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Lightspeed-Backed Pocket FM Fires Around 200 Writers

Inc42 · 1y ago

Lightspeed-Backed Pocket FM Fires Around 200 Writers

Pocket FM recently went through a layoff exercise, resulting in the departure of fewer than 200 writers. The goal of this restructuring was to reallocate resources to align with the platform's current show pipeline. Established in 2018, Pocket FM is an audio streaming platform that offers a wide range of content in various languages and genres, including romance, self-help, and motivation.

Related News

Lightspeed-backed Pocket FM snags $103 mn in Series D funding

VCCircle

VCCircle · 1y ago

Lightspeed-backed Pocket FM snags $103 mn in Series D funding

Audio entertainment platform Pocket FM has raised $103 million in a Series D funding round led by existing investor Lightspeed Venture Partners. The funding will be used to support Pocket FM's expansion into the US market and facilitate global expansion into Europe and Latin America. Additionally, the company plans to strengthen its content library and provide a platform for writers to share their stories. Pocket FM claims to have the largest repository of exclusive audio series, with over 100,000 hours of content and more than 2,000 exclusive series across various genres and languages.

Pocket FM to invest $40 mn to expand online reading library

Livemint

Livemint · 1y ago

Pocket FM to invest $40 mn to expand online reading library

Pocket FM, an audio series platform, is investing $40 million in its online reading service called Pocket Novel. The platform allows writers to upload novels and receive compensation for their work. Currently focused on Hindi novels, Pocket Novel plans to expand to Tamil and Telugu. The platform offers chapters for purchase via micro-transactions. Pocket FM aims to create a community of one million writers and expand its novel library to two million titles by 2025. The company will use its expertise in marketing and monetizing intellectual properties to benefit writers on the platform.

Pocket FM raises $103 mn in Series D round from Lightspeed, Stepstone Group

Economic Times

Economic Times · 1y ago

Pocket FM raises $103 mn in Series D round from Lightspeed, Stepstone Group

Audio entertainment platform, Pocket FM, has raised $103 million in Series D funding led by Lightspeed and Stepstone Group. The funding will support the company's expansion into the US, Europe, and LATAM markets. Pocket FM aims to strengthen its exclusive content library and provide a platform for writers to share their unique stories. With over 10 million registered users in the US, the company has achieved over $150 million in annualised revenue and plans to leverage AI to enhance user experiences and scale its content offerings.

Pocket FM partnership with US-based AI voice ElevenLabs

Economic Times

Economic Times · 1y ago

Pocket FM partnership with US-based AI voice ElevenLabs

Indian audio platform Pocket FM has partnered with US-based AI voice software firm ElevenLabs to enable writers to convert their narratives into audio series. The collaboration aims to make audio series creation more accessible and inclusive, with writers able to create audio series with a single click. Pocket FM expects to triple its content library this year, leveraging ElevenLabs' capabilities to increase efficiency and creativity. Pocket FM currently has a strong presence in the US and India, attracting audiences from over 20 countries.

Exclusive: Kuku FM Fires 100 Employees To Cut Costs

Inc42 · 9m ago

Exclusive: Kuku FM Fires 100 Employees To Cut Costs

Indian audio platform Kuku FM, backed by Vertex Ventures, recently underwent a restructuring exercise affecting approximately 300 employees. The content team, consisting of writers and producers, was the most affected by the changes. Despite this, Kuku FM reported significant growth with revenue increasing to INR 88 crore in FY24 and losses narrowing by 18% to INR 96 crore.

Abu Dhabi's ADIA explores investment in India's Pocket FM, sources say

TechCrunch · 1y ago

Abu Dhabi's ADIA explores investment in India's Pocket FM, sources say

Abu Dhabi's sovereign wealth fund, ADIA, is holding talks to back Indian audio-storytelling platform Pocket FM in a new funding round. Pocket FM recently secured around $100 million in funding from Lightspeed Venture Partners. The talks with ADIA have been ongoing for over a month and are currently confidential. Pocket FM has seen rapid revenue growth and aims to reach an annualized revenue run rate of $100 million by the end of 2023. Pocket FM offers a freemium model, allowing users to pay for the content they prefer rather than the entire library.

Pocket FM earmarks Rs 250 crore fund for writers contributing to platform

Economic Times

Economic Times · 1y ago

Pocket FM earmarks Rs 250 crore fund for writers contributing to platform

Audio entertainment app Pocket FM has allocated Rs 250 crore as a fund for writers contributing to its platform. The company has witnessed impressive earnings for its top 10 writers, with over Rs 2 crore earned in the current year. Pocket FM CEO Rohan Nayak highlighted the success of audio series in enabling writers to share their stories globally. The platform has seen significant growth, with over 2,000 titles in its catalogue and more than 75 billion minutes of streaming. Delhi-NCR, Mumbai, and Bengaluru were the most active cities on the platform.

Pocket FM introduces online novel reading platform Pocket Novel, pledges $40 million investment

Business Today

Business Today · 1y ago

Pocket FM introduces online novel reading platform Pocket Novel, pledges $40 million investment

India-based startup Pocket FM has launched its online novel reading platform, Pocket Novel, after a year-long beta phase. The platform, which attracted over 150,000 writers during testing, aims to become a multi-genre entertainment ecosystem. Pocket FM plans to invest $40m in the product and achieve a $100m annual revenue run rate by 2025. The company's ultimate goal is to build a community of one million writers and have a library of two million novels by that time. The most popular genres on the platform during the beta phase included Romance, Drama, Suspense, Fantasy, and Sci-Fi.

Lightspeed-backed Pocket FM nears $120 mn in topline, loss narrows

VCCircle

VCCircle · 9m ago

Lightspeed-backed Pocket FM nears $120 mn in topline, loss narrows

Indian audio entertainment platform Pocket FM has reported a global revenue increase of nearly six times, surpassing INR 1,000 crore ($135 million) and moving closer to reaching breakeven. The start-up, which is backed by Lightspeed Venture Partners, disclosed that revenue rose to INR 1,052 crore in the fiscal year 2024, a 496% surge from the previous year. Subscription-driven microtransactions were the main driver of revenue growth, reaching INR 934.7 crore. Pocket FM also reduced its global loss by 21% to INR 165 crore through strategic investments in content, technology and user acquisition.

Pocket FM to invest $40 million to build online novel platform

Thehindubusinessline

Thehindubusinessline · 1y ago

Pocket FM to invest $40 million to build online novel platform

Pocket FM, an audio streaming platform, has launched Pocket Novel and plans to invest $40 million to become India's largest online reading platform. The company aims to have one million writers and a library of two million novels by 2025. Pocket FM plans to generate $100 million in annual revenue worldwide by that time. The online novel reading market in India is currently untapped and is projected to exceed $6.5 billion globally by 2028, making it a lucrative opportunity for the company.

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