Mumbai: Global audio series platform Pocket FM released Pocket FM #Rewind2022 on Thursday, highlighting key consumption and listener community trends on the platform during the year.
Pocket FM has expanded its community to more than 80 million listeners and 5,00,000+ creators. With 1,00,000+ hours of content, and an addition of 1,500+ audio titles. The platform witnessed 45 billion+ minutes of entertainment, with an average listener bingeing for more than 110 minutes daily.
According to industry data, short video platforms account for 45 minutes of the average daily user's time, while audio and video OTTs account for 65 and 70 minutes, respectively. On the contrary, average daily listener time spent is over 110 minutes on Pocket FM.
Over 90 per cent of the listeners’ spent time is attributed to audio series, a long-form serialised audio fiction category, pioneered and nurtured by Pocket FM. The platform will refresh its library with more than 1,000 audiobook titles in 2022.
Eyes are busy, ears are free!
Audio series are the new X-factor in the entertainment space. The long-form content of Pocket FM has brought binge-listening behaviour into the audio space. Audio series are now the entertainment boosters for listeners during commutes, household chores, work hours, and even during leisure hours, reiterating the strength of audio series to keep the audience engaged and entertained 24x7, irrespective of their activities.
Leisure hours account for nearly 50 per cent of the total listening time spent by consumers. Time slots between 9 a.m. -12 p.m. and 9 p.m. -12 a.m. have the maximum number of listeners tuned in, accounting for 35 per cent of the total daily time spent on Pocket FM. The listening pattern throughout the day follows similar patterns. The listener community of Pocket FM has a healthy gender ratio, with males and females having a 55 per cent and 45 per cent presence, respectively.
85 per cent of listeners are below the 35-year age bracket, though the listener demographic spreads across all age groups.
Content has no boundaries!
The content library of Pocket FM, dominated by Hindi and other Indian languages, has garnered popularity across corners of the country, the company said. This does not deter its tier-I audiences from getting entertained. Similarly, the platform’s English content is also consumed in smaller towns.
According to the government, there are eight tier-I cities in India. These eight cities contribute 15 per cent of Pocket FM’s listener community. Six of these eight cities are listed among Pocket FM’s top 10 cities.
While Delhi and Mumbai lead the top 10 cities, others like Lucknow, Indore, and Patna also fare well on the list of Pocket FM's top listeners, including little-known Botad from Gujarat.
Audio series, the new binge factor!
The status of audio series has now surpassed that of television series. Pocket FM’s long-form serialised fictional storytelling has become the prime entertainment format for their 80 million+ listener community, contributing to over 90 per cent consumption. These audio series range between 500 to 1000 episodes. Sometimes they reach 1,500 episodes based on the script and listeners’ demand.
The top 10 audio series on Pocket FM have garnered over 1.4 billion plays, leading to more than 10 billion minutes of streaming.
People do pay for audio, definitely for great content!
Pocket FM witnessed 10X growth in content revenue, exceeding $25 million annualised revenue run-rate (ARR) in October, using micropayment-led content monetisation. Monthly transactions exceeded a million in November 2022.
Stimulated by binge-listening, the listener community applauded the introduction of the micropayment model. The pay-as-you-listen model, along with lower entry price points, created wonders for Pocket FM’s revenue growth.
Pocket FM CEO Rohan Nayak said, "With an objective to redefine the entertainment space, Pocket FM has been able to create the binge factor through its audio series. Furthermore, our audio series have managed to drive similar consumption behaviours, sometimes even better than any television content. It reflects in our listeners’ intent to pay for audio series, and increasing time-spent on the content."
Creating audio celebrities
Pocket FM said that it is powered by their 5,00,000+ creator community, which consists of writers and voice actors. The Pocket FM creator community is provided with a stage to showcase their talents and posit the possibility of being transformed into audio celebrities.
With continued focus on the creator economy, Pocket FM has invested over $10 million to incentivise the creators for their contributions and keep them motivated on the platform. Top creators at Pocket FM earn more than $15,000 on average.
"Our creator community is an integral part of our journey, and we will continue to stay invested in building audio celebrities. This year has been a turnaround point for our growth journey, building the foundation for years to come," added Nayak.
