Audioboom Installs New Board Members as Customer Base Rises Sharply
Digital social media audio platform Audioboom Group PLC (AIM: BOOM) has announced on Monday that it has two new additions to its board members namely Malcolm Wall, Non Executive Chairman and Jason MacKay, Non Executive Director, the company said in a statement on Monday.
The statement, which also appeared on investing news source Morningstar, revealed that Wall has extensive experience working with the biggest names in international entertainment and media. His past positions include being the CEO of Content at Virgin Media, CEO of Abu CEO of state-run Abu Dhabi Media, COO of London-based UBM PLC as well as senior roles in ITV firms.
The statement added that Wall is currently lending his expertise to Pinewood Studios to further its Chinese interests and is an advisor to the Abu Dhabi Media Zone Authority, a Non Executive Director of the international film fund, Image Nation, Chairman of Dock 10 (the Media City production facility) and Non Executive Director of Eagle Eye Solutions Group PLC.
Jason Mackay, meanwhile, is a financial markets veteran, having spent 11 years at UBS and Morgan Stanley; most recently as a Managing Director in Morgan Stanley's equity business.
Mackay also served as co-head of hedge fund GLG's UK equity business for 7 years, managing $3 billion worth of assets. He has founded several property businesses and invested in a number of start-ups in the past four years. Mackay is tasked to oversee the marketing Audioboom’s marketing campaigns.
“I am delighted to welcome Malcolm Wall and Jason Mackay to the board—it is a reflection of Audioboom’s progress that we are able to attract two such high calibre people. Malcolm’s experience in global media, digital and technology and Jason’s considerable success and expertise in the capital markets will be crucial as we take Audioboom to the next level,” Rob Proctor, CEO of Audioboom, said in the statement.
Wall replaces Chairman Roger Maddock, but will stay on board to continue some responsibilities. Rodger Sargent will leave the board, having completed his fund raising duties, the company said.
The company also revealed that the board is actively looking for a finance director to support its rapidly growing global operations and expects to announce an appointment soon.
The announcement came close on the heels of a sharp rise in the company’s registered new users in September, the statement noted. Audioboom said that 170,000 people signed up for new accounts on its audio platform, representing a 30 percent increase from August’s figures. It also noted that 10 days after the new Audioboom app’s September launch, over 275,000 users downloaded the app despite minimal marketing, a figure that surpassed management expectations. The company also observed that “follows” or “favorites” have increased by 125 percent since the app launch, translating to increased engagement among Audioboom users.
“The statistics released today show the progress Audioboom has made in a short period of time; I am particularly encouraged by these early indications of uptake for the new app. However, they also revealthere is a huge untapped global market out there for us to aim at and I look forward to making further updates on our progress in the near future,” Proctor noted.
Audioboom saw its price shares jump following a reverse merger with One Delta. Its stocks closed at 15.5 pence on Monday.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.