Audio podcasting Platform 'Pocket FM' decides to part ways with nearly 200 writers shortly
A Bengaluru based audiotech startup based Pocket FM,has recently made the decision to reduce the number of writers working on its US-based shows in order to streamline costs and better allocate resources across its ongoing projects. While the startup did not reveal the precise number of affected writers, a report indicates that around 200 contractual writers have been impacted by the move.
A spokesperson from Pocket FM explained about the decision of layoff to the media and said, "We have recently had to part ways with some of our writers for US-based audio series to align our resources with our current show pipeline. These changes are typical in the content creation industry and do not reflect on the company's overall health."
He further added that, the company is in growing stage with robust revenue signals and it is accelerating hiring efforts across various regions.
The audio podcasting platform Pocket FM was established in 2018 by IIT-Kharagpur alumni Rohan Nayak, Nishanth Srinivas, and Prateek Dixit, offers a diverse range of long-form audio content such as audio shows, stories, novels, and podcasts. The company secured $103 million in Series D funding in March, valuing it at $750 million. During April, Pocket FM welcomed Umesh Bude as the Senior Vice President of Engineering, Rohan Gandhi as the Vice President of Analytics, and Rupesh Gopal as the Vice President of Engineering.
Pocket FM has successfully developed a global listener base of over 130 million users, with an average daily listening time of over 115 minutes.
The startup has declared that their online platform contains over 100,000 hours of content, showcasing more than 2,000 exclusive audio series and over 400,000 episodes.
By December 2023, the company had reported an annualized revenue rate (ARR) of $150 million globally, with over $100 million originating from the United States alone. The platform provides content in various languages such as English, Hindi, Tamil, Telugu, Malayalam, Bengali, Kannada, and Marathi. Users are able to access a limited number of episodes for free every 24 hours, but in order to unlock additional episodes, they are required to purchase virtual coins.
