The all-at-one-go bingeable release model, championed by Netflix among video streaming services, has helped Pocket FM drive engagement, increase listeners and clock higher revenues
(From left) Prateek Dixit, Nishanth KS and Rohan Nayak, co-founders, Pocket FM
Image: Selvaprakash Lakshmanan for Forbes India
In the cacophony of social media and short videos, with people speaking over each other, three young engineers ventured out to offer long format audio series in India, an idea that appeared to not work from the get-go given people’s shrinking attention spans. But the idea of a long-format audio series hit the right chord and is today generating $25 million ARR (annualised revenue run-rate), an achievement, Pocket FM boasts, it has clinched in its fourth year of launch.
“We want to make Pocket FM the Netflix of audio OTT platforms, releasing bingeable long-format series to keep listeners hooked,” says Rohan Nayak, CEO and co-founder, Pocket FM. The all-at-one-go bingeable release model, championed by Netflix among video streaming services, has helped Pocket FM drive engagement, increase listeners and clock higher revenue.
Along with his collegemate from IIT-Kharagpur, Nishanth KS, and techie friend Prateek Dixit, Nayak founded Pocket FM. The audio series platform has diversified genres in multiple languages. The idea was born during Nayak’s long commutes at work and his desire to listen to something entertaining other than music. “During my long travel time to office, I realised the need of audio storytelling in Indian languages. The only relief during these long drives was FM stations and music apps. However, the content was repetitive, sometimes irrelevant, and lacked the entertainment booster,” Nayak recalls.
With experience of building and scaling mobile-based content products during their past stints with Paytm, JioSaavn, Flipkart and Grofers, the founding team of Nayak, Nishanth and Dixit wanted to create a niche segment in audio entertainment beyond music.
Boosted by its unique micro-payment model, which the company calls “freemium”, Pocket FM breached the $25 million annualised revenue run-rate (ARR) in October. It is a significant jump from $2 million in September 2021, and aims to hit $100 million ARR by next year. ARR is a financial indictor that predicts the annual performance of the company.
(This story appears in the 02 December, 2022 issue of Forbes India. To visit our Archives, click here.)