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Audioboom shares hit the charts after new contract deal
Shares in Audioboom, the spoken word audio on-demand platform, jumped 10% on Friday after the company said it had signed a multi-year contract to host Casefile, a true crime podcast, on its digital platform.
There was no acquisition cost, instead the two parties agreed a revenue sharing agreement.
Audioboom said it was "hopeful that the contract will generate potentially material incremental hosting, distribution and advertising revenues from Casefile podcasts" in the current and future financial years.
Casefile regularly features among the top 50 shows on the Apple Podcasts chart, rising as high as fourth in July 2016, Audioboom said.
Its mini-series on the 'Yorkshire Ripper' serial killer Peter Sutcliffe received 5.8m downloads, while its most popular single episode was on tourist Peter Falconio, who disappeared, presumed murdered, in the Australian outback, with more than 4.2m downloads.
Casefile moves to Audioboom for no acquisition cost in a commercially focused revenue sharing agreement, which further demonstrates Audioboom's growing industry recognition as the 'go-to' podcast advertising company for podcasters and advertisers across the globe.
"The board believes that the acquisition of some of the biggest podcasts in the world will help drive audience adoption of Audioboom's original content network which launched in 2017," Audioboom said in a statement.
Audioboom shares were up10.2% to 3.39p at 1317 GMT.