Pocket FM has earmarked a fund of Rs 250 crore to assist writers in 2024
The audio entertainment app, Pocket FM, has announced a substantial fund of Rs 250 crore to support writers contributing to its platform in the year 2024. The company disclosed that its top 10 writers have collectively earned over Rs 2 crore in the current year. Rohan Nayak, Cofounder and CEO of Pocket FM, highlighted the significance of the audio series genre, underscoring its role in providing writers with a platform to share their stories on a global scale. He affirmed Pocket FM's dedication to fostering storytellers through its audio series, which has inspired thousands of new writers drawn by the success stories of existing contributors.
Pocket FM has expanded its audio series library, doubling it to over 2,000 titles by the end of the year. The company highlighted the success of various audio series, with 17 surpassing 100 million plays and 40 titles exceeding 50 million plays. In revenue terms, 13 audio series crossed the Rs 10 crore mark, while 25 series achieved Rs 5 crore in collections. Notably, the audio series "Insta Millionaire" emerged as a major success, generating Rs 100 crore in revenue. Regarding user engagement, Pocket FM reported exceeding 75 billion minutes of streaming, with an average monthly streaming of over 6 billion minutes. The app's listener community has grown to over 130 million users globally, with over 20 million transactions recorded in 2023, resulting in 2.5 million monthly transactions.
Examining user preferences, Pocket FM observed that the primary genres in 2023 were Drama, Romance, and Sci-Fi & Fantasy. Interestingly, males exhibited a preference for Drama series, while females displayed a greater interest in Romance. Both genders showed equal enthusiasm for consuming Sci-Fi and Fantasy series. Pocket FM's user activity was most pronounced in cities like Delhi-NCR, Mumbai, and Bengaluru, recording over 5 billion minutes of streaming. Additionally, emerging cities such as Jaipur, Lucknow, Surat, and Pune also ranked among the top 10 Indian cities for user engagement with Pocket FM in 2023.
Pocket FM has expanded its audio series library, doubling it to over 2,000 titles by the end of the year. The company highlighted the success of various audio series, with 17 surpassing 100 million plays and 40 titles exceeding 50 million plays. In revenue terms, 13 audio series crossed the Rs 10 crore mark, while 25 series achieved Rs 5 crore in collections. Notably, the audio series "Insta Millionaire" emerged as a major success, generating Rs 100 crore in revenue. Regarding user engagement, Pocket FM reported exceeding 75 billion minutes of streaming, with an average monthly streaming of over 6 billion minutes. The app's listener community has grown to over 130 million users globally, with over 20 million transactions recorded in 2023, resulting in 2.5 million monthly transactions.
Examining user preferences, Pocket FM observed that the primary genres in 2023 were Drama, Romance, and Sci-Fi & Fantasy. Interestingly, males exhibited a preference for Drama series, while females displayed a greater interest in Romance. Both genders showed equal enthusiasm for consuming Sci-Fi and Fantasy series. Pocket FM's user activity was most pronounced in cities like Delhi-NCR, Mumbai, and Bengaluru, recording over 5 billion minutes of streaming. Additionally, emerging cities such as Jaipur, Lucknow, Surat, and Pune also ranked among the top 10 Indian cities for user engagement with Pocket FM in 2023.
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