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Podcast maker Audioboom warns of falling ad revenue as costs take their toll
Audioboom shares fell as it warned companies would cut advertising amid rising costs.
The podcast maker said the advertising market is “not immune” to the impacts of the economic downturn.
The shares slipped 2.5%, or 22p, to 868p. The warning came as Audioboom posted record half-year results.
Shareholders: Audioboom’s success has boosted property mogul Nick Candy (pictured with his wife, actor Holly Valance), who has a 15% stake in the company
The business recorded revenue of £34m in the six months to June 30, up 79% on the previous year.
And it posted a profit of £1.7m, rebounding from a loss of £170,000 last year.
The average number of advertisers using it also climbed to 376, up 15% from a year earlier. Podcasting has exploded during the pandemic.
Audioboom’s success has boosted real estate magnate Nick Candy, who has a 15% stake in the company.
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