Auddia Inc. (“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 that it has achieved the key milestone of fully integrating podcasts, exclusive content in the form of Music Casts, exclusive playlists under the faidrRadio brand, and a new user interface across both iOS and Android.
Referred to as faidr 3.0, this milestone positions the Company to accelerate direct-to-consumer advertising to grow the user base and report on full funnel metrics for faidr 3.0 for the first time upon filing the third quarter 10Q.
Michael Lawless, CEO, stated, “The entire Auddia team has been aimed at building faidr 3.0 across the iOS and Android platforms all year. This focus has led to a significant expansion of Music Cast exclusive content and a much-improved user interface that we expect will greatly increase the likelihood of meeting our exceeding our previously announced targets for full funnel metrics.”
“We have also advanced our AI work aimed at adding an automated, consumer driven, commercial free podcast listening experience to faidr. This is another industry first listening experience being introduced by Auddia that we are very excited about and believe holds the potential to drive a viral adoption moment for faidr. Although some additional development remains, integrating this capability into faidr has now been prioritized and we will announce the expected release of ad-free podcast listening with the filing of our next 10Q.”
Chief Marketing Officer, Theo Romero, added, “Completion of faidr 3.0 is super exciting for the team. We focused our marketing spend in Q2 to gather preliminary subscription conversion insights on the impact of 3.0 improvements in iOS, which as released in mid-June. We continue to see subscription conversion rates averaging 10% over the last three months. With the release of faidr 3.0 on Android, we will be increasing our ad spend in Q3 and reporting on full funnel metrics across both iOS and Android in mid-November.”
With the release of faidr 3.0, the Company believes it has the best free streaming AM/FM listening platform in the market as faidr’s free tier is the only streaming platform that allows manual skipping of commercial and replicates the full radio dial with all stations.
With market reports showing over 76 million monthly AM/FM streaming listeners in the U.S. with streaming representing the fastest growing segment of AM/FM listening, the Company believes faidr 3.0 is a well positioned to gain market share on the free tier.
As the only streaming platform able to leverage a proprietary, internally built AI to provide a commercial free premium listening experience on every station and the growing library of exclusive Music Casts and faidrRadio playlists available on the paid tier, the Company believes there is a large opportunity for subscription conversions off the free tier.