Anticipates National Launch and Full Product Rollouts in 2021
BOULDER, CO / ACCESSWIRE / April 1, 2021 / Auddia Inc. (NASDAQ:AUUD)(NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, today announced financial results for the year ended December 31, 2020. A copy of the Company's Annual Report on Form 10-K can be found here: https://auddia.com/investor-page/
Jeff Thramann, the founder and executive chairman of Auddia, said, "2020 was a year of strong progress culminating in our initial public offering in February. With our large market opportunity, proprietary technology and differentiated product offerings, we believe we are well positioned to capitalize on the strong consumer interest we identified in surveys from the 133 million subscription audio and 270 million monthly radio listeners in the U.S. who expressed a strong interest in becoming Auddia App subscribers."
Michael Lawless, the CEO of Auddia, commented, "The podcasting industry is not only consolidating but is seeing explosive growth with 100 million monthly listeners in the U.S. today that is projected to grow to 173 million in 2022. Additionally, the $9.3B global market in 2019 is projected to grow at a 27.5% CAGR to $60B in 2027. Podcasting is growing rapidly but current apps provide minimal value to podcasters, lack interactivity and community. There is a clear void in this growing industry presenting us with a significant growth opportunity for Vodacast. We look forward to executing on our go to market strategy as we near our full product rollouts and commercialize our unique offerings later this year."
Auddia App Product Rollout Timeline
- Small-scale, single-market trials, started Q4 2020
- Expanded trials, Q1 2021
- Commercial trials begin Q2 2021
- Commence national launch, Q3 2021
Vodacast App Product Rollout and Timeline
- iOS and Android available in app stores today
- Podcaster partnerships, Q1 2021
- National launch, Q2 2021
On February 16, 2021 the Company announced the pricing of its $16.5 million upsized initial public offering. The IPO included a $4 million investment from Jeff Thramann, Auddia's founder and executive chairman. The IPO closed on February 19th, 2021.
In March 2021, the Company presented at the Inaugural Emerging Growth Virtual Conference, presented by M Vest LLC and Maxim Group LLC. The Company also recently presented at the Q1 Virtual Investor Summit. A replay of the presentation can be found here: https://zoom.us/webinar/register/WN_LidkDVgaRWuTfshhRRQlxw
On March 16, 2021, the Company announced the appointment of Tom Birch to its Board of Directors. Tom will act as a liaison to the broadcasting industry to bring Auddia's subscription based premium AM/FM radio solution to market.
On March 18, 2021, the Company announced its first broadcast radio partnership with Lakes Media LLC. The partnership marks the first time a radio broadcaster will be marketing and promoting a subscription-based commercial-free premium listening experience to their listeners.
About Auddia Inc.
Auddia is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. Auddia offers two industry firsts - the ability to listen to any AM/FM radio station with added personalized content and no commercials as well as podcasts with an interactive digital feed that supports deeper stories and delivers digital revenue to podcasters. Both offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as well as other disclosures contained in the Annual Report and subsequent filings made with the Securities and Exchange Commission.. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Auddia Inc.