Updated January 4th, 2024 at 16:21 IST
Pocket FM’s India arm sees 647% revenue growth in FY23
The home-grown audio-streaming platform has posted a 417% increase in microtransaction revenue
Revenue Surge: Audio series platform Pocket FM has reported a 647 per cent surge in revenue, reaching Rs 131 crores, while having reduced its loss (before tax) by 56 per cent, amounting to Rs 75.7 crores, as per its Registrar of Companies (RoC) filing with the Ministry of Company Affairs.
Commenting on its FY23 financial disclosures, Anurag Sharma, Chief Financial Officer (CFO) at Pocket FM, said, "With continuous investments into content and the writers' community, we look forward to elevating entertainment not just limited to listening experiences but replicating the experience across other formats through IP strongholds.”
The home-grown audio-streaming platform has posted a 417 per cent increase in microtransaction revenue (content monetisation) to Rs 82.8 crores, while the advertising revenue soared by 1,120 per cent to Rs 12.17 crores.
The company has also witnessed a rise in overall expenses by 9.32 per cent to Rs 206.78 crores, while advertising and marketing expenses are brought down by 45 per cent to Rs 70.57 crores.
However, the company's focus on expanding its content library was made evident with its content expenses doubled to Rs 21.29 crores in FY23.
The audio-focused platform also witnessed its employee spending has also witnessed a surge from Rs 30.7 crores in 2022 to Rs 73.3 crores in 2023 to align with the company's growth strategy.
Published January 4th, 2024 at 16:21 IST