Auddia Exceeds Retention Goals and Shifts Focus to Subscription Conversion
October 14, 2024 at 11:43 am - by Editor Prism MarketView
Mobile app grows retention from 5% to 12% in last year
Proprietary AI platform shifts focus to subscription, revenue growth strategies
App now offers more than 13,000 AM/FM stations
Auddia Inc. (NASDAQ: AUUD), an AI-driven audio platform, announced it surpassed its 30-day retention target of 10%, reaching 12% in September . This reflects the company’s efforts to enhance the user experience in its faidr mobile app, which has steadily grown retention from 5% over the past year.
With retention goals met, Auddia is shifting focus to optimizing subscription conversions to increase high-margin revenue. The company plans to streamline its paywall process and test strategies to enhance subscriptions.
Theo Romeo, Auddia’s Chief Marketing Officer, commented, “Our efforts are clearly paying off in terms of driving measured interest in our product. Our objective has always been achieving traction with the hundreds of millions of US consumers, and eventually international consumers, who are active users on other audio platforms. Our success relies on our ability to put a highly differentiated, easy-to-use competing product in the market. That’s been our aim since launching faidr, and our retention numbers are positive signs that we’re on the right path.”
In a recent update, Auddia announced that faidr now boasts over 13,000 available AM/FM stations, up from 5,200, with more than 9,000 of those stations offered ad-free to subscribers. This significant growth comes alongside the introduction of innovative podcast features such as Forward+ and Chapter Visualization, boosting user engagement by allowing seamless navigation and skipping of podcast segments.
Looking ahead, Auddia plans to release a music-only AI model by year-end, giving faidr users the option to listen to only music on their favorite stations, and to introduce gamification features to further enhance the app experience.
With a cost per install below $1.80 and growing subscription conversions, Auddia is poised to transition from product development to revenue generation. Auddia’s faidr app offers ad-free AM/FM radio and podcasts, delivering unique content and deeper user engagement.
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, handpicked by curators and DJs. Both differentiated offerings address large and rapidly growing audiences with strong purchase intent.
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