Business
Auddia Provides Corporate Update and Investor Call Today
Providing Forward Looking Guidance on User Metrics and Revenue for the First Time as the Company Transitions From Pre-Revenue to Revenue Generating in 2023
About this update from Auddia Inc.
[{"type":"text","content":"Providing Forward Looking Guidance on User Metrics and Revenue for the First Time as the Company Transitions From Pre-Revenue to Revenue Generating in 2023 Investor Call and Webcast at 10:30 AM ET Today BOULDER, CO, Nov. 15, 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 audio, today provided a corporate update, and will hold an investor call and webcast at 10:30 am ET today. Jeff Thramann, founder and executive chairman, stated, “We are excited to provide this corporate update as we achieve the critical milestone of transitioning to a revenue generating company. The past year has resulted in tremendous progress, highlighted by the on-time national launch of faidr on February 15th and the subsequent release of key cost-per-install and monthly user metrics that exceeded expectations. The last 120 days have seen an intense all-hands-on-deck effort by the team to optimize the core metrics needed to support a viable business. Although the optimization process will continue in perpetuity, the results we have seen across Q3 and Q4 to date have given us the confidence to provide revenue guidance for the first time. A major milestone for the company. We look forward to providing the details and further growth updates on the webcast.” Management will cover the following key updates: – Review 2022 milestones and reveal the 2023 product strategy for faidr – Outline the differences between the free and premium experience and confirm initial pricing of $5.99 per month – Announce the results-to-date for the key metrics that drive the business and provide guidance on those metrics for 2023 as follows: Cost-per-install (CPI) at $2.40 – projected to decrease to $1.80 through 1H 2023 30-day retention at 6% – projected to increase to 10% through 1H 2023 Preliminary subscription conversion rates at 8.5% – projected to increase to 12% through 1H 2023 Free tier user growth expected to increase to over 400K EOY Subscriber growth expected to increase to over 50K EOY Revenue expected to range between $1M and $1.2M EOY with an annual run rate revenue of $3.25M - $3.9M going into 2024 – Discuss the recent $12M funding initiatives put in place to finan...