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Q1: North America Drives Positive Start to the Year

Q1: North America Drives Positive Start to the Year


May 7, 2024

Interim report January – March 2024

First quarter 2024

Net sales in the quarter amounted to SEK 412.9 m (333.1), which corresponds to net sales growth of 25% (11%). The growth was primarily driven by our North American region where net sales grew by 48%. Net sales for Europe and Other Markets increased by 16% and 20% respectively.

Organic net sales growth was 23% (6%).

Gross margin for the quarter amounted to 39% (36%).

EBITDA for the quarter was SEK -15.1 m (-60.7), resulting in EBITDA margin of -4% (-18%). The development shows that Acast is on track to reach positive EBITDA in 2024.

Operating loss amounted to SEK -34.8 m (-78.0).

The result for the period amounted to SEK 5.2 m (-72.0) and was positively affected by currency translation effects of SEK 27.4 m (2.2).

Cash flow from operating activities amounted to SEK -15.5 m (-1.7).

Earnings per share for the period before and after dilution amounted to SEK 0.03 (-0.40).

The number of listens was 1,124 million (1,283), a decrease of 12% compared to the same period last year. The decline is due to Apple’s iOS17 update that changed how podcast listens are measured.

The Average Revenue Per Listen (ARPL) increased to SEK 0.37 (0.26).


Significant events in the first quarter of 2024

Launch of an update to Predictive Demographics that offers advertisers unprecedented precision in audience targeting for the future cookie-free world. With this update, Predictive Demographics extends its AI-driven prediction model to include more data, thereby enabling more precise targeting across three million English-speaking podcasts globally.

In February, The Telegraph, one of the world’s oldest and most well-respected news organizations, joined Acast to further grow and expand its podcast network. Acast now is home to every major news publisher in the UK, with The Telegraph joining BBC, The Times, The Guardian, The New Statesman, The FT, Tortoise Media and The Economist.

Higher Ground – Barack Obama and Michelle Obama’s media company – launched its new Ways to Win podcast with Acast in March. The show began with a mini-series during March Madness, one of the biggest sporting events of the year, with the premiere starring Barack Obama discussing his NCAA March Madness bracket selections.

Comments from the CEO: North America drives positive start to the year

Acast’s start to the year is characterized by 25% sales growth and additional profitability improvements thanks to a maintained cost control. The growth is primarily driven by North America where we have enjoyed an improved sentiment among advertisers during the period, while also seeing positive returns from our investments in the region.

North America takes lead on growth

The sales growth during the first quarter amounted to 25%, of which 23% was organic growth. The improved growth is primarily thanks to a strong development in North America where sales grew by 48% compared to the same period last year. The favorable development stems from an improved sentiment among advertisers while we also see positive returns on our investments into the region. Our Europe and ‘Other Markets’ regions, where the advertising markets are subject to higher uncertainty, grew sales by 16% and 20% respectively.

The number of listens decreased by 12% compared to the same period last year, which is explained by the effects of iOS17. We now believe that our listens have reached a new baseline post the iOS17 changes. The Average Revenue Per Listen (ARPL) continues to develop favorably, and amounted to SEK 0.37 in the quarter, corresponding to an increase of 42% compared to last year.

Higher gross margin and maintained cost control

The gross margin for the period was 39%, corresponding to a 3 percentage point increase compared to last year. The positive development is driven by Podchaser and a favorable product mix. At the same time we have maintained good cost control with operational expenses (excluding D&A) 3% below last year’s level.

Thanks to the positive sales development, the higher gross margin and lower costs, we managed to achieve major improvements to our quarterly results compared to a year ago. EBITDA amounted to SEK -15.1 m (-60.7), corresponding to an EBITDA margin of -4%.

Predictive Demographics delivers greater insights for advertisers

With an update to our Predictive Demographics solution in March, we continue to build on Podchaser’s leading technology. The update brings enhancements to our AI-based prediction model that improves podcast advertisers’ targeting capabilities. The launch is another important step towards improving audience buying, and thereby scaling sales across ad inventory.

Celebrating 10 years as the leading global podcast company

Since our introduction of Dynamic Ad Insertion (DAI) in 2014, we have maintained our position as a pioneer in the podcast industry through innovations including programmatic ad buying in podcasting, our self-serve ad platform and our first-party data targeting solution for advertisers. Our leading technology and investment in local markets has made us now home to nearly 125,000 podcasts globally, with Acast having paid more than USD 350 m directly to creators around the globe since launch.

During the quarter, we welcomed The Telegraph to our stable, meaning that we now have all major UK publishing networks, and the new Higher Ground show “Ways to Win” that launched with a premiere episode starring Barack Obama discussing his March Madness bracket selections.

For the first time ever, we participated in Podtrac’s monthly podcast publisher ranking. The results showed that we, by far, have the largest podcast network globally whilst the US ranking revealed that we hold a very strong position (#2 company) in the world’s largest podcast advertising market thanks to our reach exceeding 20 million monthly unique listeners in the US.

On track to deliver positive EBITDA

Through continuously attracting new advertisers and creators to our platform, entering new partnerships with major industry players and continuing to drive industry innovation, we continue advancing our position as the leading independent podcast company globally. Our development reflects that we are on track to deliver against our goal of reaching positive EBITDA in 2024, which together with our robust balance sheet gives us a solid foundation to keep fortifying our leading position.

Ross Adams

Chief Executive Officer

Report presentation

CEO Ross Adams and CFO Emily Villatte will present the report in a webcast today 7 May at 10:00 CET. The presentation will be held in English and there will be the opportunity to ask questions during the presentation. Link to the presentation:

Link to the report

The Interim Report is attached to this press release and available on



For more information

Emily Villatte, CFO and Deputy CEO, Acast

Tel: +46 76 525 0142


Ross Adams, CEO, Acast


Investor Relations:

Dennis Berggren

Tel: +46 70 300 45 33


About Acast

Since 2014, Acast has been creating the world’s most valuable podcast marketplace, building the technology which connects podcast creators, advertisers and listeners. Its marketplace spans nearly 125,000 podcasts, 2,700 advertisers and c. 400 million monthly listens. Crucially, those listens are monetized wherever they happen – across any podcasting app or other listening platform.

The company operates worldwide and is headquartered in Stockholm, Sweden. Acast is listed on the Nasdaq First North Premier Growth Market (ACAST.ST). Certified Adviser is FNCA Sweden AB,

This information is information that Acast is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-07 08:00 CEST.