Revenues are down at Audioboom as the listed podcast platform also fell to a full-year EBITDA loss.
Sales for the 12 months ended 31st December 2023 were $65 million, compared to $74.9m in 2022.
Total adjusted EBITDA loss was $1.5m, compared to $3.6m profit in the prior year.
However the London firm said Q4 saw a return to revenue growth, EBITDA profitability and cash generation.
For that period it reported revenue of $19.2m – up 37% on Q3 2023 and 5% on Q4 2022 – the highest revenue quarter since Q2 2022.
Q4 2023 also saw a return to adjusted EBITDA profit of $200,000, compared with a $1.9m loss in Q3.
The company has already contracted revenue of more than $47m for 2024, it claims, through advance bookings during a positive ‘upfronts’ advertising season. It told the London Stock Exchange that it anticipates record revenue in 2024.
Audiboom has launched a brand advertising unit, increasing its customer base with new early-stage commercial partnerships at eight of the top 15 biggest US advertising agencies, as well as AdVet, a proprietary tool for creators that reduces advertising booking times by more than 60%.
“I’m pleased to report a successful final quarter of 2023, with the business returning to growth mode,” said CEO Stuart Last. “Our Q4 revenue of over $19m is the highest since Q2 2022 and reflects the improvements we have made in the business across the year.
“The focus on expanding and diversifying our customer base through the launch of our brand sales unit has resulted in new commercial partnerships with leading advertising agencies. Our drive to optimise advertising inventory on the platform has led to a sharp increase in the number of ad slots we create per episode, with a subsequent one billion ad impressions being made available for sale to our customers in October.
“These operational improvements have positioned us to capture maximum value from advertisers in 2024.”
“I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments.”