Pocket FM (platform)

Last updated
Pocket FM
DeveloperPocket FM Corp
Launch date2018;6 years ago (2018)
Platform(s) Android, iOS
Pricing model Freemium Model, Microtransaction
Website www.pocketfm.com

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]

Contents

History

Pocket FM was founded in 2018 by Rohan Nayak, Nishanth KS (both alumni of IIT Kharagpur) 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

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

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

Pocket FM has raised $196.5m until Series D [14] 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

In April, 2024, Pocket FM has announced the completion of its first ESOP buyback [18] worth $8.3 million.

Awards and recognition

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References

  1. ↑ Spangler, Todd (2024-03-20). "India's Pocket FM Raises $103 Million in Funding to Expand Audio Series Globally". Variety. Retrieved 2024-04-20.
  2. ↑ "'Pocket FM Expects 4x Growth To $100 Million ARR By 2023-End': CEO Rohan Nayak | Interview". News18. 5 February 2023. Retrieved 30 December 2023.
  3. ↑ "Pocket FM claims global listener base of 130 million". The Economic Times. 22 December 2023. Retrieved 30 December 2023.
  4. ↑ Sureban, Haripriya (13 June 2022). "Pocket FM to start IP licensing of its content". BusinessLine. Retrieved 30 December 2023.
  5. ↑ "Pocket FM—audio streaming service: Storytelling that powers binge-listening". Financialexpress. 26 September 2022. Retrieved 20 December 2023.
  6. ↑ "Pocket FM crosses over 100 million downloads on Google Play Store". The Times of India. 28 September 2023. Retrieved 30 December 2023.
  7. ↑ "Pocket FM launches online novel reading platform Pocket Novel, to invest $40 million". Moneycontrol. 2024-02-20. Retrieved 2024-03-07.
  8. ↑ Jha, Lata (2024-02-20). "Pocket FM to invest $40 mn to expand online reading library". mint. Retrieved 2024-03-07.
  9. ↑ Suvarna, Anuj (8 November 2022). "Pocket FM records $25 mn ARR; eyes US foray". mint. Retrieved 30 December 2023.
  10. ↑ "Pocket FM Wants To Be The Netflix Of Long-form Audio". Forbes India. Retrieved 20 December 2023.
  11. ↑ "'Pocket FM Expects 4x Growth To $100 Million ARR By 2023-End': CEO Rohan Nayak Interview". News18. 5 February 2023. Retrieved 20 December 2023.
  12. ↑ "January 4, 2023". Moneycontrol. Retrieved January 4, 2023.
  13. ↑ C, Priyamvada (2024-03-20). "Pocket FM rings in its largest fundraise with a $103-million round". mint. Retrieved 2024-03-21.
  14. ↑ Mehta, Ivan (March 20, 2024). "Audio platform Pocket FM bags $103M in funding as it eyes global expansion". TechCrunch.
  15. ↑ "Audio streaming platform Pocket FM raises $65 million in fresh funding". The Economic Times. 3 March 2022. Retrieved 20 December 2023.
  16. ↑ "Pocket FM bags $103-million funding led by Lightspeed to power its global expansion". Moneycontrol. 2024-03-20. Retrieved 2024-03-21.
  17. ↑ Spangler, Todd (2024-03-20). "India's Pocket FM Raises $103 Million in Funding to Expand Audio Series Globally". Variety. Retrieved 2024-03-21.
  18. ↑ Banthia, Jyoti (2024-04-01). "Audio series platform Pocket FM completes its first ESOP-buyback worth $8.3 million". BusinessLine. Retrieved 2024-04-20.
  19. ↑ "STORYTELLERS OF POCKET FM". Fortune India. 2023. Retrieved January 9, 2024.
  20. ↑ "Rohan Nayak". Forbes. Retrieved January 9, 2024.
  21. ↑ "Skyroot, Pocket FM, Zepto, BluSmart among India's top 20 start-ups, as per LinkedIn report". Business Today. September 27, 2023. Retrieved January 9, 2024.
  22. ↑ "Top 25 startups in India listed by LinkedIn". India Today. September 28, 2022. Archived from the original on January 9, 2024. Retrieved January 9, 2024.
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