BENGALURU: Audio sequence platform startup Pocket FM on Wednesday reported almost a 6x rise in revenues to Rs 1,051.97 crore in the monetary yr ended March 2024, from Rs 176.36 crore a yr in the past.
The firm additionally narrowed its international losses by 21%, from Rs 208 crore to Rs 165 crore in the newest interval, as per a press release.
With a neighborhood of 200 million listeners, Pocket FM presents greater than 75,000 audio sequence, powered by a neighborhood of over 250,000 writers worldwide. Over 30 audio sequence have achieved revenue milestones of Rs 10 crore every, together with seven which have crossed Rs 100 crore.
Users spend a median of over 115 minutes of day by day listening on the platform. The firm’s microtransaction-led subscription revenue rose from Rs 160.05 crore in FY23 to Rs 934.73 crore in FY24. Its promoting 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,” mentioned Anurag Sharma, chief monetary officer, Pocket FM.
Pocket FM’s present core markets are the US and India, however it has additionally not too long ago forayed into Europe and Latin America. Its audio content material competes with that of Kuku FM, Spotify and Amazon’s Audible in the area.
Unlike rivals, Pocket FM depends on micropayments as an alternative of subscriptions for monetisation. Users take heed to restricted free episodes per day, after which they should buy in-app tokens to entry extra.
