Catering to 80 million listeners globally, audio series platform Pocket FM is all set to expand its global creator community and the content library.
The company has recently secured $16 million (around Rs 131 crore) debt from US-based Silicon Valley Bank, now a division of the First Citizens Bank. The Gurgaon-based company has raised $93.5 million since its inception in 2018 and is backed by marquee investors like Lightspeed, Times Internet, Tanglin Venture Partners, Goodwater Capital, Naver, and others.
Founders and Mission
Pocket FM was founded by Rohan Nayak, Prateek Dixit, and Nishanth KS with a vision to redefine the entertainment space with an audio-first approach. The startup focuses on offering content with unique storytelling elements and content personalization that promotes binge-listening.
“We want to make Pocket FM the Netflix of audio OTT platforms, releasing binge-able long-format series to keep listeners hooked,” Rohan Nayak, CEO and co-founder of said.
Offerings and Revenue Model
Pocket FM is an audio series platform that offers a variety of content that includes audio shows, novels, podcasts, and stories. The startup’s listeners’ community is spread across the globe and spends an average of 150 minutes daily on its platform. Currently operating in the US and India, the startup is now looking to expand its presence in other parts of the world too. The app offers content in Hindi, Tamil, Telugu, Bangla, English, Malayalam, Kannada, and Marathi.
Revenue Model and Financial Performance
Pocket FM earns revenue from membership and subscription fees besides advertisement earnings. The company’s unique micro-payment model has attracted listeners with a piecemeal content consumption habit and boosted its annualized revenue rate. This Startup is now planning to start Intellectual Property or IP licensing of its content to create another revenue stream.
The startup recorded a 11.4 times growth in operating terms with its revenues for FY22 rising to Rs 17 crore from Rs 1.49 crore in FY21. The company’s losses surged ten times to Rs 171.6 crores during FY22 from Rs 17.14 crore in FY21.
Competitors
Pocket FM competes with Headfone, KuKu FM and Awaz.
