AudioValley confirms global acceleration of digital audio services buoyed by strong growth in revenue
AudioValley, a Belgian specialist in B2B solutions digital audio, has published its revenue for the 2021 financial year.
The remarkable growth in revenue in the first half of the year (+49.7%) has continued in the second half of 2021. For the full year, revenue reached €28.3 million (vs €19.5 million in 2020) 1, up 48.2% at constant exchange rates compared with 2020.
This reflects the strong recovery seen in the first quarter and, more broadly, the acceleration in the adoption of digital audio globally. Targetspot’s activity accounts for 92% of the Group's revenue.
Sébastien Veldeman, CFO, AudioValley: “After an initial half year that exceeded our expectations, the Group’s strong revenue growth continued in H2, in line with our forecasts. Our Targetspot business, which monetizes audio content, continued to benefit from the adoption of digital audio by advertisers looking for new distribution channels for their ad campaigns. While Europe performed very well (+33%) despite the lingering impact of the Covid crisis, the United States excelled with growth of 66%! 11 new commercial partnerships were signed in 2021 at Targetspot, many of them in the second half of the year; they will therefore have a positive impact over the coming months, which bodes well for a good 2022.”
Meanwhile, the Jamendo division, which markets the works of 45,000 musical artists, was again strongly impacted by the Covid crisis early in the year, but then recovered to break even at year end with slight growth of 1.8% compared with 2020, at €2.2 million.
Other drivers of growth
Alexandre Saboundjian, CEO, AudioValley: “We continue to recruit talent, firstly to meet the growing demand for digital audio advertising, particularly on new channels such as podcasts and mobile gaming. And secondly, for our two other business lines under development: Bridger and Winamp. Bridger, part of the new generation of CMOs (Collective Management Organization) for copyright management, has been declared an Independent Management Entity at the Luxembourg Intellectual Property Office. 110 authors and composers and their 15,000 works are already on the waiting list opened in early December. We are also working on the launch of the new version of Winamp in 2022. We should be able to communicate more about these growth drivers in the first half of 2022.”