UBC Media invests more money in Audioboo
UBC’s latest trading updates show the company increasing video and mobile revenues, and making extra investment in Audioboo.
The company has, over the last six months, loaned the company a total of £432,000 which is convertible into Audioboo stock at preferential terms.
And as part of the on-going financing of Audioboo, UBC has agreed to make a further equity investment of £210,000 as part of the current round of funding. Following the current round of funding, which is due to close at the end of this month, it is expected that UBC will hold 34% of the ordinary share capital of Audioboo.
If UBC and other shareholders converted their current loans into equity, UBC would hold 52% of the ordinary share capital of Audioboo on a fully diluted basis.
In the last year, registered users at Audioboo have increased nearly three-fold from 600,000 to over 1.7 million and are now growing at an average of 5,000 a day. Several significant new content partners are now using Audioboo, including ESPN Radio in the US, the UK Premier League and the Australian Football League. This means Audioboo now holds over 1.6 million audio clips with more than 2,000 being added daily – more than one every minute –
driving the number of audio clips played using Audioboo via Twitter and other social media to around 1 million a day.
Last week, Audioboo had 1.7 million audio ‘listens’ in a single day with around 60% from outside the UK. It is expected that in October, Audioboo will deliver more than 20 million ‘listens’ in total. Technology to serve advertising before and after audio clips, as well as trigger accompanying display advertising, has been implemented and is now being gradually rolled-out across the platform. The first revenues from sales of advertising have been received in October.