Pocket FM to invest $40 mn to expand online reading library
NEW DELHI : Audio series platform Pocket FM will invest $40 million in its newly launched online reading service Pocket Novel to enhance its presence in the literary landscape and develop intellectual properties over the next year, said Rohan Nayak, co-founder and CEO, Pocket Novel. Similar to YouTube, Pocket Novel allows writers to upload novels and receive compensation in return. Though the focus currently is on novels in the Hindi language, the idea is to gradually expand to Tamil and Telugu, Nayak said in an interview.
Pocket Novel offers chapters of novels for purchase via micro-transactions, with prices ranging from ₹9 to ₹100, quite like Pocket FM, making literature accessible to a broader audience. In its beta phase, Pocket Novel built a community of 150,000 writers, Nayak said. Currently, novels available on the platform span genres like suspense thrillers, romantic dramas and science fiction and range from 50 to 100 chapters.
“The idea is to find great stories to entertain audiences and expand storytelling formats (to novels) so that talented writers can make a living without having to go to gatekeepers like publishers. Each writer can upload their work on the app and if it finds traction, it will gradually be shown to more users," he added. The company will leverage its expertise in marketing and monetizing IPs to unlock value for writers whose stories on Pocket Novel can be adapted to audio as well.
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