Podcasting platform Audioboom issued an improved outlook for its operating profit that it attributes to an upsurge in its advertising revenues.
“Audioboom’s strong performance has continued into the final quarter of the year, and we are set to deliver at least $2.8 million of adjusted Ebitda profit,” the company’s CEO Stuart Last said in a Friday filing.
Last month, the London-listed company had raised its operating profit forecast to $2.5 million from $1.3 million.
“With confidence in advertising demand for the remainder of our strongest quarter of the year, I am very pleased to see a second upgrade to our adjusted Ebitda profit expectations this year,” Last said.
Audioboom said the improvement was primarily driven by a 49% year-on-year jump in its revenue in October generated through Showcase, its tech-based advertising marketplace. Showcase is billed as a platform that allow brands to execute their advertising campaigns efficiently and at scale.
Last month, Audioboom said it had garnered a record revenue of $18.8 million in the third quarter, a 34% jump from the same period a year earlier. The podcast streamer benefitted this year from the U.S. election, which boosted demand for the platform’s politics and news programming slates.
Audioboom says its shows are downloaded 100 million times each month by 38 million unique listeners around the world. The platform is ranked as the fifth largest podcast publisher in the U.S., according to Triton Digital. It also ranks third in Australia, second in New Zealand and fourth in Canada.
The company’s technology enables more than 8,000 podcasters to publish their content, distribute it to listening apps, and then monitor its consumption through its data and analytics dashboard.
Audioboom’s partnerships include F1: Beyond the Grid, F1 Nation, Casefile True Crime, True Crime Obsessed, and The Tim Dillon Show.
Previously, Audioboom had to contend with a global advertising recession that emerged in 2022 and lasted across 2023. And the wider podcast industry was hit in late 2023 by an update to Apple’s iOS17 which reduced automatic podcast downloads.