faidr 30-day Retention Accelerated to 21% in October Which is 2x the Company’s Internal Goal of 10%
Subscription Conversion Optimization Strategies Beginning This Quarter
Updated Subscription Conversion Metrics and New Subscription Revenue Expected to be Reported in Q1
BOULDER, Colo., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), a technology company that has built a proprietary AI platform for audio identification and classification to reinvent how consumers engage with audio, today announced it has accelerated its 30-day user retention metrics to 21% in October, far exceeding its internal goal of 10% and continuing its upward momentum from the summer as a result of its new product and marketing initiatives.
“It is extremely encouraging to see continuation of the favorable response from consumers to the steady pace of product and marketing improvements we have been delivering to the faidr app throughout the year,” said Theo Romeo, Auddia’s Chief Marketing and Product Officer. “We have a robust pipeline of additional product enhancements to faidr, many of which have tested well with consumers during their feature evaluation stage. We expect these improvements will continue to support favorable retention and use of the faidr app as we transition to driving subscription revenue in 2025.”
Auddia has focused on growing its user retention for the past year through a steady cadence of product enhancements that included new ad-free podcast listening experiences, integrations into Apple CarPlay and Android Auto, as well as numerous UX improvements under its faidr 3.1 initiative. These efforts have resulted in compelling gains in 30-day retention, growing from 5% to over 20% over the past year. As the Company continues to add value to the listening experience, it expects continued success with retention, which serves as the baseline for conversions to the paid subscription tier. Executions to optimize the conversion of subscriptions from the free tier are starting this month with updated subscription conversion metrics and new revenue expected to be reported in the first quarter of 2025.
About Auddia Inc.
Auddia, through its proprietary AI platform for audio identification and classification, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia’s flagship audio superapp, called faidr, brings multiple industry firsts to the audio streaming landscape that include:
- subscription based, ad free listening on any AM/FM radio station
- content skipping across any AM/FM station
- one touch skipping of entire podcast ad breaks
- subscription based, ad free listening to podcast partners
faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. For more information, visit: www.auddia.com
Forward-Looking Statements
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 about the Company's current expectations about 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 the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully 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 year ended December 31, 2023, as well as other disclosures contained in the Annual Report and subsequent filings made with the Securities and Exchange Commission. 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.
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
www.pcgadvisory.com
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