- First streaming product to replicate the radio dial by giving consumers access to every major radio station in the country
- Auddia's faidr mobile application is now available in both iOS and Android stores and has thousands of AI-supported live radio stations
BOULDER, CO / ACCESSWIRE / February 15, 2022 / Auddia Inc. (NASDAQ:AUUD)(NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with radio, today announced the launch of its faidr mobile application.
The app allows users to record live radio stations and play them back in near real-time to customize the listening experience and avoid unwanted interruptions like ad breaks. Once the consumer selects the station they want to listen to, faidr records the live station stream and a proprietary AI platform automatically processes the recording on the phone to play back a customized listening experience in near real time. During playback of the recorded and processed station, unwanted audio interruptions are avoided as faidr automatically and seamlessly switches the audio to a variety of alternative user-preferred audio sources selected by the user within the app's mixer console.
With the launch of faidr and activation of over 4,500 major radio stations in the U.S., faidr becomes the first streaming product to replicate the radio dial by giving consumers access to every major radio station in the country. With all music stations faidr enabled today, the Company expects to add talk format stations in the second quarter of 2022. Subsequent updates will also include new music discovery in partnership with independent artists and labels, as well as expanded content choices like weather, traffic, reviews, and on-demand programming.
Starting today, new users can begin their experience with a 90-day free trial. Once the trial expires, the user can upgrade to faidr's "Hands-off" subscription, its premium tier, priced at $11.99 per month. Users that choose not to be premium subscribers can continue on the app either at the mid-tier "Advanced" subscription for $5.99 or the free "Choice" subscription level.
Theo Romeo, Auddia's VP of Marketing, said, "Even at our ‘Choice' tier, the faidr app gives users more choice and control than they can get from any other radio-streaming app on the market. No one else has the breadth of stations, ability to switch content, and personalization options that we have to offer a free user, to say nothing of the superior technological advantages at work in delivering the premium listening experience of our Advanced and Hands-off subscription levels. Frankly, given that we are the only platform to mimic the dial and the only platform that gives consumers the freedom to personalize their listening experience, it is hard to comprehend why anyone would listen to radio on any other app."
"This is an exciting and transformational time for the Company," said Michael Lawless, Auddia's CEO. "Over the next 90 days we will be selectively marketing faidr in three markets to optimize the strategy of driving users to our platform. From there, we will begin the process of converting these users into paying customers on our Hands-off and Advanced tiers. This milestone of transitioning to subscription revenue is expected to not only drive Auddia to rapid profitability but to serve as an accelerant to multiple ongoing strategic discussions and partnerships."
Brain Hoff, Auddia's CFO, added, "The transition to subscription revenue will highlight the power of our technology stack and business model. At our current burn rate and assuming no revenue sharing arrangements with broadcasters, the Company achieves breakeven with as few as 55,000 monthly subscribers to the $11.99 Hands-off tier."
The Company expects to provide its first metrics about the faidr launch in 90 days.
About Auddia Inc.
Auddia is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. Auddia offers two industry firsts-the ability to listen to any AM/FM radio station with added personalized content and no commercials, as well as podcasts with an interactive digital feed that supports deeper stories and delivers digital revenue to podcasters. Both offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the Company's current expectations about future results, performance, prospects and opportunities, including, without limitation, statements regarding the anticipated use of proceeds from the offering. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as well as other disclosures contained in the Annual Report and subsequent filings made with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Auddia Inc.
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