Pocket FM Narrow 21% To Rs 165 Cr

New Delhi: Audio entertainment platform Pocket FM narrowed global losses by 21 per cent to Rs165 crore in FY24 and said it is inching “closer to profitability”.

The company had posted Rs208 crore losses in the previous financial year. The company’s global revenue came in at Rs1,052 crore in FY24, registering a multifold jump from Rs176 crore in FY23, the company said in a statement.

The company has a strong foothold in the US and India and has recently forayed into Europe and Latin America. About 70 per cent of the Bengaluru-headquartered firm’s revenue comes from the US, about 20 per cent from India, and 10 per cent from the rest of the world. “As Pocket FM inches closer to profitability and strengthens its global presence, its unwavering focus on innovation, disciplined growth, and operational efficiency continues to set new benchmarks in the entertainment industry. The company’s vision of creating immersive, scalable, and profitable entertainment experiences remains on a clear upward trajectory,” the statement said. Pocket FM’s microtransaction-led subscription revenue increased from Rs160 crore in FY23 to Rs935 crore in FY24, it further said.

Pocket FM has a freemium and microtransaction model. In the microtransaction model, listeneRscan pay only for the episode/series to which they want to listen. The freemium model allows the consumer to explore and hear a few minutes of any series for free.