Audio streaming service Pocket FM has introduced Pocket Novel, an online reading platform facilitating connections between Indian writers and readers. The company plans to invest $40 million in this initiative.
Pocket Novel aims to act as a conduit for writers to gain visibility and income, offering distribution opportunities in various formats and categories. The goal is to tap into the vast potential of India’s relatively untapped novel market, per the company’s statement.
During its beta phase, the platform has established a community of 1.5 lakh writers. According to the company’s statement, some top-performing writers earn over $2,500 monthly.
According to the statement, over 2% of novels on the platform have achieved more than 5 lakh reads, and over 5% have surpassed 1 lakh reads.
The platform’s revenue witnessed a remarkable 500% growth in 2023 and is anticipated to achieve a $100 million annual recurring revenue (ARR) by 2025, positioning itself as India’s largest online reading platform. The company’s vision includes having 1 million writers and a library of 2 million titles on its platform by 2025.
As per the Registrar of Companies filings, Pocket FM recorded revenue of Rs 131 crore in FY23, experiencing significant growth from Rs 17.5 crore in FY22. The Bengaluru-based company also reduced its loss before tax to Rs 75.7 crore in FY23, marking a 56% decrease from Rs 171.6 crore in FY22.
Established in 2018 by Rohan Nayak, Nishanth Srinivas, and Prateek Dixit, Pocket FM is an online audio entertainment platform emphasizing serialized fictional storytelling. The platform, accessible in English, Hindi, Telugu, Tamil, and Bengali, boasts a global audience of 80 million listeners.
