Consumer Response Exceeding Initial Expectations
BOULDER, CO / ACCESSWIRE / May 16, 2022 / 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 released initial consumer data in response to the launch of faidr, a mobile streaming app that lets consumers control the listening experience across any AM/FM radio station, to include listening without commercials. This initial data meets or exceeds the Company's internal goals for the faidr launch.
Auddia launched faidr with 4,500 radio stations on February 15, 2022 and set a goal of 50,000 installs and 10,000 Monthly Active Users (MAUs) by the end of Q2. The Company believes that achieving these metrics, while driving the cost per install (CPI) to $5 or less, is indicative of significant consumer interest in faidr, especially when considering that only music stations were active on faidr during the initial 90-day launch period. At the time of the faidr launch, the Company announced that it expected to release initial data after 90 days.
faidr download rates, costs to drive downloads (Cost Per Install or CPI) and initial MAU rates are all in-line with the Company's internal goals, and in some cases, ahead of target goals. At an average of $3.75, the current CPI after 60 days is under the $5 internal target the Company hoped to hit by end of Q2. Total downloads to date are 36,000 and on track to hit or exceed the goal of 50,000 by the end of Q2. With 24,800 MAUs as of today, the Company far exceeded its goal of having 10,000 MAUs by the end of Q2, and expects to continue to see strong growth in MAUs based on the current trends. At the end of Q2, Auddia will report updated metrics on the faidr launch in addition to a timeline for communicating subscription conversion rates.
"We are extremely pleased that faidr is exceeding our expectations, demonstrating consumer interest and providing us with a strong starting point for the launch and future growth of our flagship product," said Auddia CEO Michael Lawless. "We are excited by the strong initial results we are seeing and look forward to continued progress as we further ramp up our marketing initiatives."
Auddia's founder and executive chairman Jeff Thramann added, "As a major investor in Auddia, I believe these launch results are the most important data points the Company has released to date on its progress and potential. A tremendous amount of thought, engineering and capital has gone into faidr, and our number one objective has been to answer the question on whether consumers are interested enough in faidr to download and use the app. Prior to today, the only indications we had to validate our thesis have been intuition, survey results, and limited pilot data. Today, we transition from these hypotheticals to real-world data that clearly showcases that consumers are hearing our message and finding it compelling enough to download and use faidr. I believe this is critical data that significantly derisks this part of the business and reinforces the potential of the faidr opportunity. There is every reason to believe that we will continue to grow our audience in lock step with marketing spend. Our next major milestone is to quantify conversion rates from the free trial to paid subscriptions. This is the final piece of data we need to provide guidance on revenue expectations."
Adding further insight on the data, Theo Romeo, Auddia's VP of Marketing, said, "What's incredibly encouraging about these early data is that our Q3 product roadmap includes major product enhancements that we expect to further boost consumer interest, such as activating news, sports and talk stations and introducing compelling new content choices such as Discovr, our recently announced music discovery program with independent artists. Additionally, podcasts and seamless streaming between multiple stations are on the horizon in our vision of a more modern and redefined radio-listening experience."
faidr is the first streaming radio aggregator to replicate the full radio dial, offering listeners access to, and control over, what has now grown to 5,200+ live radio stations across every major U.S. market. Listeners will be able to replace interruptions like ads with audio content they choose to hear, including music, comedy, news and more.
"Like any company in the digital content space delivering a mobile app to consumers, we have the benefit of being able to measure the critical items that drive the business forward," said Auddia's CFO Brian Hoff. "This early look at our ‘top of the funnel' metrics is very encouraging, and we are pleased with what we're seeing. Importantly, we are looking forward to sharing initial results of our rollout of subscription pricing before the end of Q3."
The app is available in both the iOS and Android stores - visit faidr.com for more information. New users get at least a 90-day free trial to the premium subscription plan before being required to convert to subscription or continue on the free tier with decreased functionality.
To become a faidr radio station partner click here.
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.auddiainc.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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, 2021, 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.