Pocket FM (platform)
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| Developer | Pocket FM Corp |
|---|---|
| Launch date | 2018 |
| Platform(s) | Android, iOS |
| Pricing model | Freemium Model, Microtransaction |
| Website | www |
Pocket FM is an audio series[1] platform, and has a presence in over 20 countries globally.[2] The platform has over 250,000 content creators and over 130 million listeners spread across geographies.[3][4]
History
[edit]Pocket FM was founded in 2018 by two alumni of the Indian Institute of Technology in Kharagpur, Rohan Nayak, Nishanth KS along with Prateek Dixit.[5]
The company's app on Google Play surpassed 100 million downloads in 2023.[6]
Pocket Novel, an online reading platform, was officially launched by the company in 2024 after a year-long beta phase. News sources cite Pocket FM investing $40 million in its novel business and will compete against Pratilipi. The novel platform has over 150,000 writers and over 250,000 novels, uploaded by writers.[7][8]
Content
[edit]Pocket FM offers content in various genres including romance, horror, fantasy, sci-fi, mythology, suspense and thriller. Each episode usually lasts between 10 and 30 minutes.[9]
Pocket FM offers content in a variety of languages including Hindi, English, Tamil, Telugu, Kannada, Malayalam, Marathi and Bengali.[10]
The platform follows a Freemium model where the first 3-4 episodes in a 24-hour period are offered for free to listeners. Thereafter the platform charges the listeners, giving them a choice to make a micropayment per episode or buy the entire audio series.[11]
Financials and Earnings
[edit]Pocket FM reported 647% revenue growth for its India business in FY2023.[12] The company has exceeded $150m ARR (annualised revenue run rate) globally in 2023, while US contributed to over $100m ARR.[13]
Funding
[edit]Pocket FM has raised $196.5 million[14] in funding from investors, including Goodwater Capital, Tanglin Venture Partners, Naver, Lightspeed, Tencent and Times Internet.[15] It has raised $103 million led by Lightspeed Venture Partners, with participation from Stepstone Group amidst funding winter.[16] With presence in US and India, it is expanding into LATAM and Europe. [17]
ESOP Buyback
[edit]In April 2024, Pocket FM announced the completion of its first ESOP buyback[18] worth $8.3 million.
References
[edit]- ^ Spangler, Todd (2024-03-20). "India's Pocket FM Raises $103 Million in Funding to Expand Audio Series Globally". Variety. Retrieved 2024-04-20.
- ^ "'Pocket FM Expects 4x Growth To $100 Million ARR By 2023-End': CEO Rohan Nayak | Interview". News18. 5 February 2023. Retrieved 30 December 2023.
- ^ "Pocket FM claims global listener base of 130 million". The Economic Times. 22 December 2023. Retrieved 30 December 2023.
- ^ Sureban, Haripriya (13 June 2022). "Pocket FM to start IP licensing of its content". BusinessLine. Retrieved 30 December 2023.
- ^ "Pocket FM—audio streaming service: Storytelling that powers binge-listening". Financialexpress. 26 September 2022. Retrieved 20 December 2023.
- ^ "Pocket FM crosses over 100 million downloads on Google Play Store". The Times of India. 28 September 2023. Retrieved 30 December 2023.
- ^ "Pocket FM launches online novel reading platform Pocket Novel, to invest $40 million". Moneycontrol. 2024-02-20. Retrieved 2024-03-07.
- ^ Jha, Lata (2024-02-20). "Pocket FM to invest $40 mn to expand online reading library". mint. Retrieved 2024-03-07.
- ^ Suvarna, Anuj (8 November 2022). "Pocket FM records $25 mn ARR; eyes US foray". mint. Retrieved 30 December 2023.
- ^ "Pocket FM Wants To Be The Netflix Of Long-form Audio". Forbes India. Retrieved 20 December 2023.
- ^ "'Pocket FM Expects 4x Growth To $100 Million ARR By 2023-End': CEO Rohan Nayak Interview". News18. 5 February 2023. Retrieved 20 December 2023.
- ^ "Pocket FM's India arm registers 647% revenue growth, losses contracts by 56% in FY 2023". Financial Express. January 4, 2024. Retrieved January 4, 2023.
- ^ C, Priyamvada (2024-03-20). "Pocket FM rings in its largest fundraise with a $103-million round". mint. Retrieved 2024-03-21.
- ^ Mehta, Ivan (March 20, 2024). "Audio platform Pocket FM bags $103M in funding as it eyes global expansion". TechCrunch.
- ^ "Audio streaming platform Pocket FM raises $65 million in fresh funding". The Economic Times. 3 March 2022. Retrieved 20 December 2023.
- ^ "Pocket FM bags $103-million funding led by Lightspeed to power its global expansion". Moneycontrol. 2024-03-20. Retrieved 2024-03-21.
- ^ Spangler, Todd (2024-03-20). "India's Pocket FM Raises $103 Million in Funding to Expand Audio Series Globally". Variety. Retrieved 2024-03-21.
- ^ Banthia, Jyoti (2024-04-01). "Audio series platform Pocket FM completes its first ESOP-buyback worth $8.3 million". BusinessLine. Retrieved 2024-04-20.