New Delhi: Audio entertainment platform Pocket FM has announced a remarkable financial performance in fiscal year 2024, with global revenue exceeding Rs 1,000 crore and losses narrowing significantly. The company’s strong growth trajectory is fueled by its innovative microtransaction model, expanding global presence, and strategic use of AI.
Pocket FM’s global revenue reached an impressive Rs 1,052 crore in FY24, a significant leap from Rs 176 crore in the previous fiscal year. This surge in revenue has been driven by a substantial increase in microtransaction-led subscription revenue, which jumped from Rs 160 crore in FY23 to Rs 935 crore in FY24. The company’s advertising revenue also witnessed a sevenfold increase, reaching Rs 89.34 crore in FY24.
Despite the rapid growth, Pocket FM has managed to reduce its global losses by 21% to Rs 165 crore in FY24, down from Rs 208 crore in FY23. This improvement in profitability highlights the company’s commitment to operational efficiency and disciplined growth.
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Pocket FM’s success can be attributed to its unique freemium and microtransaction model, which allows listeners to access content for free or pay per episode or series. This approach has resonated with audiences worldwide, contributing to the platform’s growing community of over 200 million listeners.
The company’s global footprint has also expanded significantly, with a strong presence in the US and India, and recent forays into Europe and Latin America. Currently, about 70% of Pocket FM’s revenue comes from the US, 20% from India, and 10% from other regions.
Pocket FM remains committed to innovation, leveraging AI to enhance operational efficiency, optimize content delivery, and improve monetization strategies. The company’s CFO, Anurag Sharma, emphasized their vision to establish Pocket FM as a global entertainment platform that consistently pushes the boundaries of content experiences.
With its impressive financial performance, expanding global reach, and focus on innovation, Pocket FM is well-positioned to continue its growth trajectory and achieve sustained profitability in the near future.
