Audioboom revenues soar in record quarter

Podcast hosting service Audioboom enjoyed strong revenue growth in the first quarter after inking an enhanced global commercial agreement with Spotify.

Audioboom reported record quarterly revenues of $4.6m in the three months ended 31 March, a 180% year-on-year increase.

Revenues per 1,000 listens in the US grew 67% on Audioboom's previous trading year to $23.77.

Total available premium advertising impressions rose 28% year-on-year to 305m, while brand advertisers increased 55% on last year to 178.

Cash balances remained steady at $1.7m.

Audioboom scored key contract renewals with network SBI Audio, as well as podcasts such as Undisclosed and True Crime Obsessed.

Chief executive Rob Proctor said: "We are delighted with our start to 2019. We have signed great new podcasts during Q1, are making compelling new content.

"The continued corporate activity within the sector demonstrates Audioboom's potential to deliver significant shareholder value this year."

As of 1000 BST, Audioboom shares had picked up 2.28% to 2.35p.