About PocketFM

What is PocketFM?

Company Perspective (Internal)

Pocket FM is an audio series platform pioneering audio entertainment with millions of listeners worldwide. It features various audio series in multiple genres: romance, horror, thriller, and drama. It has an extensive library of audio series delivering whole new entertainment experiences for audiobook and podcast lovers.

Pocket FM enriches millions of listeners with the best entertainment experience with its audio series, delivered by its 500,000+ creators, including the best authors, storytellers, voice-over artists and writers. The app has a vast content library for everyday entertainment, with stories ranging from romance, drama, fantasy, thriller, horror and more.

Pocket FM has a library with more than 100,000 hours of content, introducing a new binge factor with non-stop entertainment. Listeners spend an average of over 110 minutes daily on the platform, binge-ing new episodes of their favorite stories from a diverse range of titles in the library.

The genres include -

Romance
Horror
Thriller
Drama
Fantasy & Sci-fi

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You get free episodes of your favorite audio series everyday. However, the premium experience has been beautifully designed to elevate your listening experience, without any additional wait time.

Wondering why more and more listeners are opting for our unique micropayment model? Here are the reasons

1. You don't have to pay for the content you don't want. On Pocket FM, you only pay for the audio content you want to consume. Freedom is in your hand.
2. No lock-in period. You only pay when you exceed the free episode limit.
3. Zero waiting period for new episodes. Binge-listening is the only way forward.
4. The choice to unlimited download and listen offline
5. Eliminate ads with 'No-ads' pack
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[Source: PocketFM App Listing]

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App Screens (Android)

App screens showing the app flow, profile pages, pre-existing content loops, key experience and monetization

Snapshots from the Internet

Apple Appstore

Notes: Apple Appstore reviews better than Google Playstore (Rating of 4.7 vs 4.3)

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Reddit

Notes: Limited presence on Reddit

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IMDB

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Paid Ads

Notes: Multiple video formats such as live action, animation, ASMR, sketch with varying lengths for videos (2 min-40 min).

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YouTube

Notes: Curated playlists with limited episodes to nudge the user towards downloading the app

In the News

How Pocket FM won over Middle America to hit $160 Mn in ARR

Pocket FM: Redefining audio storytelling​

Pocket FM to invest $40 mn to expand online reading library

Pocket FM’s FY23 Revenue Jumps Over 7X To INR 131 Cr; Losses Shrink By 56%

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User Research & ICP's

Sample Set of 3000 users (Free & Paid)

Demographic Insights

Table 1.1: Age Distribution of Users

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Table 1.2: Sector Wise Distribution of Industry of Users​

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​Table 1.3: Activity linked to app usage

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​Table 1.4: Habit formation prior to PocketFM

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​Table 1.5: Indirect & direct competitors & usage

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User Reviews

​Table 1.6: User Feedback

​Table 1.7: Suggested Improvements

ICP's

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TAM , SAM & SOM

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Market size value in 2023 for US audiobooks market is slated at $2.75 billion

With a CAGR of 24.6% this number amounts to $3.426 billion [Source: grandviewresearch] in 2024

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Revenue in the Audiobooks market in the United States is forecasted to reach US$3.41bn in 2024.

Revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 10.55%, leading to a projected market volume of US$5.63bn by 2029.

The number of readers in the Audiobooks market is expected to reach 120.6m users by 2029.

User penetration is projected to be 31.4% in 2024 and is forecasted to increase to 34.4% by 2029.

The average revenue per user (ARPU) is expected to be US$31.72.

When compared globally, the in the United States is set to generate the most revenue in 2024, amounting to US$3.41bn.

The United States is experiencing a surge in demand for Audiobooks, reflecting a shift towards convenient and immersive media consumption.[ Source: Statisca]

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These numbers reflect the TAM. We can take the average of these numbers and arrive at $3.418 billion

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Our SAM will not be factor here as PocketFM already operates in majority of the states in US and has some amount of market penetration in all states. Although the penetration in the south and mid-west is much higher compared to other US territories.

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Table 1.8: Geography Distribution

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TAM across the various ICP's is calculated based on the age-group and employment type % breakdown in the overall population and extrapolating it in terms of fractional breakdown with the TAM (Eg: If 1/8 of population belongs to ICP 1 then the TAM of that ICP will be 1/8 of the total TAM)

Young Professionals between the ages of 18-26 who are employed full time in US

Mid-career professionals between the ages of 43-58 who are employed full time in US

Retirees who are 59+

Home-makers & Part Time workers between the ages of 27-42

Students who are between the ages of 18-26

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Population between 18-26= 31.2 million

% of this population with full time employment=60%

= 0.6*31.2 million= 18.72 million

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% of this population that are students= 50%

= 0.5*31.2 million= 15.6 million

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Population between 43-58= 61 million

% of this population with full time employment=70%

=0.7*61 million= 42.7 million

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Population 59+= 71 million

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Population between 27-42= 65 million

% of this population with full time employment=30%

=0.3*65 million= 19.5 million

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[Source: US Census Bureau, NCES, Bureau of Labor Statistics, Administration on Aging]

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The ratio of ICP's to each other is as follows:

(18.72/167.52)*100=11.17%

(42.7/167.52)*100=25.4%

(71/167.52)*100=42.3%

(19.5/167.52)*100=11.6%

(15.6/167.52)*100=9.3%

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Our SOM calculations will be based on how much business can be captured from understanding how much market share can we steal from competitors like Audible, Kobo, Hoopla and Apple Books

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Let's assume we can capture 5% of overall business from the market

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ICP Prioritization

All attributes are rated on a scale of 1-5 (1 being lowest & 5 being highest)

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Competitor Analysis

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Organic Traffic Analysis (Competitors vs PocketFM)

[Source: SEranking.com]

Libby

Kobo

Hoopla

Audible

PocketFM

Competitors seem to be spending a much higher budget on SEO Optimization. Even the smaller competitors have roughly thrice the budget and roughly 6.3X the number of keywords. There seems to be a lot of room to traverse for PocketFM.

Elevator Pitch

​Ever found yourself stuck in traffic or crammed in the tube with nothing to do as the minutes drag on? Have you ever wished that there was something more to entertain you during your boring, mundane tasks?

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If your answer is YES-then PocketFM is your perfect companion to make your day from "bleh" to "yay". Trusted by millions of people worldwide, PocketFM transforms your travel time into a rich, immersive experience with fun, engaging and binge-worthy audio series and much much more.

#Pockerfullofjoy

With PocketFM :

• You can enjoy over 100,000+ hours of everyday entertainment, with stories ranging from romance, drama, fantasy, thriller, horror, Sci-Fi and more.
• You get free episodes of your favorite audio series everyday.
• You get a premium experience without the hassle of a subscription. On Pocket FM, you only pay for the audio content you want to consume. Freedom is in your hand.

Channel Prioritization & Experiments

Organic vs Paid Breakdown

Android Application [Source: Appsflyer]

IOS Application [Source: Appsflyer]

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As seen from the latest monthly install data, majority of the installs come from paid ad campaigns (91.15%) and organic channels make up a very small part of the acquisition story (8.84%) for android users

For IOS the story is very different, majority of the app installs come from organic channels(63.67%) and lesser from paid ad campaigns (36.32%)

Current Acquisition Channels (Top 5):

1. FaceBook Ads
2. Google AdWords
3. Google App Store
4. Tik-Tok Ads
5. Organic ( YouTube)

[Source: AppsFlyer]

What should the CAC look like for PocketFM?

We will be calculating the LTV using the data given below for the sample set of users. The duration considered is a year

Table 1.9: Average Spend by PocketFM users

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Total number of users considered: 3002

Avg LTV= Total Weighted LTV/ Total Users =$72.8

Considering the fact that the CAC/LTV should be between 4:1 and 3:1 , The customer acquisition cost should not be greater than the range of $18-$24.

In reality, only a portion of Installs turn into paid customers we will keep a benchmark range much below this when we run ads as a consequence. ($3-$6)

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The average global CPI for paid ads is $2.24, with a range between $0.34 to $5.28

This means that paid advertising is a good strategy for a company like PocketFM

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Channel Selection Framework:​

The dependency on FaceBook Ads is very high, thus an effort needs to be made to work on other channels especially organic and other paid advertising routes . In an ideal scenario there should be a minimum of 3 channels. Lets evaluate a few possibilities.

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*For companies in early-scaling it is good to prioritize effort, quick proof of concept, scale

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Experiments

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Referral

Referral programs seem to be a great fit for our target ICPs. The are heavily influenced by the consumption patterns of their friends and family.

Currently PocketFM does not seem to have a dedicated referral program. It has a library sharing mechanism with family and friends but no reward and feedback loop built in to amplify this entire process.

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Thus, the goal of this experiment would be to create a referral program that has a two-way reward mechanism such that both the parties are rewarded in some capacity. It is important to note that PocketFM has a large number of non-paying customers who earn their coins via ads and daily top-ups. This is a great way increase their CRL (Customer Referral Value).

PocketFM Share & Earn

Objective:

• Increase user base with incentivized referral program
• Progressive rewards linked to increased user sign ups
• Amplify referrals with two way reward systems and continuous engagement

Reward Structure:

• Earn 100-250 coins based on the Tier ( based on no of successful sign-ups)

*based on the user research data we can see a high inclination of the users towards audio devices such as EarPods and smart speakers

**these rewards are based on the current coin system and can be tweaked as per the changes.

• Earn bonus coins and special rewards every time Tier goals are met
• Any person signing up via the link receives 75 coins on successful sign up and profile creation

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Messaging & Key Placement:

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Main Dashboard: Share & Earn banner on the main page.

Profile Page: Share and Earn banner on profile page

Coin Store: Additional option shown to earn free coins via referring.

AudioSeries Pop Ups: Once the user runs out of coins to unlock fresh episodes a pop can be displayed to top up on coins and redirect to the coin store where there is an option to earn free coins via referral.

In-App Messages: For both awareness about the referral program and rewards earned/ bonuses unlocked.

Messaging and sample screens: Referral Screens

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Tracking:

The tracking can be done via two mechanisms:

• Each user has a dedicated tracking link for referrals
• Profile page: The user will get updated regarding the rewards earned, bonuses unlocked, the current tier level and future levels (level progression).
• In-App Messages & Notifications: Users will be notified every time coins are earned, bonuses are unlocked and tier updates happen.

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Snapchat Ads

Although our top ICP ( 18-26 years) largely uses the platform Tik-Tok and we have paid advertising on the same, there is uncertainty regarding the future of the company in the US as well as it is seen from the data below that within our target ICP Snapchat is the social media platform of choice.

[Source: SproutSocial]

The Ad copies will focus on two aspects:

• USP of the app [ Refer elevator pitch]

Visual of a user listening to story on the tube/ working out [Close-Up-we can't make out where the user is], ASMR of dialogues in the audiobook

Suddenly the dialogue is interrupted with background noise [Ping of station at the tube, clanging of dumbells etc]

Narrator: Get lost in storytelling. Anytime. Anywhere.

Visual of user exiting train/Visual of user leaving the gym.

Text on screen: PocketFM #pocketfullof stories

Narrator: Swipe up to download now

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• Growth title promotion (Snap Ads-Vertical Video)

Gen-Z language

Popular Music from TikTok

8-10 sec (Shorter version of the sample shared here)

Audio led CTA: Swipe up to listen now, only on PocketFM

Alternate ending: User led where we show the title stops abruptly and the user looks up from here screen then goes back to listening.

Titles that immerse you.(VO)

Swipe up to listen now, only on PocketFM

Text on screen: PocketFM Logo. #pocketfullofstories.

How to test and scale campaigns?

Test : Test the videos on a limited budget (Eg:$50/day) for a duration of 15 days. Ideally the CPI should be cracked within the benchmark set. For Eg: $2-$4

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Also monitor the engagement rate (CTR, Impressions, Funnel progression for different quartiles and first 3 sec plays)

Once the video has cracked the benchmarked CPI scale progressively (Eg: Budget of $200/day, $1000/day etc)

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Podcast Advertisements

Table 2.1: Behavior pattern of users across apps

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A large % of our users spend their time across popular podcast apps. Thus, advertising on the right podcast has the potential to attract high-intent users.

[Source: Podchaser]

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Although the CPM is on the higher side compared to FaceBook's average ($14.4) and TikTok($9.96), the audience targeting offered should be much more refined. Thus, it would be good to experiment with this format for better brand awareness (as pocket is a small player in US in this sector) and installs.

Additionally, as calculated earlier the LTV value of the average paying user puts PocketFM in a comfortable position to experiment with this format albeit on a smaller scale.

Ad Copy:

[Sound of car engine, background noise]

Narrator: Stuck in Traffic?Bored in the subway?Why not turn your day into a thrilling adventure with PocketFM?

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[Dialogues between characters]

Narrator: Whether you are in the mood for an action-packed thrilling adventure or a heartwarming romance, PocketFM has it all.

[Sound of train leaving the station]

Narrator: PocketFM..where the stories travel with you. Available on all app stores.

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