By Elena Vardon
Audioboom Group announced its anticipation of returning to positive core earnings in the fourth quarter and projecting further growth in 2024. The company reported a shift to a loss during the first nine months of 2023 due to the prevailing advertising market downturn, which impacted its revenue.
During the nine months ended September 30, the U.K. podcast company disclosed a total adjusted loss before interest, taxes, depreciation, and amortization of $1.7 million. This figure includes creator minimum guarantees payments. In comparison, it had reported $2.7 million for the same period the previous year.
Furthermore, Audioboom Group stated that its revenue for the period amounted to $45.8 million, down from $57.1 million. The decrease is attributed to the advertising market's weakness and the loss of its Morbid podcast from the previous year.
Looking ahead, the company forecasts a revenue of at least $19 million for the fourth quarter, exceeding the $18.3 million achieved in the corresponding period last year. This performance is expected to pave the way for a return to adjusted Ebitda profit for the three-month period.
"I am confident about our prospects for 2024 and I am pleased to maintain our expectations for record revenue performance next year," stated Chief Executive Stuart Last.