BENGALURU: Audio series platform startup Pocket FM on Wednesday reported nearly a 6x rise in revenues to Rs 1,051.97 crore in the financial year ended March 2024, from Rs 176.36 crore a year ago.
The company also narrowed its global losses by 21%, from Rs 208 crore to Rs 165 crore in the latest period, as per a statement.
With a community of 200 million listeners, Pocket FM offers more than 75,000 audio series, powered by a community of over 250,000 writers worldwide. Over 30 audio series have achieved revenue milestones of Rs 10 crore each, including seven that have crossed Rs 100 crore.
Users spend an average of over 115 minutes of daily listening on the platform. The company’s microtransaction-led subscription revenue rose from Rs 160.05 crore in FY23 to Rs 934.73 crore in FY24. Its advertising revenue went up 7x to Rs 89.34 crore.
“With a sharp focus on leveraging artificial intelligence, we are not only enhancing operational efficiency but also creating smarter processes that optimize content delivery and monetization. Our vision remains clear, to establish Pocket FM as a global entertainment platform that consistently pushes the boundaries of content experiences,” said Anurag Sharma, chief financial officer, Pocket FM.
Pocket FM’s current core markets are the US and India, but it has also recently forayed into Europe and Latin America. Its audio content competes with that of Kuku FM, Spotify and Amazon’s Audible in the space.
Unlike rivals, Pocket FM relies on micropayments instead of subscriptions for monetisation. Users listen to limited free episodes per day, after which they need to purchase in-app tokens to access more.
