Based in 2004, Libsyn was the primary podcast-hosting platform and one of many first firms to assist podcasters monetize their content material. Over the previous few years, podcast monetization has skilled speedy development, and Libsyn is strategically positioned to profit from the elevated podcasting demand amongst each customers and model advertisers. Libsyn continues to expertise vital development from its concentrate on podcast monetization by means of promoting gross sales.
In 2020, Libsyn earned income of $25.8 million, practically all of which was derived from the Firm’s internet hosting enterprise. In 2021, the Firm amplified its concentrate on serving to podcasters monetize their content material, and the Firm elevated income by 63% to $42.1 million, which included roughly 37% from promoting gross sales. In 2022, Libsyn continued its development leading to a 39.4% enhance in preliminary unaudited income to $58.7 million, together with over 57% from promoting.
Different operational highlights for 2022 embrace:
- Launched new proprietary programmatic promoting capabilities with its Automated Adverts resolution for podcasts hosted on Libsyn – reaching vital scale with an early restricted launch, on monitor to ship 75 million month-to-month impressions.
- Signed a number of giant unique podcast reveals to the community, together with Lore, the award-winning, critically acclaimed podcast about true-life scary tales that has been downloaded over 400 million instances.
- Renewed a number of of its unique gross sales relationships, together with The NewsWorthy, Mothers and Mysteries, and The Michael Savage Present.
- Accomplished its acquisition of Julep Media, Germany’s main podcast promoting Firm, and launched operations in Spain and Canada.
- Accomplished an integration with Apple Podcasts that permits Libsyn’s creators to publish Apple Podcast Subscription content material instantly from the Libsyn internet hosting platform.
- Accomplished its YouTube information integration partnership to feed real-time, IAB-compliant information into its internet hosting platform and promoting market.
“The promoting market has been difficult for a lot of firms, and now we have not been resistant to these macro tendencies. Nonetheless, we stay optimistic that each host-read and programmatic podcast promoting will proceed to develop as podcast consumption reveals no signal of slowing down,” mentioned Libsyn’s CEO Bradley Tirpak. “Based on the Infinite Dial 2022 from Edison Analysis, in 2022, 62% of these aged 12+ within the U.S. (an estimated 177 million individuals) have now listened to a podcast, up from 57% final yr. We’re extraordinarily well-positioned to make the most of this continued development in podcast listeners by means of each our enhanced internet hosting providers and our rising advert gross sales capabilities.”
Different monetary highlights embrace:
Just lately entered into a brand new mortgage settlement with First Commonwealth Financial institution changing its outdated settlement. Upon the closing on February 1, 2023, Libsyn has a time period mortgage payable of $10 million money and equivalents of $8.7 million, and the flexibility to attract as much as a further $2 million from a revolving line of credit score.
- Accomplished its monetary audits for 2019 (restarted), 2020, and 2021.
- Reported optimistic adjusted EBITDA in each quarter throughout 2022.
- Whole shares of frequent inventory issued and excellent as of December 31, 2022, have been 30.9 million.
As beforehand introduced in April 2022, the Firm consented to the revocation of the registration of the Firm’s shares of frequent inventory by the Securities and Trade Fee. Subsequently, the shares are now not traded on the OTC Markets or a nationwide securities alternate. Nevertheless, shareholders at the moment stay shareholders in the present day, and the possession pursuits of shareholders stay intact. The Firm is actively evaluating alternate options to facilitate liquidity to shareholders in 2023.
Libsyn’s estimated, unaudited monetary outcomes and sure enterprise metrics as of and for the fiscal yr ended December 31, 2022, offered above are preliminary and are topic to Libsyn’s quarter-end and year-end closing procedures and additional monetary evaluation. Libsyn’s impartial registered public accounting agency has not audited, reviewed, compiled, or carried out any procedures with respect to this preliminary monetary data. Libsyn’s precise outcomes might differ from these estimates on account of the completion of our quarter-end and year-end closing procedures, evaluation changes, and different developments which will come up between now and the time our monetary outcomes for the fourth quarter and yr are finalized.
