Auddia updates status of overall M&A user acquisition strategy

Auddia provides an update on its overall M&A strategy on the heels of announcing the signing of a definitive purchase agreement to acquire Radio FM, a leading AM/FM streaming app. Closing of the RFM acquisition remains subject to securing adequate financing. Jeff Thramann, Executive Chairman of Auddia, said, “The previously announced RFM acquisition represents the first M&A target of the three AM/FM streaming providers we have under LOI. If we are able to arrange financing for RFM and our other targets, the acquisitions would completely change the financial trajectory of Auddia. The Company would go from minimal revenue and users to over $5M in annual revenue and almost 10 million monthly active users. Whereas the synergies of many acquisitions are vague or speculative, the synergies from acquiring almost 10 million users already listening to AM/FM radio via the stream could not be more obvious or more powerful. Our goal will be to convert as many of these users as possible to paid subscribers. Historically, we have been converting about 10% of our free tier users on faidr to subscribers. If even a fraction of that conversion rate holds up against our acquired users, we anticipate that Auddia would rapidly become cash flow positive.”