That's the right sentiment. Problem is that they are the biggest player in a commodity hosting segment. They do a good job eking profit from that, but hosting is not a 2X growth business and they don't have a lot of additional share to capture.
The advertising business looks promising based on its reported 2X growth over the past year, but Libsyn is on a $1 million annual run rate, which is nothing. That's probably 1% of the entire podcast ad industry even though Libsyn is perfectly positioned to insert and measure ads in the shows it hosts and Libsyn has an existing relationship with probably a third of all podcasts who matter to advertisers.
They don't seem to be taking any real steps to grow advertising. It's not even possible to identify who heads their advertising sales or if they even have a person responsible for ads. If I were an advertiser looking to work with Libsyn to advertise on a show they host, there is nothing on their web site or google that would give me the name and email of the person I need to talk to or provide basic information on how their advertising program works. Does that sound like a rocket ship business that is going to 25x its price?
This is a company that seems to be focused on taking 30% of a commodity $30 million hosting business and settling for 1% of a $100 million rapidly exploding advertising business. Even a half-stupid executive team and board would understand that is the wrong direction and would go aggressively after where the dollars are.
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