Business
Auddia Inc. Announces 2020 Financial Results and Progress Update
Anticipates National Launch and Full Product Rollouts in 2021BOULDER, CO / ACCESSWIRE / April 1, 2021 / Auddia Inc. (NASDAQ:AUUD)(NASDAQ:AUUDW) ("Auddia" or
About this update from Auddia Inc.
[{"type":"text","content":"Anticipates National Launch and Full Product Rollouts in 2021BOULDER, 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 TimelineSmall-scale, single-market trials, started Q4 2020Expanded trials, Q1 2021Commercial trials begin Q2 2021Commence national launch, Q3 2021Vodacast App Product Rollout and TimelineiOS and Android available in app stores todayPodcaster partnerships, Q1 2021National launch, Q2 2021Recent ProgressOn 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 Emerg...