Pocket FM, the audio streaming platform, has let go of nearly 200 writers based in U.S., as per media reports.
Pocket FM’s India division operating revenue year-on-year reached Rs 129.7 crore, showing an increase of 663 per cent.
Pocket FM, the audio streaming platform, has let go of nearly 200 writers based in U.S., as per media reports.
The audio platform did not reveal the exact number of writers that were impacted but, it was less than 200 as per Inc42.
As per reports, this was not a layoff but a realigning of workers since they are not full times employees but work on short term contracts.
The aim of the move is to ensure that the resources can be streamlined to match the demands and upcoming projects of the company.
The development comes after a month when Pocket FM had partnered with US-based GenAI platform ElevenLabs to enable their writers to convert their text into audio series.
Founded by Rohan Nayak, Nishanth KS, and Dixit, in 2018, the audio streaming platform provides content in genre such a romance, self-help, and motivation in multiple languages.
It had bagged $103 million as part of its series D funding red by Lightspeed earlier this year with the objective of strengthening and expanding its presence in the U.S., Europe and LATAM markets.
Pocket FM’s India division operating revenue year-on-year (YOY) reached Rs 129.7 crore, showing an increase of 663 per cent. During the same period, the company had managed to reduce its loss by 56% YoY to INR 75.7 Cr.