New Delhi: Audio entertainment firm PocketFM on Tuesday announced foraying into the online reading segment with the launch of Pocket Novel, and will invest USD 40 million, about Rs 330 crore, in the business in the next couple of years.
The company also said it aims to achieve an annualised revenue run rate (ARR) of USD 100 million globally by 2025, implying actual revenue of USD 100 million by 2026.
"We recognize the vast potential of the online novel reading platform market in India and position ourselves to capitalise on this opportunity.
"With Pocket Novel, we are renewing our dedication to fostering a robust entertainment ecosystem, strategically focusing on diverse portfolios across multiple entertainment categories and formats through a strong IP playbook," PocketFM CEO and co-founder Rohan Nayak said in a statement.
During beta phase, Pocket Novel claims to have witnessed its writers' community growing to over 1.5 lakh with the top-performing writers earning impressive incomes, with some exceeding USD 2,500 per month.
"We will invest USD 40 million in Pocket Novel over the next couple of years," Nayak said.
During its beta phase, more than 2 per cent of novels have garnered over 500,000 reads, and over 5 per cent have exceeded 100,000 reads, the statement said.
"The platform's revenue has already grown 500 per cent in 2023 and is set to reach USD 100 million ARR by 2025, becoming the largest online reading platform in India," it added.
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