The Boulder, Colo.-based publicly traded company behind a proprietary AI-powered platform for audio identification and classification and related technologies, “reinventing how consumers engage with radio, podcasts, and other audio content,” has rolled out the newest version of its faidr app.
Version 3.1 includes “product improvements aimed at driving enhanced user metrics to support increased subscription revenue.”
That’s the belief of Jeff Thramann, Executive Chairman of Auddia.
“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,” he said. “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.”
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.
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 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, which has a $2.8 million market cap and $1 stock price as of midday Monday, expects “faidr 3.1” and future improvements will translate into a larger user base and growing subscription revenue.
