Pocket FM's revenue jumps 647% in FY23, losses narrow by 56%
Bengaluru-based Pocket FM narrowed its loss before tax to Rs 75.7 crore in FY23, a 56% decrease from Rs 171.6 crore in FY22.
, an audio series platform, saw its Indian subsidiary's revenue surge more than 7X for FY23 on the back of increasing microtransaction and advertising revenues.
According to the Registrar of Companies filings, the entity reported Rs 131 crore in revenue in FY23, a 647% jump from Rs 17.5 crore in FY22. The Bengaluru company also narrowed its loss before tax to Rs 75.7 crore in FY23, a 56% decrease from Rs 171.6 crore in FY22.
Its microtransaction revenue, money earned from content monetisation leaped by 417% to Rs 82.8 crore, while advertising revenue soared by 1120% to Rs 12.17 crore, "with the company at a pilot stage for its brand and ad solutions streams," it said.
The company also noted that its expenses grew by 9.32% to Rs 206.78 crore, while advertising and marketing expenses decreased by 45% to Rs 70.57 crore in FY23.
However, its content expenses more than doubled to Rs 21.29 crore in FY23 and employee spending increased from Rs 30.7 crore in FY22 to Rs 73.3 crore in FY23, aligning with the company's growth strategy.
"As Pocket FM charts its path in FY23, our focus is clear: strategic growth, global expansion, and financial resilience. Our commitment to staying financially healthy ensures a strong foundation for scaling up not just in India but also globally," said Anurag Sharma, Chief Financial Officer of Pocket FM.
Founded in 2018 by Rohan Nayak, Nishanth Srinivas, and Prateek Dixit, Pocket FM is an online audio entertainment platform, with a strong focus on audio series—a serialised fictional audio storytelling.
The platform, available in English, Hindi, Telugu, Tamil, Bengali, etc., languages, has an 80 million listener community globally.
"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 stronghold,” he added.
Edited by Suman Singh