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Audioboom has reported its 2020 revenue grew 20% compared to a year earlier, climbing to a better than expected $26.8 million. The gains were driven by an acceleration of business at year end with a 25% year-over-year revenue gain during the fourth quarter. The company said it had 311 brand advertisers during the year, up from 280 in 2019. That 11% growth rate came despite the pandemic’s impact on the global economy. 

“I am delighted that the company continues to perform well on all fronts despite one of the most challenging years in history,” said CEO Stuart Last. “Ending the year with record quarterly revenue and EBITDA performance highlights the growing strength and potential of this business.” 

Audioboom did not offer any specific outlook for 2021, but the company said it has had a “strong start” to the year.

Last year was a pivotal one in Audioboom’s history. Eight months after it hired an outside financial advisor to examine “strategic options” for the company, including a potential sale, Audioboom said in October that despite having advanced talks with “several” interested parties, it has instead ended the process and will bring on new investment dollars from the public markets. Audioboom said it ended 2020 with $6.6 million available, half cash in the bank and the other half the remaining portion of a loan facility that remains undrawn.

“In 2021, we will continue to scale our content operation, partnering with leading independent podcasts and investing in our in-house production arm,” said Last. “We see significant potential in emerging revenue streams that utilize our ad tech platform, including programmatic and international sales.”

The year-end numbers also show how ad technology is starting to take root. Audioboom said more of its ad dollars were placed through its programmatic network last year. It said $2.5 million worth of ads were placed using the ad technology, more than three-times the $700,000 that was placed on the automated ad network in 2019.