The new funding will strengthen Pocket FM’s push into the U.S. market and also support global expansion as the company plans to expand into Europe and LATAM markets in 2024.
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The company will continue to strengthen its exclusive content library and create a strong IP playbook by providing the writer community with a stage to share their unique and unheard stories.
The company said it has exceeded $150 million in annualised revenue run rate (ARR) worldwide, with revenue growing at 57% quarter-over-quarter (QoQ).
Its revenue has surpassed $100 million in ARR in the U.S. market. It launched in the US in Q4 of 2022. US audiences spend over 135 minutes daily. The platform has approximately 10 million registered users in the U.S.
Pocket FM has put up an AI-led strategy for automation, content curation, production, and distribution. The company plans to leverage generative AI to scale its entertainment content offerings and build AI-powered personalised recommendations that enhance the overall user experience.
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“We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market,” said Rohan Nayak, CEO and co-founder of Pocket FM.”Our robust content library of audio series and strong consumption behaviour on the platform are shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry.”
“What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy. It emerges as a great reference for the entertainment landscape with its capability to demonstrate strong unit economics. They are not just building a new category but democratising the entertainment landscape with a tech-driven approach,” said Harsha Kumar, Partner at Lightspeed.
Since launching in 2018, Pocket FM has been driving serialised audio storytelling and has established itself as the leader in personalised audio entertainment.
With over 100,000+ hours of content, including 2,000+ exclusive audio series and more than 400,000 episodes across genres and languages, the platform has cultivated a loyal audience and established itself as a driving force in the entertainment category. The company has surpassed $150 million in ARR and is growing at 57% QoQ.
It has clocked over 20 million transactions in 2023. Globally, listeners spend an average of over 115 minutes per day. In 2023 alone, the platform witnessed over 75 billion minutes of streaming worldwide.