New Delhi, Nov 27 (PTI) Audio entertainment platform Pocket FM narrowed global losses by 21 per cent to Rs 165 crore in FY24 and said it is inching "closer to profitability".
The company had posted Rs 208 crore losses in the previous financial year.
The company's global revenue came in at Rs 1,052 crore in FY24, registering a multifold jump from Rs 176 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 Rs 160 crore in FY23 to Rs 935 crore in FY24, it further said.
Pocket FM has a freemium and microtransaction model. In the microtransaction model, listeners can 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.
The company's advertising revenue grew from Rs 12.5 crore in FY23 to Rs 89.34 crore in FY24.
Offering more than 75,000 audio series, Pocket FM has a global community of over 200 million listeners.
"This growth reflects our relentless efforts to redefine the entertainment landscape. With a sharp focus on leveraging AI, we are not only enhancing operational efficiency but also creating smarter processes that optimise content delivery and monetisation. Our vision remains clear: to establish Pocket FM as a global entertainment platform that consistently pushes the boundaries of content experiences," Pocket FM CFO Anurag Sharma said.