AudioValley has published its revenue for the 2021 financial year, and it bodes well for digital audio.
The Belgian digital audio solutions provider says the remarkable growth in revenue in the first half of 2021 (+49.7%) continued in the second half. For the full year, revenue reached €28.3 million (versus €19.5 million in 2020), up 48.2% at constant exchange rates compared with 2020.
The company says this reflects the strong recovery seen in the first quarter and, more broadly, the acceleration in the adoption of digital audio globally.
Targetspot accounted for 92% of the group’s revenue. 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 a slight growth of 1.8% compared with 2020, at €2.2 million.
“After an initial half-year that exceeded our expectations, the group’s strong revenue growth continued in H2, in line with our forecasts,” says AudioValley CFO Sébastien Veldeman.
“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 — up 33% — despite the lingering impact of the Covid crisis, the United States excelled with growth of 66%. We signed 11 new commercial partnerships 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.”