Jul 2019 RadioWorks Blog
While podcasts still represent a slimmer slice of the listening pie, we have yet to witness the medium’s peak. Most recently, notable podcast players Acast and Audioboom posted significant rises in revenue. Clearly, podcasting is experiencing a ‘moment’, but if these recent results are any indication of the pod trajectory, it’s probably fair to say that we will continue to see bigger and better things in this space.
Acast more than doubled its revenue in 2018 to over $20 million which was massively influenced by its growth in the UK and US. Globally, however, the pod platform gained a whopping 1.3bn listens in the year 2018.
CEO Ross Adams commented: “2018 was a tremendous year for Acast and doubling our sales is real proof of that, allowing us to become the biggest global player in the podcast market. “Raising such a significant amount of investment has allowed us to accelerate our growth even faster throughout 2019. We have continued our expansion into new markets such as France and Germany, and in established markets such as the UK, we are now by far the leading commercial platform for podcasts. We are putting yet more effort into innovation in our technology and seen huge growth both in terms of staff and turnover. Finally, we have now passed the €50 million mark in money paid back to podcasters in Europe since the company began. It’s a really exciting time at Acast.”
Equally as impressive, rival pod hosts Audioboom saw 171% revenue growth for H1 2019. Revenue in the first six months of this year came to $9.8m (£7.9m), a significant increase in comparison with the $3.6m posted this time last year.
Like Acast, these gains stem mainly from the UK and US. The company saw more than 100% increase in its UK revenue which reached $1.1 million.
CEO Rob Proctor said: “Considering the potential marketplace we are creating, with a record 135m individuals listening to at least one Audioboom podcast in June, this global reach presents many possibilities within the global digital marketplace. This platform will create new commercial opportunities as podcasting and audio continue to attract global investors.”
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