faidr iOS app with 10% subscription conversion rate in the first 45 days of monetization at a price point of $5.99 per month
faidrRadio, faidr’s exclusive content offering, sees 33% engagement from iOS users
BOULDER, CO, March 16, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), developer of a proprietary AI platform for audio and Innovative technologies for podcasts that are reinventing the way consumers interact with audio, announced a better-than-expected initial subscription conversion rate of 10% for the iOS version of its flagship mobile app faidr. Additionally, faidrRadio, the company’s exclusive content program available in the faidr app for iOS, retained 33% of the app’s total plays alongside traditional AM/FM radio.
The company released its 2023 operational plan in November 2022 during its management update call. The original plan was to reach a 7% subscription conversion rate by the end of March 2023. Since the subscriptions started in the iOS app 45 days ago, users have achieved a 10% conversion rate.
“We’re pleased with user response to the iOS product,” said Audidia CEO Michael Lawless. “Our goal of offering high-quality, ad-free AM/FM along with exclusive content is being well received. Now that we’ve added podcasts to the iOS app, we’re confident that we can maintain or exceed that subscription conversion rate for the product, giving us a head start on where we need to be in iOS for our metric tipping point, which we aim for in the middle of the year.”
The company previously shared its 2023 roadmap and mid-year conversion targets for the faidr product. The plan was to add exclusive content and podcasts to the faidr product and achieve $1.80 cost-per-install, 10% 30-day retention and 12% subscription conversion by the end of Q2. The 10% subscription conversion for iOS before the end of the first quarter brings this product to 12% about 2 months ahead of its planned development.
The story goes on
“Also available on the iOS app is faidrRadio, the company’s exclusive content program. Since the launch of faidrRadio on iOS, the feature has garnered 33% of total plays in the app, exceeding expectations and demonstrating the added value we bring to subscribers. After a 30-day trial period, faidrRadio and commercial free AM/FM premium listening are only available via subscription,” said Theo Romeo, CMO of Audidia.
The company has also continued to make significant strides in cost per install, a key metric for consumer interest in the faidr product. On the combined iOS and Android platforms, the company is already on track to hit its half-year target of $1.80.
Audidia will roll out faidrRadio and podcasts in its Android app early in Q2 and will update the aggregate subscription conversion rate once this product is on par with iOS.
Visit fader.com for more information.
About Audia Inc.
Audidia is reinventing how consumers interact with AM/FM radio, podcasts, music and other audio content through its proprietary audio AI platforms. Audidia’s flagship audio super app called faidr brings three industry firsts to the audio streaming landscape: subscription-based, ad-free listening on any AM/FM radio station; Podcasts with interactive digital feeds that support deeper stories and create new revenue streams for podcasters; and a proprietary chat interface for music. faidr also delivers exclusive content and playlists and showcases exciting new artists handpicked by curators and DJs. All differentiated offers are aimed at a large and rapidly growing audience.
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 as to 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 its future results of operations and financial condition. 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 entitled “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 with the Securities and Exchange Commission. Forward-looking statements contained in this release 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.