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Audio streaming platform, Pocket FM has launched Pocket Novel and will be investing $40 million to bolster its presence in the online reading space. It said it aims to build it as India’s largest online reading platform and destination for the Indian writers’ community.
Also read:Audio streaming apps have Indians hooked to earpieces
It aims to take Pocket Novel to $100 million Annualized Revenue Run Rate (ARR) worldwide by 2025. It claims to have a community of over 1,50,000 writers currently and aims to grow it to 1 million writers and create a library of 2 million novels by 2025.
Rohan Nayak, Co-founder and CEO, Pocket Novel said,“We are building an ecosystem that shapes the essence of entertainment which specialises in discovering and distributing unique and unheard stories. These are adaptable across formats and geographies, creating a robust model with millions of audiences. Leveraging our learnings from our successful audio series trajectory, we remain steadfast in our commitment to cultivating a dynamic entertainment ecosystem. Our IP creation engine is designed to produce and disseminate content across diverse categories and brings disruption in the entertainment landscape.”
“Pocket Novel aims to play a role in unlocking opportunities and connecting writers with millions of readers and sees immense potential within the underpenetrated novel market in India,” the statement added.
The company said that the online novel reading platform market in India is yet to be explored at its potential, with the global market projected to exceed $6.5 billion by 2028. India is poised to emerge as the fastest-growing market in this space, it added.
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