Pocket FM, an audio series platform, announced its international growth and entry into the US market.
The business released a performance update covering the months of October 2021 to September 2022 after finishing its fourth year of operations.
According to a statement from the company, the introduction of the micropayment model and advertising solutions helped the company surpass $25 million ARR (Annualized Revenue Run-rate), as recorded until October 2022.
“As we successfully discovered the content monetisation model in the audio space, our revenue has grown 10X to $25 million ARR in just 12 months,” Rohan Nayak, co-founder & chief executive officer, Pocket FM said.
He continued, “thus entering the $100 million ARR club within five years of our operations,” noting that the company anticipates another four-fold increase in revenue during its fifth year of operations given the current momentum and anticipated growth targets.
The platform claimed that 733 audio series, a category of fictional long-form audio storytelling, had increased by 270%, strengthening its content offerings.
“As we scale up to emerge as the global audio series platform, we will continue to strengthen our content library, and nurture and grow our creator community across the world to keep our listeners entertained,” Nayak said.
With more than 90% of the time spent, the category has dominated platform usage.
It claimed that the number of its creators has increased to over 500,000 globally and the number of listeners has increased to over 80 million.
In its fourth year, Pocket FM streaming has increased by 75%, surpassing 40 billion minutes. Ages 15 to 35 make up more than 80% of its listeners. Romance, suspense, thrillers, and family drama are the most popular genres in this group.
