Audio entertainment platform Pocket FM's global revenue has jumped nearly six-fold to cross the Rs 1,000 crore mark, while narrowing loss and inching closer to breakeven, the company reported Wednesday.
The Lightspeed-backed company said its revenue soared to Rs 1,052 crore in the fiscal year 2024, against Rs 176.4 crore in FY23 - a 496% jump. It did not provide a breakdown of its revenue from its India and US operations.
Much of Pocket FM's performance has been attributed to the microtransactions driven subscription revenue which shot to Rs 934.7 crore in FY24 from Rs 160 crore in FY23, highlighting a strong growth in paid users.
It also narrowed global loss in the period by 21% to Rs 165 crore, attributing the improvement to lower expenses in the period while making strides toward profitability through strategic investments in content, technology, and user acquisition.
“With a sharp focus on leveraging AI, we are not only enhancing operational efficiency but also creating smarter processes that optimize content delivery and monetisation,” said Pocket FM CFO Anurag Sharma.
The company said its library of content such as audio series has driven the performance in the period, with over 30 audio series having achieved revenue milestones of Rs 10 crore each, including seven that have crossed Rs 100 crore.
In March, the company snagged $103 million in Series D funding led by existing investor Lightspeed Venture Partners and claimed at the time its annual recurring revenue had surged past $150 million.
The company claims 100 billion minutes of streaming at its platform with a listening base of 200 million users. It also registered 45 million transactions in its platform via the microtransactions led approach.