Auddia Inc. Announces Final Q2 Metrics for Its Flagship faidr (TM) Mobile App Exceeding Target Goals
Initial subscription conversion rates and 2023 revenue guidance to be announced with Q3 2022 quarterly filings
Launch results support a data driven process focused on optimizing consumer use in preparation for first subscription revenue
BOULDER, CO / ACCESSWIRE / July 21, 2022 / Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for radio and innovative technologies for podcasts that is reinventing how consumers engage with audio, today announced that in Q2 of 2022, its flagship faidr mobile app exceeded its target goals, receiving more than 80,000 downloads, achieving a cost-per-install of less than $3, and surpassing 40,000 monthly active users.
"The goal of our initial marketing effort for faidr was twofold. First, we wanted to demonstrate that consumers were interested in downloading an app that gives them control over the radio listening experience, and second, we wanted to build an audience that we could leverage to see how consumers use faidr. Real world usage data is invaluable for optimizing the user experience, which is a prerequisite for driving the highest possible subscription-conversion metrics," said Auddia CEO Michael Lawless. "We were encouraged by the 90-day launch results we provided for faidr in mid-May and are further encouraged by the final Q2 results of this initial marketing push. We far exceeded our initial targets for downloads, cost-per-install, and MAU's."
The Company is now focused on an iterative process of analyzing user behavior in the app, using that data to prioritize product enhancements, and analyzing the consumer response to those product changes. This process is already yielding solid improvements in key usage statistics, and management is encouraged that this optimization process will result in user engagement and subscription conversion metrics that are comparable, or superior, to the early subscription conversion rates reported by other media app category leaders.
"We are pleased with our execution to date in bringing this unique app to market," said Theo Romeo, Auddia's VP of Marketing. "We've spent the last few months improving every aspect of our faidr go-to-market strategy, leveraging the user data we have, making data-driven decisions about new features, fine tuning our messaging to users, measuring the impact of each change we make, and seeing immediate improvements in our key-usage metrics. Going forward, internal metrics tracking, and external reporting, will be centered on end-user behavior within the faidr app, from initial app downloads through to time spent listening and ultimately to subscription conversions and long-term subscriber retention. All operational activities, including product-development work, will be aimed at driving these metrics above industry-benchmark levels."
The Company, in conjunction with the process of optimizing usage data through product enhancements, will conduct a series of subscription trials with its existing user base in preparation for announcing initial subscription conversion rates and 2023 revenue guidance at the time of filing its third quarter 10Q.
About Auddia Inc.
Auddia is reinventing how consumers engage 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 added personalized content and no commercials, as well as podcasts with an interactive digital feed that supports deeper stories and delivers digital revenue to podcasters. Both offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.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 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, 2021, 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.
SOURCE: Auddia Inc.