Pocket FM launches Pocket Novel; to invest US$40 mn

Pocket FM today announces the launch of Pocket Novel with an aim to build it as India’s largest online reading platform and the default destination for the Indian writers’ community. It also announces an investment of US$40 million to bolster its presence in the literary landscape. In its renewed commitment to cultivating a robust entertainment ecosystem, Pocket FM articulates its dedication to diverse portfolios across multiple entertainment categories and formats, placing a strategic emphasis on the creation and development of an Intellectual Property (IP) playbook.

Pocket Novel aims to play a pivotal role in unlocking opportunities and connecting writers with millions of readers, understanding the immense potential within the underpenetrated novel market in India. Serving as a gateway for unparalleled visibility and lifetime earning possibilities to the writers, the platform brings massive distribution opportunities across diverse formats and categories. The platform celebrates the spirit of writers nationwide, evolving as the go-to-destination for anyone passionate about storytelling, who loves to write and share their unique and unheard stories.

The online novel reading platform market in India is yet to be explored at its potential, with the global market projected to exceed US$6.5 billion by 2028. India is poised to emerge as the fastest-growing market in this space, presenting a promising opportunity for Pocket Novel. With its bold vision and strategic positioning, Pocket Novel is aiming to exceed US$100 million Annualized Revenue Run Rate (ARR) worldwide by 2025.

Commenting on the launch of Pocket Novel, Rohan Nayak, Co-founder and CEO, Pocket Novel said, “We are building an ecosystem that shapes the essence of entertainment which specializes 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 in its beta-phase

The platform has witnessed its writers' community flourished to over 150,000 writers with the top-performing writers earning impressive incomes, with some exceeding US$2500 every month. The company intends to continue its journey towards consolidating the aspirations of the writers on its platform and envisions building a community of 1 million writers and strengthening its library to 2 million novels by 2025.

Readers’ engagement on the platform is consistently high, with an average daily reading time surpassing 100 minutes and the popular genres span across Romance, Drama, Suspense, Fantasy, and Sci-Fi genres. Moni Singh, writer of Devil Se Shaadi, turns out to be the top earner, followed by other leading writers like Cerica (alias Jigyasa) , Kavya Sharma and many more.

22-year old MBA-graduate Moni Singh, writer of popular novel ‘Devil Se Shaadi’, was an avid listener on Pocket FM before turning writer on Pocket Novel. She is presently among the top writers on the platform with over US$3000 monthly average earnings. Speaking about her experience with Pocket Novel, she said, “Since I embarked on my writing journey with Pocket Novel, I have discovered a strength and passion for storytelling. Throughout the process of trial and error as continuous learning, I have evolved into a better writer. My successful novel 'Devil Se Shaadi' which also became a blockbuster on Pocket FM has resonated well with my audience. Their love and support kept me motivated and encouraged me to bring more enthralling scripts to them. Pocket Novel not only provided wings to my stories but has always been a supportive force.”

Notably, during its beta phase, more than 2% of novels have garnered over 500,000 reads, and over 5% have exceeded 100,000 reads. The platform's revenue has already grown 500% in 2023 and is set to reach US$100 million ARR by 2025, becoming the largest online reading platform in India. In 2023 alone, readers made over 1 million transactions on the platform for purchasing the entire novels or certain chapters, written by our writers community.

Pocket Novel remained committed to revolutionizing the landscape of the online reading landscape, adhering to a core principle of democratization that provides every writer with the opportunity to share their unique stories. As it continues to champion inclusivity, empowerment, and adaptability, the platform pledges to remain promising for its ever-growing community of writers.