Why do I like it? For a number of reasons actually.
First and foremost, I'm an avid user of their product and I love it. It's really a great service that they offer for a pretty reasonable price. Basically, enables you to listen to book, periodicals, podcasts anywhere- and they do have some very good content. They currently have around 250k users, but I believe the potential market for them is easily in the millions. So a lot of potential growth ahead, and they definitely have the dominant position in the market. The CNN Money website recently had a nice little article on the company too.
Second, the stock has been oversold. A lot of people dumped it because it lost money last quarter due to increased expenses related to growing the business. However, the loss was lower than what has been expected for the past few weeks, so it's actually not bad news at all. The potential for growth is still enormous, and they have been growing by around 50% every year. On top of that, the company just anounced they're buying back a considerable amount of own stock because they believe the stock is dramatically undervalued. That alone will bring upward pressure on the stock.
Last but not least, they just picked up Ricky Gervais' podcast. I think this is pretty big news. Ricky Gervais' podcast is one of the most popular offered through itunes, and is listened to by audience of around 2 million even though it's only a couple of months old. Even if 1/10th of the people listening to it now sign up it will be a huge boost for audible, and I expect the Ricky Gervais Show to bring in a lot more people than that. Just look at what Howard Stern did for Sirius Satellite subscriptions. Kaaching anyone?