Consumer response exceeds initial expectations
BOULDER, CO /ACCESSWIRE/May 16, 2022 / Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), a developer of a proprietary AI platform for audio and innovative podcasting technologies that reimagines the how consumers interact with audio, today released the first consumer insights in response to the launch of faidr, a mobile streaming app that puts consumers in control of the listening experience on any AM/FM radio station, including commercial-free listening. This initial data meets or exceeds the company’s internal targets for the launch of faidr.
Auddia launched faidr with 4,500 radio stations on February 15, 2022 and set a target of 50,000 installs and 10,000 monthly active users (MAUs) by the end of the second quarter. The company believes that achieving these measures, while bringing the cost per install (CPI) to $5 or less, is indicative of the significant consumer interest in faidr, especially considering that only music were active on faidr during the initial 90-day launch period. . At the time of faidr’s launch, the company announced that it planned to release initial data after 90 days.
faidr download rates, costs to generate downloads (cost per install or CPI), and initial MAU rates are all in line with internal company goals and, in some cases, above target goals. At an average of $3.75, the current CPI after 60 days is below the internal target of $5 that the company hoped to achieve by the end of the second quarter. The total number of downloads to date stands at 36,000 and is on track to meet or exceed the target of 50,000 by the end of the second quarter. With 24,800 MAUs to date, the company has well exceeded its goal of having 10,000 MAUs by the end of the second quarter and expects to continue to see strong MAU growth based on current trends. At the end of the second quarter, Auddia will release updated metrics on the launch of faidr in addition to a timeline for communicating subscription conversion rates.
“We are extremely pleased that faidr has exceeded our expectations, demonstrating consumer interest and providing us with a solid starting point for the launch and future growth of our flagship product,” said Michael Lawless, CEO of Audidia. “We are excited about the strong initial results we are seeing and look forward to continued progress as we scale up our marketing initiatives.”
Audidia Founder and Executive Chairman Jeff Thramann added, “As a major investor in Auddia, I believe these launch results are the most important data points the company has released to date on its progress and its potential. faidr, and our number one goal has been to answer the question of whether consumers are interested enough in faidr to download and use the app. Before today, the only indications we had to validate our thesis were intuition, survey results, and limited pilot data. Today, we’re moving from that hypothetical data to real-world data that clearly shows consumers are hearing our message and finding it compelling enough to download and use faidr. I think this is critical data that greatly reduces the risks of this part of the and enhances the potential of the faidr opportunity. There is every reason to believe that we will continue to develop our audience in parallel with the marketing spend. Our next major step is to quantify conversion rates from free trial to paid subscriptions. This is the last piece of data we need to provide guidance on revenue expectations.”
Asking more about the data, Theo Romeo, Vice President of Marketing at Audidia, said, “What’s incredibly encouraging about this early data is that our Q3 product roadmap includes improvements product milestones that we believe will further drive consumer engagement, such as enabling news, sports and talk stations and introducing compelling new content choices such as Discovr, our recently announced music discovery program with independent artists Plus, podcasts and seamless streaming between multiple stations are on the horizon in our vision for a more modern and redefined radio listening experience.”
faidr is the first streaming radio aggregator to replicate the complete radio dial, giving listeners access and control over what has now grown to over 5,200 live radio stations in all major US markets. Listeners will be able to replace interruptions such as commercials with audio content they choose to hear, including music, comedy, news, and more.
“Like any digital content company providing a mobile app to consumers, we have the advantage of being able to measure the critical elements that drive the business forward,” said Audidia Chief Financial Officer Brian Hoff. “This first look at our ‘top of funnel’ metrics is very encouraging, and we’re pleased with what we’re seeing. Above all, we look forward to sharing early results from our subscription pricing rollout before the end. of the third trimester.”
The app is available on iOS and Android stores – visit faidr.com for more information. New users get at least 90 days free trial of the premium subscription plan before having to upgrade to subscription or continue on the free tier with reduced functionality.
To become a faidr radio partner click here.
About Audidia Inc.
Auddia is reinventing the way consumers interact with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. Auddia offers two industry firsts: the ability to listen to any AM/FM radio station with custom content added and ad-free, plus podcasts with an interactive digital feed that supports deeper stories and provides digital revenue to podcasters. Both offerings are aimed at a large and rapidly growing audience with high purchase intent. For more information, visit: www.auddiainc.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company’s current expectations regarding future results, performance, prospects and opportunities. Statements that are not historical facts, such as “anticipates”, “believes”, and “expects” or similar expressions, are forward-looking statements. These forward-looking statements are based on management’s current plans and expectations and are subject to a number of uncertainties and risks that could materially affect the Company’s current plans and expectations, as well as the results of operations and the future financial situation. These and other risks and uncertainties are discussed in more detail in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as well as other information contained in the Annual Report and filings. subsequently with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Kirin Smith, President
PCG Advisory, Inc.
THE SOURCE: Audia Inc.
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