SUMMARY
- Pocket FM’s revenue from operations jumped 496% to Rs 1,051.97 crore in FY24 from Rs 176.36 crore in FY23.
- The company’s losses were reduced by 21% to Rs 165 crore in FY24 from Rs 208 crore in FY23.
- Its expense-to-earnings ratio moved from 2.18 in FY23 to 1.16 in the same period.
Audio series platform Pocket FM‘s revenue from operations jumped 496% to Rs 1,051.97 crore in FY24 from Rs 176.36 crore in FY23, as detailed in the company statement.
88.8% of Pocket FM’s earnings came from subscription fees, which grew 5.8X to Rs 934.73 crore in FY24 from Rs 160 crore in FY23. This rise in subscription fees was largely due to a growth in microtransactions.
The remaining earnings were generated from advertising services, which increased sevenfold increase to Rs 89.34 crore from Rs 12.5 crore in the same period.
Bengaluru-based Pocket FM offers over 75,000 audio series, powered by a community of over 250,000 writers across the globe. The company has achieved over 45 million transactions and has contributed to over Rs 25 crore in revenue through its AI audio series.
“As we near profitability, our focus on innovation and operational efficiency sets new benchmarks in the entertainment industry,” said Anurag Sharma, CFO of Pocket FM. “We remain committed to delivering scalable, immersive, and profitable content experiences,”
The company’s losses were reduced by 21% to Rs 165 crore in FY24 from Rs 208 crore in FY23. This improvement was also seen in its expense-to-earnings ratio, moving from 2.18 in FY23 to 1.16 in the same period.
In March 2024, Pocket FM raised $103 million in its Series D funding round led by Lightspeed with support from Stepstone Group. To date, the company has secured a total of $196.5 million in funding and was valued at $750 million in its most recent equity round. Following the fundraising, Pocket FM conducted its first Employee Stock Ownership Plan (ESOP) buyback worth $8.3 million.
Its competitor Kuku FM reported a 2X increase in its revenue to Rs 88 crore in FY24. The IFC and Fundamentum Partnership-backed firm also cut its losses by 18% to Rs 96 crore.
