faidr Listening Experience Displays Significant Improvement with Percentage of Stations Using the Advanced AI Algorithm Increasing from 10% to 88%
On Track to Apply Advanced AI to Remaining 12% of Stations by End of Q3
BOULDER, CO / ACCESSWIRE / August 1, 2022 / Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ('Auddia' or the 'Company'), developer of a proprietary AI platform for radio and innovative technologies for podcasts that is reinventing how consumers engage with audio, today announced it has applied its next generation AI algorithm to deliver an improved commercial-free listening experience to 88% of the radio stations within the faidr mobile app.
In late June, the Company announced it had made a major improvement to its core AI algorithm (https://feeds.issuerdirect.com/news-release.html?newsid=8729838829485021) and had deployed the new advanced algorithm for the first time across approximately 10% of faidr stations. Auddia also announced its plans to apply its new AI algorithm to an additional 80% of stations by the end of July, and to the final 12% of stations by the end of Q3. The Company has now achieved its goal of deploying its advanced AI algorithm across 88% of stations by the end of July.
'Increasing the amount of faidr stations using our latest generation AI model from 10% to 88% is a giant step forward in improving the listener experience,' said Theo Romeo, Auddia head of marketing. 'This feeds directly into our current focus of optimizing usage metrics by improving the faidr experience and directly measuring the impact this has on our customers. In addition to deploying our advanced algorithm across the remaining 12% of faidr stations by the end of the quarter, we have a number of additional improvements we will be announcing, all of which we expect will improve the listening experience and optimize subscription conversion rates.'
The Company reaffirms its plans to announce initial subscription conversion rates and 2023 revenue guidance at the time of filing its third quarter 10Q.
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 the Private Securities Litigation Reform Act of 1995, 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. 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, 2021, 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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