PTI | | Posted by Singh Rahul Sunilkumar
Audio content app Pocket FM expects to reach an annual revenue run rate (ARR) of USD 100 million by September 2023, the company said on Tuesday.
This implies that the company will be able to achieve at least USD 100 revenue by September 2024 if its growth remains consistent.
“As we successfully discovered the content monetisation model in the audio space, our revenue has grown 10 times to USD 25 million ARR in just 12 months.
“With the continued momentum and expected growth targets, we foresee another 4X growth in our revenue during our fifth year of operations, thus entering into the USD 100 million ARR club within five years of our operations,” Pocket FM Co-founder and CEO Rohan Nayak said in a statement.
Driven by micro-payment features on the platform, Pocket FM claims to have registered a 10-fold revenue growth during its fourth year of operations, with over 500,000 monthly transactions.
The company also said that it has strengthened its creator community to over 500,000 worldwide, the listener community to over 80 million and streaming on the platform has increased by 75 per cent, surpassing 40 billion minutes.
Pocket FM has now expanded business to the US.