Pocket FM, an audio streaming platform, will start Intellectual Property (IP) licensing of the content created on the platform in order to form another revenue stream for the platform along with micro payments and advertisement revenues.
As the content on the platform is gaining traction and creating a fanbase, production houses and video Over the Top (OTT) platforms have offered to recreate the series and shows into video shows. “We realized that our shows are becoming trade items. Hence, IP licensing the content will open a new revenue for the platform, said Rohan Nayak, Co-founder and Chief Executive Officer (CEO), Pocket FM.
Presently, micro-payments and revenue from advertisements are the two monetizing routes for the company. The platform clocked a 350 per cent monthly recurring growth in revenue in the last quarter by micro- payment offerings. Majority of the revenue currently is from the micro- payment offering, the company said.
The platform also plans to expand its creator community in tandem with its growing content. It intends to add 100,000 more content creators in the current fiscal year, to its already existing community of 200,000 creator community.
Nayak said, “ we want to create audio stars and audio celebrities like the ones video platforms have.” The platform will also provide creators with resources and mentorship to help them improve their content. It also hopes to deliver actionable and relevant analytics to the artists in order to keep them updated about the listeners’ preferences, he added.
Pocket FM has more than 100,000 hours of content on its platform and has 15 million monthly active listeners. The daily average user time spent on the platform is more than 100 minutes, according to the company.
The company had recently raised $65 million in a funding round led by Goodwater Capital, Naver, and Tanglin Venture Partners. The Hindu BusinessLine