Media consumption has changed over time. The audience is no longer just watching movies and listening to music; people are also listening to podcasts and audiobooks. This has resulted in new venture developments, such as platforms like Pocket FM that offer long-form audio series content.
This shift from visuals to audio is due to many factors. The primary reason is that audio content offers a level of accessibility that video cannot. People can now consume content while commuting, working out or even while doing household chores. This versatility of audio content allows multitasking, making it a preferred choice for those leading busy lives.
Is Screen Fatigue Real?
The biggest reason for this binge "video" watching to binge "audio" listening shift is due to visual fatigue. According to a report by Harvard Business Review, eye fatigue can result from prolonged screen exposure or even extended book reading, as intense concentration leads to reduced blinking, causing dry eyes and increased susceptibility to fatigue.
During the pandemic, an increased amount of time was spent in front of screens. The appeal of video content has now diminished with people getting back to their regular hectic lives. The audience is now looking for a calming and less visual form of entertainment, and that's where audio comes in.
Secondly, audio content keeps the audience engaged. These formats provide listeners with engaging narratives that keep them interested from one episode to the next.
The Rise of Audio Series, by Pocket FM
Pocket FM has positioned itself as a pioneer in this changing landscape of audio content consumption. Established in 2018, the platform aims to build a new entertainment category in audio, with a completely modern take on the classic radio experience. It elicits a realistic storytelling experience that reminds one of the golden age of radio in the 1940s and 1950s but through long-form episodic fictional content form.
"Audio content has become the new companion for people's daily lives. It's like having a storyteller in your pocket, accompanying you through your commute, workouts and quiet moments," Pocket FM CEO and co-founder Rohan Nayak explains.
Insta Millionaire — The Audio Series That Got U.S. to Lend Its Ears
"Insta Millionaire" is one of the most popular shows on the platform, especially in the U.S. The series has already exceeded 1,000 episodes and has been played over 150 million times, just in the U.S., demonstrating the popularity of audio storytelling in shorter episodic formats. Each episode is approximately 10 to 15 minutes in length, making it an ideal accompaniment to daily life. The series has an IMDB rating of 9.1.
The popularity of the audio series "Insta Millionaire" is indicative of the wider shift in media consumption patterns. Pocket FM also caters to a broad audience with long-form episodic content. The app is available on both the Google Play Store and IOS App Store and has established itself as a premier source of audio entertainment.
Strong Creator-Content Handshake
Rohan shares the intent behind this platform, saying, "Our goal was to break the mold of conventional audio entertainment and put the power of personalization into the hands of our listeners. We have created a new category in the form of audio series, setting new benchmarks in the entertainment space. We want to make each listener's experience unique and engaging."
Pocket FM stands out from the crowd in its unique way. It specializes in audio series, offers deep customization in terms of genre and keeps adding more and more content to its library. With 100,000+ hours of original audio content, it has a huge variety of genres to choose from, like drama, romance, horror, thriller and fantasy.
Over 100,000 people are part of the Pocket FM creators' community, which is the largest in the audio storytelling landscape, playing a pivotal role in the platform's success.
Revenue Model That Complements Serialized Audio Series
Pocket FM's revenue model is also quite innovative. In 2022, Pocket FM introduced micro-transactions for content monetization, a radical departure from the conventional subscription model. The experiment proved successful, as micropayments now account for approximately 90% of the revenue of the platform. With its innovative microtransaction approach, its users can buy coins on the platform and use them to unlock one or more episodes for any audio series. This flexibility, tailored to the local market, has made microtransactions the go-to choice for users all over the world. Unlike the other content platforms, its revenue is dominated by content monetization.
As Pocket FM becomes more popular in the U.S., it brings up a big question: Is audio content the way of the future for entertainment? Will people continue to move away from screens and opt for audio that fits in with their day-to-day lives? Pocket FM believes that this trend is gaining momentum and challenging the conventional norms of entertainment consumption.
