Business
Auddia Inc. Announces Positive User Performance Metrics and Announces New Superapp Features for faidr, Its Commercial-free Streaming Radio App
Subscription Conversion Rates Exceeding Internal Expectations faidr now in top 10% of Music and Entertainment apps for User Retention Building an Audio
About this update from Auddia Inc.
[{"type":"text","content":"Subscription Conversion Rates Exceeding Internal Expectations faidr now in top 10% of Music and Entertainment apps for User Retention Building an Audio Superapp With Podcasts and faidrRadio - an Exclusive Premium Content Offering - Available in faidr app by end of 2022 BOULDER, CO, Oct. 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – 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 radio, announced today positive user data with costs-per-install (CPI) through Q3 continuing to decline as the Company gains visibility to reaching a CPI below $2 as user adoption and organic customer referrals increase. Auddia is continuing to execute on the process of optimizing the user experience, improving performance metrics, and quantifying subscription conversion rates in preparation for providing 2023 revenue guidance with Q3 filings in mid-November. The Company is currently conducting its second test of subscription conversion rates after the first test saw an 8.5% subscription conversion rate, exceeding internal expectations of 5%. Auddia is hoping to exceed 8.5% with the most recent test, which concludes on November 9, 2022. After November 9, all current and future users will have a 30-day trial period followed by a requirement to subscribe to enjoy the premium experience of automated skipping and access to premium content such as Discovr and faidrRadio. The Company has also seen continued improvement in key consumer use metrics achieving 7- and 30-day retention rates that now rank in the top 10% of all music and entertainment apps. To drive continued improvement across all key metrics and to optimize subscription conversion rates, the Company is adding podcasts and exclusive original content to faidr. By the end of the year, faidr listeners will be able to listen to and follow podcasts in the app and enjoy faidrRadio, featuring exclusive audio programming only available to subscribers. “There has been very little innovation to music streaming since the advent of Pandora, Spotify, Apple Music and other me-too streaming properties over the past decade. Since the business model is challenged by expensive music rights contracts, virtually every legacy streaming player is pursuing addi...