Pocket FM Allocates Rs 250 Crore Fund to Support Writers in 2024
- ByStartupStory | December 22, 2023
Audio entertainment app Pocket FM has announced a significant fund of Rs 250 crore to support writers who contribute to its platform in the year 2024. The company revealed that its top 10 writers have collectively earned over Rs 2 crore in the current year.
Rohan Nayak, Cofounder and CEO of Pocket FM, emphasized the impact of audio series as a category, stating that it has been instrumental in providing writers with a platform to share their stories with a global audience. He expressed Pocket FM’s commitment to nurturing storytellers through its audio series, which has attracted thousands of new writers inspired by the success stories of existing contributors.
Pocket FM has also expanded its audio series catalog, doubling it to over 2,000 titles by the end of the year. The company highlighted the success of several audio series, with 17 surpassing 100 million plays and 40 titles exceeding 50 million plays. In terms of revenue, 13 audio series crossed the Rs 10 crore mark, while 25 series achieved Rs 5 crore in collections. Notably, the audio series “Insta Millionaire” emerged as a mega-blockbuster, generating Rs 100 crore in revenue.
In terms of user engagement, Pocket FM reported exceeding 75 billion minutes of streaming, with an average monthly streaming of over 6 billion minutes. The app’s listener community has grown to over 130 million users globally, with over 20 million transactions recorded in 2023, culminating in 2.5 million monthly transactions.
Analyzing user preferences, Pocket FM noted that the top genres in 2023 were Drama, Romance, and Sci-Fi & Fantasy. Interestingly, while males showed a preference for Drama series, females exhibited a greater interest in Romance. Both genders demonstrated equal enthusiasm for Sci-Fi and Fantasy series consumption.
Pocket FM’s user base was most active in cities like Delhi-NCR, Mumbai, and Bengaluru, where over 5 billion minutes of streaming were recorded. Emerging cities such as Jaipur, Lucknow, Surat, and Pune also ranked among the top 10 Indian cities for Pocket FM’s user engagement in 2023.
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