Pocket FM Parts Ways with U.S.-Based Writers; Know why
- ByStartupStory | July 27, 2024
Pocket FM, the audio streaming platform, has parted ways with over 200 writers based in the U.S., as per media reports. The company did not disclose the exact number of departures but confirmed it was more than 200, according to Inc42.
In a statement to Startup Story, a company spokesperson said, “We have recently had to part ways with some of our writers for US-based audio series to align our resources with our current show pipeline. These changes are typical in the content creation industry and do not reflect on the company’s overall health. In fact, we are in a strong growth phase with robust revenue signals, and we are accelerating our hiring efforts across regions.”
This development follows Pocket FM’s recent partnership with U.S.-based GenAI platform ElevenLabs, which aims to enable their writers to convert text into audio series. The collaboration, announced last month, marked a significant step in Pocket FM’s strategy to enhance its content production capabilities.
Foonded in 2018 by Rohan Nayak, Nishanth KS, and Dixit, Pocket FM offers audio content across genres such as romance, self-help, and motivation, available in multiple languages. The platform secured $103 million in Series D funding led by Lightspeed earlier this year. This funding round aims to strengthen and expand Pocket FM’s presence in the U.S., Europe, and LATAM markets.
Despite the recent layoffs, Pocket FM’s India division reported a remarkable financial performance, with operating revenue year-on-year (YoY) reaching Rs 129.7 crore, reflecting an increase of 663%. The company also managed to reduce its losses by 56% YoY to INR 75.7 crore during the same period.
Disclaimer: This article has been updated to include a statement from Pocket FM’s spokesperson provided to Startup Story.
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