Pocket FM, a platform for audio entertainment, has recently introduced Pocket Novel, an online reading platform. The organization plans to invest $40 million to make Pocket Novel the go-to destination for Indian writers' communities.
During the beta testing phase, the platform has successfully onboarded 150,000 writers. Pocket Novel connects writers with millions of readers, opening up new opportunities in the underdeveloped Indian novel market. The goal is to promote storytelling among writers and to achieve this, the platform will provide visibility, lifetime earning opportunities, and distribution across various formats.
Pocket Novel has ambitious plans to generate more than $100 million in annual revenue by 2025. This will be accomplished by tapping into the potential of India's online novel reading market, which is expected to reach $6.5 billion by 2028.
Rohan Nayak, co-founder and CEO of Pocket Novel, commented on the launch, saying, "Our aim is to develop an ecosystem that defines the essence of entertainment, one that specializes in discovering and distributing unique and unheard stories. These stories are adaptable across formats and geographies, creating a robust model with millions of audiences."
He also stated that Pocket Novel intends to create a dynamic entertainment ecosystem by using its intellectual property (IP) creation engine to produce and disseminate content across various categories.
With over 150,000 writers already on board, the platform aims to expand the writers' community to one million and increase its library to two million novels by 2025. Top-performing writers have already been able to earn significant incomes, with some earning more than $2,500 per month.
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