faidr 30-day retention has grown from 5% to 12% in the last year, 2% above Auddia’s targeted 30-day retention goal

Company now shifts focus down funnel to optimize subscription conversion metrics to drive high margin revenue

BOULDER, Colo., Oct. 14, 2024 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), a proprietary AI platform for audio identification and classification and related technologies, reinventing how consumers engage with AM/FM radio, podcasts, and other audio content, today announced it has exceeded its 30-day user retention goal of 10%, achieving 12% in the month of September.

“This achievement is the result of continued focus on optimizations of our product offerings and overall stickiness within the faidr mobile app,” said Michael Lawless, Auddia’s CEO. “This achievement demonstrates the value we are delivering to users and allows us to focus downstream in the metrics funnel to subscription conversion. Accordingly, we have a set of new initiatives in motion, with multiple third-parties supporting us, that aim at our next key objective of achieving 12% subscription conversion in the coming months.”

Auddia has been laser focused on growing its user retention for the past year through a steady cadence of product enhancements that included new ad-free podcast listening experiences and numerous UX improvements under its faidr 3.1 initiative. These efforts have resulted in steady gains in 30-day retention, growing from 5% to 12% over the past year. Now that internal retention targets have been achieved the Company will focus on optimizing subscription conversions to drive high margin revenue.

Auddia has maintained a subscription conversion rate of 5% across 2024 but has not prioritized improving this metric until it had achieved at least 10% 30-day retention. With retention success achieved, the Company can now focus on optimizing subscription conversions. This will be accomplished by removing friction from the current paywall process, moving subscription from a passive operation to a more active one for users, and engaging in a series of tests to optimize the when, where, and frequency of paywall views to drive subscription conversion to 12% or more.

With cost per install at or below $1.80, 30-day retention at or above 10%, and subscription conversions driving towards 12%, the Company is rapidly approaching the point where management believes they will be transitioning from a focus on product development to a focus on revenue generation.

“Our efforts are clearly paying off in terms of driving measured interest in our product,” said Theo Romeo, Auddia’s CMO. “Our objective has always been achieving traction with the hundreds of millions of US consumers, and eventually international consumers, who are active users on other audio platforms. Our success relies on our ability to put a highly differentiated, easy-to-use competing product in the market. That’s been our aim since launching faidr, and our retention numbers are positive signs that we’re on the right path.”