Audioboom reports 54% profit growth to $5.1M with record Q4 revenue while launching Spotify partnership to close video podcast monetization gap between $71 audio RPM and sub-$35 video rates.
Podcast company Audioboom today announced record financial performance for 2025, reporting adjusted EBITDA profit of approximately $5.1 million alongside a commercial partnership with Spotify designed to narrow the substantial monetization gap between audio and video podcast content.
The London-based company, which trades on AIM under ticker BOOM, achieved 54% annual growth in adjusted EBITDA compared to $3.4 million in 2024, exceeding market expectations. Revenue reached approximately $80.4 million for the year ended December 31, 2025, representing 10% growth from $73.4 million in 2024.
The fourth quarter delivered particularly strong results. Quarterly revenue hit approximately $24.9 million while adjusted EBITDA profit reached approximately $2.2 million, reflecting a 9% adjusted EBITDA margin. These figures marked records for both metrics during the October-December period.
The commercial partnership with Spotify addresses fundamental economics in video podcast advertising. According to Stuart Last, CEO of Audioboom, the company's current monetization engine for audio-only content generates around $71 revenue per thousand downloads (RPM) on average. Video content generates less than half that figure.
"Our current monetization engine for audio-only generates around $71 RPM on average. For video it's less than half of that," Last stated in a January 15, 2026 LinkedIn post. "With Spotify we'll have more options to monetize video content - helping to close that value gap and make us the go-to video platform too."
The partnership will provide expanded advertising opportunities alongside direct revenue from subscriptions through Spotify's infrastructure. Spotify launched its Partner Program on January 2, 2025, introducing dual revenue streams that combine Premium subscriber video engagement payouts with advertising revenue from free users. The platform distributed more than $100 million to podcast publishers globally in the first quarter of 2025, with creator payouts growing over 300% in January compared to the previous year.
The partnership arrives as video podcast monetization demonstrates inconsistent pricing across the industry. Data from June 2025 showed Audioboom delivering $40.74 RPM for video content, representing premium pricing compared to traditional audio-only podcast advertising. The company's LinkedIn announcement suggests current video RPM has declined to below $35.50, highlighting volatility in video monetization rates.
The fourth quarter generated record revenue from Audioboom's UK operation following integration of Adelicious, the British podcast network acquired in July 2025. The transaction created what the company initially characterized as the UK's largest homegrown podcast network with 40 million unique listeners and more than 125 million monthly downloads and video views.
Pre-transaction, Adelicious delivered approximately $600,000 per month in revenue. Post-integration, monthly revenue exceeded $900,000, representing 50% growth through connection to Audioboom's distribution and monetization infrastructure.
The expanded UK inventory fueled Showcase, Audioboom's scalable advertising marketplace. Showcase delivered record revenue of approximately $30.4 million in 2025, up 31% from $23.1 million in 2024. The marketplace operates with higher gross margins compared to direct sales, contributing to overall profitability improvements.
Average monthly distribution reached 150 million downloads and video views during the fourth quarter, up 66% from 91 million views in Q4 2024. The substantial increase reflected both the Adelicious acquisition and rapid growth in video podcast consumption across the network.
Fourth quarter RPM declined to $55.23, down from $75.62 in Q4 2024. According to the company's trading update, this decrease resulted from two primary factors: increased lower-yield video views and growth in UK downloads.
The RPM compression creates both challenges and opportunities. Management characterized the situation as "significant upside opportunity through medium-term value creation in video podcast monetisation and the expansion of the UK podcast market." This positioning acknowledges current monetization limitations while projecting improvement as video advertising infrastructure matures.
Total gross profit reached approximately $17.0 million for 2025, up 18% from $14.4 million in 2024. Gross profit growth outpaced revenue growth, demonstrating the company's focus on higher-quality revenue streams. The margin expansion reflected Showcase's contribution alongside selective client acquisition that prioritized profitability over volume.
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Audioboom secured recognition as the number one network for video podcasts according to Podscribe's ranker. The company's Creator Network included 13 of the top 100 YouTube video podcasts. This positioning supported the Spotify partnership negotiations and established competitive advantages in an emerging format category.
Video growth represented what Last characterized as "an inflection point in Audioboom's transition from a podcast network to a scaled audio and video platform." The strategic shift involved infrastructure development, creator recruitment, and monetization experimentation throughout 2024 and 2025.
The company expanded its Creator Network through a new commercial and distribution partnership with History Daily, an award-winning daily podcast downloaded more than 70 million times since launching in 2021. The partnership added established audience reach alongside content diversity within historical and educational programming categories.
Group cash stood at $4.2 million on December 31, 2025, compared to $3.9 million one year earlier. An additional $3.4 million remained available through an overdraft facility, providing working capital flexibility for operations and potential acquisitions.
The company concluded its final onerous contract on December 31, 2025. This contract had been provided for on June 30, 2023. With its conclusion, the Board expects adjusted EBITDA in 2026 to serve as a proxy for cash generation, simplifying financial performance analysis and improving capital allocation transparency.
Operating costs remained stable despite revenue growth, demonstrating operational leverage within the business model. This cost discipline enabled adjusted EBITDA to expand faster than revenue, with the 9% Q4 EBITDA margin highlighting the gearing effect as revenue scales.
"Our OPEX is steady and consistent as the Audioboom platform is efficient and scalable - revenue growth gears quickly to EBITDA at these levels," Last stated in his LinkedIn post. The comment emphasized platform economics where incremental revenue generates disproportionate profit contribution once fixed infrastructure costs are covered.
Audioboom announced a Strategic Review on October 3, 2025. According to the January 15, 2026 trading update, the review remains ongoing. The Board expects to provide an update on or before publication of the company's full year results for 2025, scheduled for April 2026.
Strategic reviews typically evaluate alternatives including operational improvements, capital structure optimization, partnerships, or potential sale transactions. The timing alongside record financial performance suggests the Board views current market conditions as potentially favorable for strategic alternatives.
The review period has coincided with significant industry activity. SiriusXM reported podcast advertising revenue climbing nearly 50% year-over-year in Q3 2025 while securing exclusive distribution agreements with popular content. Programmatic adoption accelerated 64% following Spotify's April 2025 launch of the Spotify Ad Exchange, demonstrating robust advertiser demand for automated podcast buying capabilities.
Audioboom operates as the fifth largest podcast publisher in the United States according to Edison Research rankings. The company distributes content via Apple Podcasts, YouTube, Spotify, Pandora, Amazon Music, Google Podcasts, iHeartRadio, Facebook and Twitter alongside partners' own websites and mobile apps.
Key content partners include official Formula 1 podcasts 'F1: Beyond the Grid' and 'F1 Nation', 'True Crime Obsessed', 'The Tim Dillon Show', 'No Such Thing As A Fish' and 'The Cycling Podcast'. The portfolio spans multiple genres and geographic markets, reducing concentration risk while enabling cross-promotion opportunities.
The company's platform approach differentiates it from pure-play podcast networks. Infrastructure includes dynamic ad insertion capabilities for both audio and video formats, comprehensive analytics, and automated marketplace technology through Showcase. These capabilities enable Audioboom to serve as distribution and monetization infrastructure for creators while capturing margin through technology and services rather than exclusively through content ownership.
Industry consolidation has accelerated throughout 2025. Platform operators pursued scale through acquisitions while major streaming services expanded podcast capabilities through partnerships and feature development. Nielsen partnered with Edison Research to integrate podcast data into media planning tools, while Washington Post partnered with Triton Digital for comprehensive podcast monetization strategy. These developments reflect podcast advertising's integration into mainstream media buying practices.
The monetization gap between audio and video podcast formats represents both immediate pressure and medium-term opportunity. Video content requires additional production infrastructure, larger file sizes for distribution, and different advertising creative compared to audio-only formats. These complexities have limited video podcast monetization development relative to audio formats with decades of radio advertising precedent.
However, video enables pre-roll ads, mid-roll placements, overlay advertisements, and product integration opportunities unavailable in audio-only formats. Advertisers typically pay premium rates for video inventory due to increased engagement opportunities and expanded creative possibilities. As video podcast infrastructure matures and measurement standardizes, rates should approach parity with or exceed audio-only equivalents on an attention-adjusted basis.
Consumer behavior supports this trajectory. Research from Edison Research showed 26% of US adults consuming video podcasts weekly, with 31% discovering new podcasts through video platforms. Video podcast consumption increased 20% during Q2 2025 across industry platforms, demonstrating format adoption among mainstream audiences beyond early adopters.
The Spotify partnership positions Audioboom to capture video monetization improvements as they materialize. Direct subscription revenue provides creators with income sources beyond advertising, potentially reducing dependence on volatile ad markets. Enhanced advertising options expand inventory available for sale while improved targeting capabilities should increase effective CPMs across video placements.
Management expressed optimism about 2026 prospects. Last stated: "I am excited about 2026. We will have record inventory levels, new international opportunities, and a continued focus on growing our platform model."
Record inventory levels reflect the full-year impact of the Adelicious acquisition alongside organic creator additions throughout 2025. The expanded supply enables Showcase marketplace growth while providing advertisers with increased reach across demographic segments and content categories.
International opportunities likely reference geographic expansion beyond core US and UK markets. The company operates partnerships across North America, Europe, Asia and Australia, creating foundations for revenue growth in underpenetrated regions. Video podcast adoption varies significantly by market, with some territories demonstrating higher video consumption rates than others.
The platform model emphasis suggests continued infrastructure investment and creator acquisition. Platform businesses benefit from network effects where additional creators increase marketplace value for advertisers while expanded advertiser demand attracts more creators. Audioboom's technology-driven approach enables scaling without proportional cost increases, supporting margin expansion as revenue grows.
Cash generation expectations for 2026 provide financial flexibility. With the onerous contract concluded, adjusted EBITDA should translate more directly into free cash flow. This capital availability supports organic growth initiatives, potential acquisitions, or shareholder returns depending on strategic priorities emerging from the ongoing review.
The global podcast advertising market continues demonstrating structural growth despite near-term revenue volatility at individual companies. While consumers dedicate 31% of media time to audio content, advertisers allocate only 9% of budgets to audio platforms. This 22% gap between consumer engagement and advertiser investment creates substantial opportunity for platforms that successfully solve measurement, targeting, and creative production challenges.
Audioboom's 2025 performance demonstrates progress capturing this opportunity. Revenue growth combined with margin expansion and strategic partnerships position the company for continued development as video podcast monetization infrastructure matures and international markets expand.
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Who: Audioboom Group plc, a London-based podcast company trading on AIM under ticker BOOM, announced results affecting approximately 50 million unique monthly listeners worldwide. Stuart Last serves as Chief Executive Officer, with Brad Clarke as Chief Financial Officer.
What: Record 2025 financial performance with adjusted EBITDA profit of approximately $5.1 million (up 54% from $3.4 million in 2024) and revenue of approximately $80.4 million (up 10% from $73.4 million). Fourth quarter delivered record quarterly revenue of approximately $24.9 million and record quarterly adjusted EBITDA profit of approximately $2.2 million. The company launched a commercial partnership with Spotify targeting video podcast monetization improvement and completed integration of Adelicious, the UK podcast network acquired in July 2025.
When: Trading update released January 15, 2026, covering the fiscal year ended December 31, 2025. Fourth quarter spanned October through December 2025. The Spotify partnership announcement occurred January 15, 2026 via Stuart Last's LinkedIn post. Full year results scheduled for publication in April 2026.
Where: Global operations with primary concentrations in the United States and United Kingdom. The company distributes content via major platforms including Apple Podcasts, YouTube, Spotify, Pandora, Amazon Music, Google Podcasts, iHeartRadio, Facebook and Twitter. Audioboom ranks as the fifth largest podcast publisher in the US according to Edison Research. Average monthly distribution reached 150 million downloads and video views across 50 million unique global listeners during Q4 2025.
Why: The financial performance reflects successful execution of a platform strategy combining technology infrastructure (Showcase marketplace, dynamic ad insertion) with creator network expansion through organic growth and acquisition. Video podcast adoption drove 13 of the top 100 YouTube video podcasts, earning recognition as the number one video podcast network from Podscribe. The Adelicious acquisition provided immediate UK market scale, with post-integration monthly revenue exceeding $900,000 compared to approximately $600,000 pre-transaction. The Spotify partnership addresses a critical monetization gap where audio content generates approximately $71 RPM while video generates less than half that rate, limiting profitability of video expansion despite strong audience adoption. Management seeks to capture medium-term value creation as video podcast advertising infrastructure matures and international markets expand.