Bengaluru: Audio Series Platform Startup Pocket FM on Wednesday reported a nearly 6-fold increase in revenue for the fiscal year ending March 2024, from Rs 176.36 crore a year ago.
The company also narrowed it down. Global damages 21 percent in the latest period, from Rs 208 crore to Rs 165 crore, according to a statement.
With a community of 200 million listeners, Pocket FM offers over 75,000 audio series, powered by a community of over 250,000 authors worldwide. More than 30 audio series have achieved Rs 10 crore revenue milestones, with seven crossing the Rs 100 crore mark.
Users spend an average of over 115 minutes listening on the platform per day. Led by the company’s microtransactions Membership revenue It increased from Rs 160.05 crore in FY23 to Rs 934.73 crore in FY24. Its ad revenue grew 7 times to Rs 89.34 crore.
“With a strong focus on leveraging artificial intelligence, we are not only increasing operational efficiency but also creating smarter processes that improve content delivery and monetization,” said Anurag, Chief Financial Officer, Pocket FM. “Our vision is clear, to establish PocketFM as a global entertainment platform that continuously pushes the boundaries of content experiences,” said Sharma.
Pocket FM’s current primary markets are the US and India, but it has also recently made inroads into Europe and Latin America. Its audio content competes in the space with Kuku FM, Spotify and Amazon’s Audible.
Unlike competitors, Pocket FM relies on micropayments rather than subscriptions for monetization. Users listen to limited free episodes per day, after which they need to purchase app tokens for further access.