Audio series has beaten online music, short and long-form videos in terms of average time spent daily by users, according to Pocket FM.
Pocket FM, the audio series platform, has released Pocket FM #Rewind2022 which highlights the key consumption and listener community trends on the platform during the year.
The platform stated that it has expanded its community to 80 million+ listeners and 500,000+ creators. With 100,000+ hours of content, and an addition of 1500+ audio titles, the platform witnessed 45 billion+ minutes of entertainment with an average listener bingeing for more than 110 minutes daily.
Industry data reveals 45 minutes of average daily user’s time spent on short video platforms, while audio OTTs and video OTTs clocks 65 minutes and 70 minutes, respectively.
#Rewind2022 further reveals that over 90% of the listeners’ spent time is attributed to audio series, a long-form serialised audio fiction category by Pocket FM. The platform also claimed that it has refreshed its library with 1000+ audio series titles in 2022.
It further said that audio series is the new X-factor in the entertainment space.
The report further states that leisure hours account for nearly 50% of total listening time spent by consumers. Time slots between 9 am - 12 pm and 9 pm - 12 am have the maximum number of listeners tuned in, accounting for 35% of the total daily time spent on Pocket FM.
The listening pattern throughout the day follows similar patterns. It further claimed that listener community of Pocket FM has a healthy gender ratio, with males and females having 55% and 45% presence, respectively.
85% of listeners are below the 35-year age-bracket though the listener demography spreads across all age-groups.
It further claimed that the top 10 audio series on Pocket FM have garnered over 1.4 billion plays, leading to more than 10 billion minutes of streaming.
It went on to claim that Pocket FM witnessed 10X growth in content revenue, exceeding US $25 million Annualised Revenue Run-rate (ARR) in October, using micropayment-led content monetisation. Monthly transactions exceeded a million in November 2022.
Rohan Nayak, CEO, Pocket FM, 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 behaviour, sometimes even better, witnessed by any television content. It reflects in our listeners’ intent to pay for audio series, and increasing time-spent on the content.”
It added that with continued focus towards the creator economy, Pocket FM has invested over $10 million to incentivise the creators for their contribution and keep them motivated to the platform. The average earnings of top creators at Pocket FM surpassed $15,000, it claimed.
“Our creator community is an integral part of our journey, and we will continue to stay invested towards building audio celebrities. This year has been a turnaround point for our growth journey, building the foundation for years to come,” added Nayak.