Why is AI audio platform Auddia’s stock gaining today? – Auddia (NASDAQ:AUUD)

Audidia Inc. AUUD Shares are trading higher on Tuesday.

The company announced the launch of faidr 3.1 with product enhancements aimed at driving improved user metrics to support increased subscription revenue.

Jeff Thramann, Executive Chairman of Auddia, explained that the company’s main goal since launching faidr has been to improve the app and its features to improve user metrics and deliver a positive return on advertising spend.

He noted that the cost of purchasing a free installation of faidr indicated strong consumer interest in the app’s ad-free AM/FM radio streams.

“To achieve the level of growth that converts this consumer interest into meaningful revenue, the company has focused on adding new features and more value to faidr to convert this consumer interest into loyal users, at prices that can drive significant subscriber revenue,” added Jeff Thramann.

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With Forward+, consumers can skip entire segments of content, such as chapters or commercial breaks, with a single press of the forward button, eliminating the need for multiple presses.

The Seamless feature, available exclusively on partner podcasts, allows users to automatically skip ads by taking advantage of a subscription tier that shares revenue with the podcast creator.

The company recently introduced its first podcast partner for this subscription-based seamless offering.

“We expect continued improvements in user metrics, which will form the foundation for generating meaningful subscription revenue,” said Theo Romeo, Chief Product and Marketing Officer at Auddia.

The company expects faidr 3.1 and subsequent enhancements to result in a larger user base and increased subscription revenue.

Price promotion: AUUD shares were trading 47.8% higher at $1.69 at last premarket check on Tuesday.

Photo via Shutterstock

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