New Delhi, Jan 4 (SocialNews.XYZ) Homegrown audio streaming platform Pocket FM on Thursday disclosed the financial performance of its India subsidiary for FY2023, reporting a 647 per cent surge in revenue, reaching Rs 131 crore and a 56 per cent decrease in loss (before tax), amounting to Rs 75.7 crore.
The company has experienced a 417 per cent increase in microtransaction revenue (content monetisation) to Rs 82.8 crore. The advertising revenue soared by 1120 per cent to Rs 12.17 crore, with the company at a pilot stage for its brand and ad solutions streams.
"Our commitment to staying financially healthy ensures a strong foundation for scaling up not just in India but also globally," Anurag Sharma, Chief Financial Officer, Pocket FM, said in a statement.
"With continuous investments into content and the writers' community, we look forward to elevating entertainment not just limited to listening experiences but replicating the experience across other formats through IP stronghold," he added.
Pocket FM's overall expenses increased by 9.32 per cent to Rs 206.78 crore in FY23.
The advertising and marketing expenses were reduced by 45 per cent to Rs 70.57 crore. In FY23, the company's content expenses more than doubled to Rs 21.29 crore.
Employee spending has witnessed an increase from Rs 30.7 crore in 2022 to Rs 73.3 crore in 2023 to align with the company's growth strategy.
The company’s expense-to-revenue ratio has got better to 1.58 in FY23 from 10.78 in FY22, Pocket FM said.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz