Accuracy Improvements in the AI Now Delivering Commercial-free News, Talk, and Sports Content in faidr App
On Track to Announce Initial Subscription Conversion Rates in Q3
BOULDER, CO / ACCESSWIRE / June 21, 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 launched its next generation AI algorithm to deliver a commercial-free listening experience on news, talk, and sports radio stations, while improving the ability to hear DJ talk segments on music stations within the faidr mobile application.
Auddia began researching and developing an advanced AI platform to give consumers control over their AM/FM listening experience in 2017. A completely novel idea at the time culminated in multiple years of experimentation across three different products and led to a working AI model, which was launched on February 15, 2022 in the faidr mobile app. This model was highly successful at differentiating music from talk content such as radio commercials or DJ talk but the AI required more training to execute the Company's vision of delivering user control over news, talk, and sports stations as well as retaining DJ talk segments on music stations.
The Company has recently achieved the next technological milestone required to advance its AI platform. The faidr app will now offer commercial-free news, talk, and sports stations, and music stations will have full DJ talk in addition to being commercial-free. The Company will be rolling out its new technology in phases. As of today, approximately 10% of all stations have full commercial-free enablement through the next generation AI. By July 31st, the Company expects 80% of all stations will be fully enabled with the new AI, and the final 20% of stations to be enabled by the end of Q3. The Company has now achieved its previous guidance that news, talk and sports stations would be faidr enabled in Q2.
"In our February launch of the faidr app, our AI model only made the decision whether an audio segment was music or not music. Up until today, that has forced us to cut out a fair amount of local talk content that is unique to radio, as well as postpone the addition of commercial-free news, talk, and sports stations. This was an interim step while we worked on the full classification model," said Peter Shoebridge, Auddia CTO. "We have now achieved a breakthrough in advancing the AI from a music / not music decisioning capability to a music / DJ-talk / commercial decisioning capability. By the end of July, we expect users on faidr will be able to have a fully seamless, world-class radio-streaming experience on the vast majority of stations in the app."
Consistent with the Company's announcement last week that the addition of faidrDJ resulted in an immediate 49% spike in time spent listening on faidr, the addition of news, talk, and sports format stations to faidr, as well as the improvement in listener control over DJ talk segments on music stations, are all aimed at optimizing the user experience in preparation for announcing initial subscription conversion rates in Q3.
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
Forward-Looking Statements
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.
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
(646) 823-8656
www.pcgadvisory.com
SOURCE: Auddia Inc.
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