faidr iOS app Seeing 10% Subscription Conversion Rate in First 45 Days of Monetization at $5.99-per-Month Price Point
faidrRadio, faidr’s Exclusive Content Offering, Seeing 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 is reinventing how consumers engage with audio, announced a better than expected initial subscription conversion rate of 10% on the iOS version of its flagship mobile app, faidr. In addition, faidrRadio, the Company’s exclusive content programming available in the iOS faidr app, has maintained 33% of the app’s total plays alongside traditional AM/FM radio.
The Company had released its 2023 operating plan in November 2022, during its management update call. The original plan was to secure a 7% subscription conversion rate by the end of March 2023. Since launching subscriptions in the iOS app 45 days ago, users have been converting at a rate of 10%.
“We are delighted about the user response we’ve seen in the iOS product,” said Auddia’s CEO Michael Lawless. “Our goal of delivering premium, ad-free AM/FM alongside exclusive content is resonating nicely. Now that we’ve added podcasts to the iOS app, we feel confident we can maintain or exceed this subscription conversion rate on the product, which puts us ahead of where we need to be in iOS for our metric-inflection point we are targeting mid-year.”
The Company previously shared its 2023 plan and its mid-year conversion targets for the faidr product. The plan was to add exclusive content and podcasts to the faidr product and by the end of Q2 achieve a $1.80 cost-per-install, 10% 30-day retention, and 12% subscription conversion. The 10% subscription conversion for iOS before the end of Q1 puts that product approximately 2 months ahead of its planned trajectory to 12%.
“Also available in the iOS app is faidrRadio, the Company’s exclusive content programming. Since launching faidrRadio in iOS, the feature has achieved 33% of the total plays in the app, which has exceeded expectations and highlights the additional value we are delivering to subscribers. After a 30-day trial, faidrRadio and premium, commercial free AM/FM listening are only available through subscription,” said Theo Romeo, Auddia’s CMO.
The Company has also continued to make significant progress in cost per installs, a top metric for indicating consumer interest in the faidr product. Across the combined iOS and Android platforms, the Company is already on track to hit its mid-year target of $1.80.
Auddia will be launching faidrRadio and podcasts in its Android app in early Q2 and will update the aggregate subscription conversion rate once that product is at parity with iOS.
Visit faidr.com for more information.
About Auddia Inc.
Auddia, through its proprietary AI platforms for audio, is reinventing how consumers engage with AM/FM radio, podcasts, music, and other audio content. Auddia’s flagship audio superapp, 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, hand-picked by curators and DJs. All differentiated offerings address large and rapidly growing audiences.
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, 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.
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