown revenues by 43 per cent to £2.6 million for the six months to 31 May 2018, and reduced its adjusted EBITDA loss from £2.6 million to £2.2 million.

The spoken word audio on-demand platform 87 million monthly unique users in May 2018, up from 81 million a year earlier.

AudioBoom revealed in February that it planned to acquire Triton Digital, a US-headquartered technology provider to the online audio industry, in a deal worth £134 million.

But three months later, the company announced it was pulling out of the deal after being unable to raise the necessary funds.

“These results have been achieved despite the considerable distraction of the aborted Triton deal,” said CEO Rob Proctor.

“It bodes well for the rest of 2018 and beyond that we are now solely focused on turning Audioboom into the pre-eminent podcasting platform.”

Audioboom was founded in 2009 by entrepreneur Mark Rock to allow users to upload their own recordings and interviews.Robert Proctor was appointed as chief executive in 2012 to transform the company into a platform for professional audio content.

It now hosts thousands of podcasts including Associated Press, Drink Champs, News Roast, No Such Thing As A Fish and Westwood One.