Auddia Inc. (AUUD.Q) announced today that its flagship Auddia app is now immediately available in the AppStore. The Android version will be released later this week ahead of Lakes Media widely marketing the national launch of Auddia over the air commencing on July 5, 2021.
“Launch of the Auddia App represents the culmination of an incredible amount of vision, innovation, dedication and persistence across the entire Auddia team. Courage never quits, and I could not be prouder of the steadfast resilience our team displayed in achieving this remarkable milestone. It is invigorating to be at the forefront of changing a massive industry that represents such an enormous growth opportunity,” said Jeff Thramann, the founder and executive chairman of Auddia.
Auddia is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. In particular, Auddia offers two industry firsts, including the Auddia app and Vodacast platform. The Auddia app enables users to listen to any AM/FM radio stations with added personalized content and no pesky commercials. Using the Company’s patent pending artificial intelligence techonology, the app is able to identify and remove ads while delivering a unique and personalized experience to users.
“Radio dominates all other audio platforms in time spent listening by a large double-digit percentage lead, yet they are the only major content platform to not deliver a premium subscription product that allows their consumers to avoid commercials and personalize content. The Auddia App changes this paradigm, it delivers freedom from commercials and choice of content to radio listeners for the first time, and we fittingly launch going into Independence Day,” continued Mr. Thramann.
The Lakes Media Network is a leader in North Carolina and Southside Virginia, broadcasting to more that 138,000 listeners each month via radio, online and mobile. With that being said, Lakes Media represents just one of many partnerships Auddia expects in the future, according to Michael Lawless, CEO of Auddia. In addition to Lakes Media, Amaturo Sonoma Media, a leading local California-based media and entertainment company, will also be joining Auddia’s platform.
By launching the Auddia app alone, as opposed to a series of individual market apps, the Company is now able to progressively advance its product by adding more stations, content and more product features. Furthermore, the Company recently announced that it had achieved a major advancement related to its AI engine, which increased overall AI accuracy by 170% and reduced processing time by a minimum of 5 times.
According to The Business Research Company, the global radio broadcasting market is expected to grow from $100 billion from 2020 to $113.59 billion this year, registering at an impressive CAGR of 13.6%. With this in mind, Auddia has come out of the woodwork swinging, achieving a new high of $9.29 per share following the Company’s latest announcement.
Auddia’s share price opened at $7.62, up from a previous close of $5.89. The Company’s shares are currently up 26.07% and are currently trading at $7.45. This indicates that there has been significant change following the news.