Newest Technology Enhances Listener Experience and Provides Users More Control
Upgrades Expected to Increase User Base and Subscription Revenue
Investor Webcast and Updated Presentation Today at 4:30 pm ET at the Investor Summit
BOULDER, CO, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Auddia Inc.
(NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), a proprietary AI platform for audio identification and classification and related technologies, reinventing how consumers engage with AM/FM radio, podcasts, and other audio content, today announced the launch of faidr 3.1 with product improvements aimed at driving enhanced user metrics to support increased subscription revenue. The Company will also be holding an investor webcast and updated presentation today at 4:30 pm ET at the Investor Summit: https://www.webcaster4.com/Webcast/Page/3062/51129
“The overarching goal of Auddia since launching faidr has been to continuously improve the app and its capabilities to drive towards user metrics that provide a favorable return on advertising spend. We have known for some time based on our cost to secure an install of faidr on the free tier that consumers respond very positively to the message of listening to AM/FM radio streams without commercials. To obtain the level of growth that transitions this consumer interest into meaningful revenue, the Company has been focused on adding new capabilities and more value to faidr to convert this consumer interest into retained users at rates that can drive significant revenue from subscribers,” said Jeff Thramann, Executive Chairman of Auddia.
After adding podcasting and exclusive content to faidr last year, Auddia recently announced the introduction of new and differentiated podcast listening experiences. Consumers will still have the ability to jump forward and backward while listening to podcasts, but Auddia’s newest technology allows faidr users to have more intelligent control. Through Forward+ consumers can skip entire content segments such as chapters or ad breaks with a single press of the forward control, as opposed to requiring multiple presses. Through the Seamless feature, which is only available on partner podcasts, consumers can automatically avoid ads through a subscription tier that shares revenue with the podcast creator. The Company recently announced its first podcast partner for the subscription based Seamless product.
Recent and ongoing faidr 3.1 initiatives are the result of an extensive analysis of the user experience by an outside firm that specializes in interacting with users to recommend app improvements likely to improve user interactions and key metrics.
Theo Romeo, Chief Product and Marketing Officer for Auddia, added, “We are excited to see how consumers respond to the addition of Forward+ and Seamless, as well as the addition of the full suite of faidr 3.1 initiatives. Our recent and upcoming additions are all aimed at improving retention such that we can confidently expand the user base on the free tier so we have access to a much larger audience for converting free users to subscribers. No other platform can give consumers access to commercial free AM/FM streaming and podcasting in the same app. As we extend faidr 3.1 initiatives from user experience improvements to more convenient automobile access through formal Android Auto and Apple CarPlay integrations, and expansion into other platforms such as desktop and home control systems, we expect to see continual improvements in user metrics that form the basis for driving meaningful subscription revenue.”
Auddia has recently completed the integration of a new onboarding process to faidr as well as the addition of Forward+ and Seamless in conjunction with podcast partners. Android Auto and Apple CarPlay integrations are expected to be announced in the near term followed by further improvements in the listening experience.
The Company expects faidr 3.1 and future improvements will translate into a larger user base and growing subscription revenue.
About Auddia Inc.
Auddia, through its proprietary AI platform for audio identification and classification and related technologies, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia’s flagship audio superapp, called faidr, brings two industry firsts to the audio-streaming landscape: subscription-based, ad-free listening on any AM/FM radio station and podcasts with interactive digital feeds that support deeper stories and open untapped revenue streams to podcasters. faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. Both differentiated offerings address large and rapidly growing audiences with strong purchase intent. 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.
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