Auddia's faidr app achieved a 21% 30-day user retention in October, surpassing its 10% goal. Subscription conversion strategies underway.

Quiver AI Summary

Auddia Inc. announced that its faidr app achieved a 30-day user retention rate of 21% in October, significantly surpassing its internal goal of 10%. This improvement is attributed to ongoing product and marketing enhancements, which have engaged consumers positively over the past year. Auddia's Chief Marketing and Product Officer, Theo Romeo, expressed optimism about the response to these developments and mentioned that further enhancements are in the pipeline for 2025, aimed at driving subscription revenue. The company's focus on user retention, which increased from 5% to over 20% over the year, is critical for converting free users to paid subscriptions. Subscription conversion strategies are set to begin this month with updated metrics and new revenue forecasts expected in the first quarter of 2025.

Potential Positives

• 30-day user retention for the faidr app increased to 21% in October, exceeding the company's internal goal of 10%.
• This growth in retention indicates positive consumer response to recent product and marketing initiatives.
• New subscription conversion optimization strategies are set to begin this quarter, with anticipated subscription revenue updates expected in Q1 2025.
• Auddia is focused on enhancing user experience and adding value, potentially leading to continued improvements in retention and conversion to paid subscriptions.

Potential Negatives

• Despite achieving a substantial increase in user retention, the company indicates that it is only beginning to implement subscription conversion optimization strategies, which may delay financial stability and growth.
• The press release highlights a reliance on ongoing product enhancements, suggesting that past improvements may not be sufficient to sustain or further increase user engagement and revenue.
• The forward-looking statements warn of significant uncertainties and risks, indicating potential volatility in the company's future performance and financial condition.

FAQ

What is Auddia's user retention rate for October 2024?

Auddia's user retention rate for October 2024 accelerated to 21%, surpassing its internal goal of 10%.

How does Auddia plan to optimize subscription conversions?

Auddia plans to optimize subscription conversions through updated metrics and new revenue initiatives starting this quarter.

What improvements contributed to Auddia's user retention growth?

User retention growth was driven by new ad-free listening experiences, Apple CarPlay and Android Auto integrations, and UX enhancements.

When can we expect new subscription revenue reports from Auddia?

New subscription revenue reports are expected to be released in the first quarter of 2025.

What are the key features of the faidr app?

The faidr app offers ad-free listening, content skipping across AM/FM stations, and exclusive playlists curated by DJs.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$AUUD Hedge Fund Activity

We have seen 2 institutional investors add shares of $AUUD stock to their portfolio, and 3 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• HRT FINANCIAL LP added 31,565 shares (+inf%) to their portfolio in Q3 2024
• UBS GROUP AG added 7,984 shares (+293.4%) to their portfolio in Q3 2024
• TOWER RESEARCH CAPITAL LLC (TRC) removed 3,714 shares (-42.2%) from their portfolio in Q3 2024
• GEODE CAPITAL MANAGEMENT, LLC removed 390 shares (-2.4%) from their portfolio in Q3 2024
• WELLS FARGO & COMPANY/MN removed 5 shares (-100.0%) from their portfolio in Q2 2024
• BANK OF AMERICA CORP /DE/ added 0 shares (+0.0%) to their portfolio in Q3 2024
• MORGAN STANLEY added 0 shares (+0.0%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

faidr 30-day Retention Accelerated to 21% in October Which is 2x the Company's Internal Goal of 10%

Subscription Conversion Optimization Strategies Beginning This Quarter

Updated Subscription Conversion Metrics and New Subscription Revenue Expected to be Reported in Q1

BOULDER, Colo., Dec. 04, 2024 (GLOBE NEWSWIRE) --


Auddia Inc.


(NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), a technology company that has built a proprietary AI platform for audio identification and classification to reinvent how consumers engage with audio, today announced it has accelerated its 30-day user retention metrics to 21% in October, far exceeding its internal goal of 10% and continuing its upward momentum from the summer as a result of its new product and marketing initiatives.

"It is extremely encouraging to see continuation of the favorable response from consumers to the steady pace of product and marketing improvements we have been delivering to the faidr app throughout the year," said Theo Romeo, Auddia's Chief Marketing and Product Officer. "We have a robust pipeline of additional product enhancements to faidr, many of which have tested well with consumers during their feature evaluation stage. We expect these improvements will continue to support favorable retention and use of the faidr app as we transition to driving subscription revenue in 2025."

Auddia has focused on growing its user retention for the past year through a steady cadence of product enhancements that included new ad-free podcast listening experiences, integrations into Apple CarPlay and Android Auto, as well as numerous UX improvements under its faidr 3.1 initiative. These efforts have resulted in compelling gains in 30-day retention, growing from 5% to over 20% over the past year. As the Company continues to add value to the listening experience, it expects continued success with retention, which serves as the baseline for conversions to the paid subscription tier. Executions to optimize the conversion of subscriptions from the free tier are starting this month with updated subscription conversion metrics and new revenue expected to be reported in the first quarter of 2025.

About Auddia Inc.

Auddia, through its proprietary AI platform for audio identification and classification, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia's flagship audio superapp, called faidr, brings multiple industry firsts to the audio streaming landscape that include:

• 
  subscription based, ad free listening on any AM/FM radio station
  
• 
  content skipping across any AM/FM station
  
• 
  one touch skipping of entire podcast ad breaks
  
• 
  subscription based, ad free listening to podcast partners
  

faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. For more information, visit:

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.

Investor Relations:

Kirin Smith, President
PCG Advisory, Inc.

ksmith@pcgadvisory.com