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Subeer Bakshi joins Pocket FM as Head - People & Culture
Prior to Pocket FM, Bakshi was heading Talent Strategy at PhonePe December 14, 2023; India – Audio Series platform Pocket FM today announces the appointment of Subeer Bakshi as the Head of People & Culture. Subeer brings over two decades of international and multi-industry experience to his new role, having previously held key roles in organizations such as Mercer, Aon, Willis Towers Watson and Bajaj Finserv. In his role at Pocket FM, Subeer will spearhead the buildout of people process and culture anchors that will enable the hyper-growth of the company. His experience of building high performing teams in fast-growing companies is expected to play a pivotal role in shaping the company's expansion on a global scale. Subeer Bakshi expressed his enthusiasm for the new role, saying, "I am excited to join the rocketship that is Pocket FM. Through a series of innovations, it has powered its way through to a promising market opportunity, building a new category in the entertainment landscape. As the company is scaling up globally, I look forward to contributing to its growth by aligning people's practices to its unique business needs, building on the foundation of an already exceptional team." Prior to this, Subeer was heading Talent Strategy at PhonePe and contributed to their efforts in scaling the company to become a market leader. At Pocket FM, he will work closely with Rohan Nayak, Cofounder & CEO, to build the organisation at a global scale. "Subeer's extensive background in the people function, building culture and his track record in building strong, collaborative teams make him a valuable addition to our leadership team," said Rohan Nayak, Cofounder and CEO, Pocket FM. "We are confident that his expertise will further strengthen our commitment to creating an enabling culture and propel Pocket FM to become an employer of choice" About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalisation in the serialised format that resulted in the emergence of “binge listening” as a consumption habit. We have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
" 90% of American Internet users tune into audio for entertainment; 63% find audio helpful to destress: Pocket FM Survey"
90% of American Internet users tune into audio for entertainment; 63% find audio helpful to destress: Pocket FM Survey However, American Internet users prefer shorter episodic audio content, with 43% liking 5-15 minutes and 38% preferring 15-30-minute episodes. Los Angeles, Calif. December 12, 2023 — Audio Series platform Pocket FM today unveils the findings of its US-edition entertainment consumption survey, Digital Entertainment Insights: Audio Takes Centerstage. The survey, conducted among 4,394 internet users in the US, aims to understand the audio industry and delves into internet users' preferences, behaviors, and attitudes towards various forms of digital entertainment. In a nation defined by its diverse tastes and cultural shades, the findings reveal interesting insights into the dynamic habits of American entertainment patterns: 90% of users engage with audio entertainment daily, reflecting the influence of audio in their daily lives. Storytelling takes the spotlight, inspiring half of users to prefer audio, while one-third of users opt for audio due to its convenience, and another third values it for the diverse range of content. While consuming audio content, 63% of Americans favor smartphones, 15% opt for tablets, and 22% spread their audio consumption across Smart TVs, Desktops, and other devices. Genres such as Drama (21%), Romance (23%), Suspense/Thriller (16%), and Sci-Fi (15%) emerge as top choices. Regarding content duration, 43% of US listeners lean towards shorter episodes, spanning 5-15 minutes, while 38% prefer a slightly longer duration of 15-30 minutes. Only 18% are inclined toward lengthier content, opting for episodes lasting approximately 45-60 minutes. As audio entices the imagination and creativity, 45% visualize the storytelling while listening, while the remaining 55% lean toward a visual experience, desiring the audio storytelling to be adapted on video platforms, such as movies, TV series, or web series. Trust in content recommendations emerged as a crucial factor, with 38% relying on platform recommendations, 31% seeking guidance from social media, and surprisingly, only 3% swayed by influencers. The survey uncovered that audio serves not only as an entertainment source but also as a productive tool, with 65% of users leveraging audio to destress, 17% to avoid distraction, and 17% to enhance focus, showcasing its versatility in meeting various user needs. Additionally, 62% of US listeners are keen on recommending their favorite audio content. When it comes to spreading the word, good old-fashioned word of mouth leads the pack, with 42% of users relying on recommendations from friends. Social media is a little behind, influencing 34% of users. Zooming into specific audio content, audio series steal the spotlight, with 67% giving 5-star recommendations. In comparison, 42% give 5-star ratings to TV entertainment but get a rating of 3 or below from 37% users. Online music and video OTT also fare well, with 53% and 58% giving 5-star ratings, respectively, but rated 3 or below by 29% and 24% of users, highlighting a shift in the audience's digital entertainment preferences and reflecting fatigue with the existing format. While audio series emerged as the most loved and preferred entertainment format, the findings have shown that 36% of users shifted from music to audio series, 22% of users replaced audio series with video streaming, and 18% moved from audiobooks and podcasts, illustrating the dynamic evolution of American entertainment preferences. The survey reveals that 29% of American users lean toward subscriptions, though 32% are more inclined to pay for individual episodes, signaling a potential shift in monetization strategies towards microtransactions. Meanwhile, 39% prefer ad-supported models and other promotional offerings. Speaking on the survey findings, Rohan Nayak, CEO and co-founder of Pocket FM, said, "This trend shows that people want more immersive experiences and suggests a bigger shift that encourages away from constantly looking at screens for entertainment while trying to distress. The rising popularity of audio series, where people binge-listen without needing to stare at a screen, is a clear sign of this change. It's an exciting time for audio, emerging as the new lifestyle, as we find new ways to create engaging experiences that really connect with our users.” Methodology The survey, with a total sample size of 4,394 internet users in the US, was conducted between 28th October 2023 and November 15, 2023. Regarding gender distribution, the respondents comprised 47% males and 53% females. Delving deeper into age demographics, 64% of the sample are millennials, Gen Z represents 32% of the sample size, and only 4% belongs to Gen X. Geographically, the survey has a balanced representation, with 40% of respondents hailing from urban areas and 32% and 28% come from semi-urban and rural regions respectively. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalization in the serialized format that resulted in the emergence of “binge listening” as a consumption habit. We have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com.
Audio is the new Lifestyle, reveals Pocket FM Survey
81% of users engage with audio content daily 93% desire the adaptation of audio content into visual formats like video OTT, TV series, and movies Users look at getting distressed, avoid distraction and attain better focus with audio content; Maximum preferences for shorter episodic content Minimal influence of influencers in users’ content selection Audio series got 74% 5-star recommendations, outshining TV entertainment, online music, and video OTT 84% audio series listeners migrated at the cost of online music, social media, short videos, video OTTs, audiobooks, and podcasts. December 12, 2023, India: Audio Series platform Pocket FM today unveils the findings of the second leg of its entertainment consumption survey ‘Digital Entertainment Insights: Audio Takes The Centrestage’. The survey, conducted every quarter across India, aims to understand the digital pulse of the nation and delves into the preferences, behaviours, and attitudes of internet users towards various forms of digital entertainment. Audio Takes The Centrestage: Key Metrics The findings suggest a resounding shift towards audio formats, with 81% of people engaging with audio entertainment daily. Storytelling emerged as the primary catalyst for its irresistible pull, with one in three users expressing a distinct preference for this engaging and immersive format. The other triggers are convenience, influencing every 4th user, and content diversity, affecting every 6th user to adopt audio as a preferred content medium. Regarding devices, 71% of users consume audio content on their smartphones, highlighting the convenience and accessibility that mobile devices provide. However, 29% of users prefer to consume audio through tablets, smart TVs, desktops, and other devices, showcasing the rise of audio consumption at the workplace and home. Genre-wise, drama emerged as the leading genre, capturing the attention of 22% of users, closely followed by suspense and thriller at 21%, romance at 17%, sci-fi at 12%, and comedy at 11%. Users seek concise, episodic content— want audio storytelling to be evolved into video Approximately 40% of users lean towards shorter episodes lasting between 5-15 minutes, while 35% prefer slightly longer episodes in the 15-30 minutes range. Only about 25% of users prefer longer content, opting for episodes spanning approximately 45-60 minutes. The rising popularity of audio entertainment is evident, with a notable shift in how people envision audio content. A staggering 93% desire to adapt audio content into visual formats such as video OTT, TV series, and movies. As audiences seek multi-sensory engagement, the call for transforming audio storytelling into visual mediums underscores the evolving nature of content consumption in today's digital age. Audio Emerges as Mental Wellness Specialist Audio extends beyond entertainment, proving itself as a valuable productivity tool. 44% of users find audio for stress relief and believe it to be a soothing escape amidst daily pressures. Moreover, 30% leverage audio to enhance focus, creating an immersive environment for improved concentration during work or other cognitive activities. About 26% look at audio as a means to avoid distractions. This multi-role of audio highlights its versatility, serving as a source of entertainment and a crucial element for effective and mindful living. Trust is key; Audio is winning it. When it comes to content selection, trust plays a deterrent role. 42% of users rely on content recommendations from the platform itself, while recommendations from friends and family (17%) and social media (21%) also wield significant influence. Surprisingly, only 6% of users are swayed by influencers, indicating a higher level of disconnect with their recommendations among the audience. 58% of users are highly likely, and 28% are likely to recommend their favourite audio platforms, showcasing a strong belief in the quality of auditory content. When it comes to spreading the word, good old-fashioned word of mouth leads the pack, with 42% of users relying on recommendations from friends. Social media is just a little behind, influencing 36% of users. Zooming into specific audio content, audio series steal the spotlight, with 74% giving 5-star recommendations. In comparison, 51% give 5-star ratings to TV entertainment but get a rating of 3 or below from 33% of users. Online music and video OTT also fare well, with 58% and 53% of users giving 5-star ratings, respectively, but rated 3 or below by 23% and 31% of users, highlighting a shift in the audience's digital entertainment preferences. Audio Series is the winner but at the cost of … The survey unveils the increasing popularity of audio entertainment, prompting a seismic shift in user preferences. 31% of users transitioned from online music to audio series, indicating a dynamic redefinition of audio entertainment consumption patterns. Similarly, 16% felt that their entertainment consumption shifted from social media and short video consumption, while 20% believed that audio series had replaced their video streaming habits. Even audio series have influenced other spoken-word content formats, such as audiobooks and podcasts, with approximately 17% of users experiencing a shift from these formats. Only 16% feel their entertainment time spent increased with audio series. Pay for Play - The time has come for Audio! As the landscape evolves, so do monetisation trends. While 23% prefer subscription-based models, the survey indicates a growing appetite for flexible pricing, with 37% of users open to paying for individual episodes. Only 40% of users still favour ad-supported and promotional models to drive consumption on audio platforms. Speaking on the findings of its second edition of Digital Entertainment Insights, Rohan Nayak, CEO and co-founder, Pocket FM, said, "The outcome of the survey reflects a remarkable shift in consumer content consumption preferences, signalling the rise of audio as a dominant force in the entertainment landscape. Audio is not merely a trend, but it has become a lifestyle, driving engagement that exceeds any other entertainment medium. The findings strongly suggest that audio series is set to dominate audio entertainment, and we believe, it will emerge among the top 3 entertainment formats in the next couple of years.” “As we welcome this audio revolution as an opportunity, we are committed to leading the way into a future where audio takes centre stage in the hearts and minds of millions of audiences across the world,” added Nayak. Methodology The survey encompassed a diverse cross-section of the Indian population, with a total sample size of 22,442 internet users, conducted between 28th October 2023 and November 15, 2023. Regarding gender distribution, the respondents comprised 69% males and 30% females. Delving deeper into age demographics, 58% of the sample are Millenials, 35% represented GenZ and 7% belong to GenX. Geographically, the survey has a balanced representation, with 58% of respondents hailing from Tier 1 cities and Metros and the remaining 42% from Tier 2 cities, reflecting an overview of digital entertainment preferences across diverse urban-rural landscapes in India. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalisation in the serialised format that resulted in the emergence of “binge listening” as a consumption habit. We have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
Vivek Bhutyani Joins Pocket FM as VP - Content Marketing
Audio Series platform Pocket FM today announces the appointment of Vivek Bhutyani as the Vice President of Content Marketing. With over 20 years of experience spanning across various industries, including Media, Telecom, Retail, and Edtech, Vivek brings a wealth of knowledge and expertise to drive the company's content marketing strategy and organic growth. Prior to Pocket FM, Vivek was as an integral part of the Vedantu leadership team. He was dedicated to driving organic growth for Vedantu, where he used to lead the entire YouTube strategy and growth, leading a diverse team of over 100 educators, master teachers, and content production teams and creators. Vivek Bhutyani's entrepreneurial spirit and strong bias for action are well-evidenced by his impressive track record. He founded Lattukids, where he successfully created a unique and category-leading brand in one of the most challenging segments of the Indian Edtech industry. Vivek Bhutyani, in expressing his excitement and vision for his new role at Pocket FM, said, "I am truly exhilarated to join the Pocket FM team and especially excited for the 0 to 1 journey that we are undertaking on organic content marketing. I see immense potential in the serialised audio streaming space, driven by audio series and believe that we can reshape the way audiences consume content in this segment globally. Pocket FM's commitment towards pioneering a new category with audio series, along with fostering a vibrant creator community and delivering outstanding content, aligns perfectly with my ambition to create a solid foundation for the organic growth funnels via our own content and IPs. Exciting times ahead!" His remarkable career journey has been characterised by his ability to build products and teams from the ground up, delivering exceptional results in terms of P&L, sales, Go-To-Market (GTM) strategies, digital marketing, content marketing, and content creation and distribution at a global scale. At Pocket FM, Vivek will work closely with Rohan Nayak, Cofounder & CEO and Lalit Gangwar, VP - International growth to drive the international growth charter. Commenting on his appointment, Lalit Gangwar said, “Vivek’s experience and vision are expected to be instrumental in elevating Pocket FM's position in the audio entertainment space. His passion for results, inclination to challenge the status quo, and proven ability to lead high-performing teams will be driving forces that align perfectly with Pocket FM's mission to deliver high-quality, engaging audio content to audiences worldwide.” His educational foundation has equipped him with a strong understanding of business, marketing, and strategy. Vivek Bhutyani's educational background includes an MBA from the Indian Institute of Management Bangalore, with specialisations in Marketing, Strategy, Consumer Behavior, and Corporate Finance. He also holds a Bachelor of Engineering (B.E) in Electronics and Communications from Nirma Institute of Technology. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of 'binge listening' as a consumption habit. Being the only audio entertainment OTT, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
More Announcements
Pocket FM Storms into Top 5 on LinkedIn Top Startup List 2023
India, September 27, 2023 — Audio Series platform Pocket FM has bettered its ranking on LinkedIn Top Startup List 2023 for India, and made its presence among the Top 5. This remarkable ascent follows Pocket FM's debut on the list in the 24th position last year. LinkedIn's Top Startups list for 2023 showcases the top 20 Indian companies that have demonstrated exceptional performance, remarkable growth, and substantial impact within their respective sectors. This recognition underscores Pocket FM's rapid growth, innovation, and dedication to transforming the audio entertainment landscape. Founded with a mission to democratise audio content and storytelling, Pocket FM has swiftly amassed a passionate global community of creators and listeners. The platform's unique audio series offerings span diverse genres, catering to the varied interests and preferences of its audience. Nishanth KS, COO & Co-founder at Pocket FM, expressed his pride, saying, "We are immensely proud to be recognised as one of the Top 5 startups on LinkedIn's prestigious list for 2023. This acknowledgement is a testament to the incredible efforts of our talented team, dedicated creators, and the unwavering support of our listener community. At Pocket FM, we remain committed to redefining the way people consume and engage with audio entertainment. And, we are always open for passionate people to drive this experience." LinkedIn's annual Top Startups list is widely respected and features companies that have demonstrated resilience, innovation, and a capacity to thrive in competitive markets. The ranking considers various factors, including employee growth, jobseeker interest, member engagement, and talent attraction. Pocket FM has consistently made substantial advancements in the audio streaming industry, forging partnerships with renowned content creators and publishers. The platform's commitment to delivering high-quality and relevant entertainment content has resonated with a broad audience, further cementing its position as a pioneer in the audio entertainment space. As Pocket FM continues to expand its reach and offerings, the company remains dedicated to empowering creators and bringing captivating audio experiences to millions of listeners across the world. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of 'binge listening' as a consumption habit. Being the only audio entertainment OTT, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
Pocket FM Surpasses 100 Million Downloads on Google Play Store
India, September 25, 2023 – Audio Series platform Pocket FM has announced today that it has surpassed the remarkable milestone of 100 million downloads on the Google Play Store, strengthening its presence as a top player in the digital entertainment landscape.. This achievement comes as a testament to Pocket FM's commitment to providing high-quality audio content to millions of listeners worldwide in the form of audio series, a category innovated and nurtured by them. Since its launch in 2018, Pocket FM has quickly become a favourite among netizens who are seeking a diverse range of entertainment that can be accessible anytime and anywhere. The platform offers a variety of genres and languages, making it appealing to its listener community. As the demand for audio content continues to surge, Pocket FM has been at the forefront of innovation, offering a diverse range of content catering to various interests and age groups. The platform's user-friendly interface, seamless streaming experience, and high-quality content have resonated with users across the world. Moreover, Pocket FM has continuously invested in developing and curating a robust library of engaging and entertaining audio content. Speaking about this significant milestone, Prateek Dixit, Co-founder and CTO of Pocket FM, expressed his gratitude to its listener community, content creators, and the entire Pocket FM team. "We are thrilled to have surpassed 100 million downloads on the Google Play Store. This achievement is a testament to the hard work and dedication of our team, as well as the immense support from our listeners. We are grateful to each and every person who has joined the Pocket FM community and made it a part of their daily audio entertainment experience." Dixit further emphasised the company's commitment to providing rich and diverse content to its listeners. "Pocket FM is dedicated to continuously enhancing its content library and offering a wide range of audio entertainment options. We believe in giving our listeners a platform where they can explore and indulge in a new entertaining experience with every click." As a leading audio entertainment platform, Pocket FM has played a significant role in reshaping the global audio entertainment landscape with its audio series, serialised fiction audio storytelling form similar to TV series. With its massive listener base and continuous growth, Pocket FM is set to redefine the way people consume entertainment in the digital age. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of 'binge listening' as a consumption habit. Being the only audio entertainment OTT, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
Pocket FM Appoints Pannagadatta K. Shivaswamy as Director - AI
Prior to this, Pannagadatta was an ML Research Scientist at Netflix and was based in US India, August 3, 2023 – Audio Series platform Pocket FM announces the appointment of Pannagadatta K. Shivaswamy as the Director of Artificial Intelligence (AI). In this role, Pannagadatta will spearhead the company's AI initiatives, shaping the future of content personalisation and enhancing user experiences. Additionally, he will be responsible for overseeing the integration of voice assistants and content analytics, and playing a pivotal role in advancing Pocket FM's Generative AI capabilities. With an impressive track record in the AI field and extensive expertise in machine learning, recommender systems and personalisation, he brings a wealth of knowledge to Pocket FM. His strategic vision and technical prowess make him an invaluable addition to the company's tech leadership. With over 14 years of experience, Pannagadatta held significant positions at leading internet organisations like Netflix and LinkedIn. He specialises in large-scale machine learning and deep learning, focusing on personalisation, recommender systems, ranking, and search. Shivaswamy's recent research interest also covers topics such as fairness, interpretability, calibration, causal inference, reinforcement learning, and LLMs. "We warmly welcome Pannagadatta to lead our AI innovation," said Prateek Dixit, CTO and Cofounder, Pocket FM. "His extensive AI experience and deep understanding of the audio entertainment industry resemble our stature of work as we continue to innovate and enhance our platform. We believe his leadership will accelerate our AI initiatives, including voice assistants, audio analytics, content analytics, and delivering personalised and immersive audio experiences to our users." Panngadatta will spearhead Pocket FM's AI strategy, driving innovation in content recommendation systems, voice assistants, and audio analytics. He will work closely with the engineering and content teams to develop and deploy advanced AI models that revolutionise the way users discover and engage with audio content. "I am honoured to join Pocket FM and have the opportunity to contribute to the growth and evolution of the audio entertainment industry," said Pannagadatta K. Shivaswamy, Director-AI, Pocket FM. "Pocket FM has already established itself as a frontrunner in the entertainment space with a completely new audio series category, and I look forward to leveraging AI's power to enhance its capabilities and create immersive experiences for millions of our users." In addition to his contributions to machine learning, he authored over 25 publications, presenting papers at prestigious conferences such as NeurIPS, ICML, KDD, WSDM, RecSys, JMLR, and JAIR. The impact of his work is demonstrated by over 1600 citations. Additionally, he holds six issued U.S. patents, showcasing his innovative thinking and problem-solving abilities. Besides his professional excellence, he actively contributes to the academic community, serving on program committees and reviewing papers for renowned conferences and journals, including FAccT, KDD, NeurIPS, ECMLPKDD, ICML, AAAI, JMLR, and MLJ. Pannagadatta holds a Ph.D. in Computer Science from Columbia University and a Master's degree in Systems Science and Automation from the Indian Institute of Science, Bangalore, in addition to a Bachelor's degree in Computer Science and Engineering from S.J.C.E., University of Mysore. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of “binge listening” as a consumption habit. Being the only audio entertainment OTT, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
Pocket FM elevates Anurag Sharma to Chief Financial Officer
India, July 27, 2023: Audio Series platform Pocket FM has today announced the appointment of Anurag Sharma as the Chief Financial Officer (CFO). He was previously Vice President - Finance at Pocket FM and has been a key driving force behind the company's financial health, fundraising, operational efficiency and driving strategic partnerships. In his new role, he will assume overall responsibility for Pocket FM's financial operations, playing a crucial role in shaping the company's financial strategy and driving its execution. He will work closely with the executive team to identify growth opportunities, optimise resource allocation, drive strategic partnerships and enhance profitability, supporting Pocket FM's global expansions. Speaking about Anurag’s elevation, Rohan Nayak, CEO & Cofounder, Pocket FM said, “Anurag has played a pivotal role in propelling our growth journey and driving our successful global expansion. Through his strategic acumen, we have forged key partnerships that have significantly expanded our content diversity and business efficiencies. He has exhibited exceptional financial leadership, led our successful fundraising efforts and ensured a strong trajectory for the company's profitable and sustainable growth. We are confident that his strategic vision will continue to propel Pocket FM's growth trajectory” “This further reflects our commitment to fostering internal talent, providing opportunities for growth and development within the organization," added Nayak. While expressing his excitement about his new role, Anurag Sharma, CFO, Pocket FM said, “We have made remarkable progress over the past couple of years and driven exponential growth. As we are on our path to profitability, we will continue to forge new paths and harness the power of audio entertainment to captivate audiences around the globe. With this new role, I will continue to build a robust financial foundation, drive growth, and create immense value for our stakeholders. I am bullish about Pocket FM’s potential in the global landscape and will continue to contribute to strengthening our mission to revolutionize audio entertainment.” Anurag has held senior leadership positions in multinational corporations, start-ups and Big4s. Prior to joining Pocket FM, he was heading finance at Ninjacart. He is both Chartered Accountant and Company Secretary, apart from being a commerce graduate. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of “binge listening” as a consumption habit. Being the only audio entertainment OTT, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
Pocket FM elevates Anurag Sharma to Chief Financial Officer (1)
India, July 27, 2023: Audio Series platform Pocket FM has today announced the appointment of Anurag Sharma as the Chief Financial Officer (CFO). He was previously Vice President - Finance at Pocket FM and has been a key driving force behind the company's financial health, fundraising, operational efficiency and driving strategic partnerships. In his new role, he will assume overall responsibility for Pocket FM's financial operations, playing a crucial role in shaping the company's financial strategy and driving its execution. He will work closely with the executive team to identify growth opportunities, optimise resource allocation, drive strategic partnerships and enhance profitability, supporting Pocket FM's global expansions. Speaking about Anurag’s elevation, Rohan Nayak, CEO & Cofounder, Pocket FM said, “Anurag has played a pivotal role in propelling our growth journey and driving our successful global expansion. Through his strategic acumen, we have forged key partnerships that have significantly expanded our content diversity and business efficiencies. He has exhibited exceptional financial leadership, led our successful fundraising efforts and ensured a strong trajectory for the company's profitable and sustainable growth. We are confident that his strategic vision will continue to propel Pocket FM's growth trajectory” “This further reflects our commitment to fostering internal talent, providing opportunities for growth and development within the organization," added Nayak. While expressing his excitement about his new role, Anurag Sharma, CFO, Pocket FM said, “We have made remarkable progress over the past couple of years and driven exponential growth. As we are on our path to profitability, we will continue to forge new paths and harness the power of audio entertainment to captivate audiences around the globe. With this new role, I will continue to build a robust financial foundation, drive growth, and create immense value for our stakeholders. I am bullish about Pocket FM’s potential in the global landscape and will continue to contribute to strengthening our mission to revolutionize audio entertainment.” Anurag has held senior leadership positions in multinational corporations, start-ups and Big4s. Prior to joining Pocket FM, he was heading finance at Ninjacart. He is both Chartered Accountant and Company Secretary, apart from being a commerce graduate. About Pocket FM: Founded in 2018, Pocket FM was built with a vision to redefine the audio OTT space by pioneering the audio-series category. We pride ourselves in embedding the storytelling elements with a layer of content personalisation in the longer format that resulted in the emergence of “binge listening” as a consumption habit. Being the only audio entertainment OTT, we have emerged as the preferred digital audio destination for a refined storytelling experience with the audio-series format, riding on our diverse and engaging content. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com
Pocket FM secures US$16 Million Debt Funding
The new funds will be utilized for expanding its audio series library, augmenting its creator community and accelerating revenue May 2, 2023; India: Audio Series platform Pocket FM today announces that the company has secured US$16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank. With this additional capital infusion, the company will double its strategic priorities to strengthen its audio series library, expand its creator community by attracting creative minds globally, and accelerate its revenue. Riding on the success of its micropayment-led pricing model, the company clocked 12X revenue growth last year, surpassing US$25 million ARR (annualized revenue run-rate) in October 2022. Commenting on the new debt arrangement, Rohan Nayak, Co-founder & CEO, Pocket FM said, “We are thrilled to be leading the way in creating a new entertainment category in the form of audio series, with a focus on strong unit economics. The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally. This investment is a testament to our growth trajectory and mission to revolutionize the audio entertainment landscape. We are excited to build on this momentum and bring our listeners even more engaging content.” Commenting on the funding agreement, Chris Cameron, Senior vice president at Silicon Valley Bank added, "Pocket FM has an innovative vision to audio storytelling and is helping to position it as a mainstream entertainment format. Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market. We are excited to work with Pocket FM and support the company’s continued growth and success as its banking partner.” Anurag Sharma, Vice President - Finance, Pocket FM said, "We are grateful to Silicon Valley Bank for their confidence and belief in Pocket FM's strong revenue metrics and innovative approach to audio entertainment. With them joining our growth journey, we will continue accelerating our growth curve and strengthening our content library, giving the audio series its identity." Pocket FM has been witnessing strong adoption of audio series and growth in listening time, catering to an 80 million listeners community globally, with listeners spending an average of over 150 minutes daily. Founded in 2018, Pocket FM has raised US$93.5 million until Series C. With this new debt round, the total capital infusion has increased to US$109.5 million. About Pocket FM: Founded in 2018, Pocket FM was built to redefine the audio OTT space by pioneering the audio-series category. Being the only long-form entertainment OTT in the audio landscape, we have emerged as the preferred digital audio destination for a refined and diverse storytelling experience with the audio-series format. We pride ourselves in embedding the storytelling elements with a layer of content personalisation that resulted in the emergence of "binge listening" as a consumption habit. Available on iOS and Android, click here to download Pocket FM. For more information, please get in touch with communications@pocketfm.com About Silicon Valley Bank Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.
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