Pocket FM Invests $40 Million in 'Pocket Novel' Reading Platform

By siliconindia  |  Tuesday, 20 February 2024, 10:48:41 AM IST

Pocket FM Invests $40 Million in 'Pocket Novel' Reading Platform
Audio entertainment platform Pocket FM is set to revolutionize India's novel market with its latest venture, 'Pocket Novel'. The company plans to inject $40 million into the platform, aiming to position it as the go-to destination for Indian writers' communities. Pocket Novel has already attracted 150,000 writers during its beta phase, connecting them with a vast reader base and offering opportunities for visibility, lifetime earnings, and distribution across multiple formats.
Rohan Nayak, the CEO of Pocket Novel, expressed the platform's mission to shape the essence of entertainment by discovering and distributing unique stories adaptable to various formats and global audiences. The ambitious initiative targets an annualized revenue run rate surpassing $100 million by 2025, capitalizing on the potential of India's burgeoning online novel reading market, anticipated to reach $6.5 billion by 2028.
During its beta phase, the platform witnessed remarkable growth, with over 150,000 writers and top performers earning substantial monthly incomes, some exceeding $2,500. Pocket Novel aims to scale up to one million writers and expand its novel library to two million by 2025. The platform boasts high reader engagement, averaging over 100 minutes of daily reading time, with popular genres including Romance, Drama, Suspense, Fantasy, and Sci-Fi.
Pocket Novel's revenue surged by an impressive 500% in 2023, with projections to achieve a $100 million ARR by 2025. As it positions itself as India's largest online reading platform, the platform anticipates facilitating over one million transactions in 2023, marking a significant milestone in the country's digital literary landscape.

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