In its RoC (Registrar of Companies) filing with the Ministry of Company Affairs, audio series platform Pocket FM has disclosed the financial performance of its India subsidiary for FY2023. The company reported a 647% surge in revenue, reaching Rs.131 crores. It has reduced its loss (before tax) by 56%, amounting to Rs.75.7 crores.
Pocket FM has experienced a 417% increase in microtransaction revenue (content monetisation) to Rs. 82.8 crores. The advertising revenue soared by 1120% to Rs.12.17 crores, with the company at a pilot stage for its brand and ad solutions streams.
Pocket FM has been prudent with expense management in FY23, with overall expenses growing by 9.32% to Rs.206.78 crores. The advertising and marketing expenses are brought down by 45% to Rs.70.57 crores. However, the company's commitment to expanding its content library is evident with its content expenses more than doubled to Rs.21.29 crores in FY23.
Employee spending has witnessed an increase from Rs.30.7 crores in 2022 to Rs.73.3 crores in 2023 to align with the company's growth strategy.
Commenting on its FY23 financial disclosures, Anurag Sharma, Chief Financial Officer, Pocket FM said, "As Pocket FM charts its path in FY2023, our focus is clear: strategic growth, global expansion, and financial resilience. Our commitment to staying financially healthy ensures a strong foundation for scaling up not just in India but also globally. 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.”
The company’s expense-to-revenue ratio has got better to 1.58 in FY23 from 10.78 in FY22.