Audioboom has seen its revenue drop in the latest full financial year, despite recording growth in the final quarter of the year.

The global podcast firm, which is headquartered in London, saw its revenue increase by 37% between Q3 and Q4, standing at approximately $19.2m (£15.1m).

Furthermore, the company witnessed a quarterly adjusted EBITDA profit of around $200,000 (£235,880) in the same period.

Chief executive officer at Audioboom, Stuart Last, said: "I'm pleased to report a successful final quarter of 2023, with the business returning to growth mode. Our Q4 revenue of over $19m (£14.9m) 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."

However, Audioboom’s full-year revenue for 2023 dropped to $65m (£51.1m), down from $74.9m (£58.8m) the year previous.

The firm’s annual adjusted underlying loss of $1.5m (£1.18m), compared to underlying earnings of $3.6m (£2.83m) in 2022.

Last added: "As well as a return to revenue growth, we also returned to a position of cash generation and adjusted EBITDA profitability in Q4. During this period we successfully renewed contracts with a number of our podcast partners on more favourable terms, reducing our exposure to minimum guarantees significantly from 1 January 2024, with further incremental reductions in our minimum guarantee exposure expected across next year. This is expected to enable us to deliver adjusted EBITDA profitability in 2024.

"I am buoyed by a more positive sentiment in the advertising industry, with brands making strong budget commitments during the upfronts booking season, resulting in us contracting more than $47m (£37m) of revenue for 2024 through advance bookings."

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