Lightspeed-Backed Pocket FM Fires Around 200 Writers

5,000+ Layoffs Expected At Paytm Amid Push For Efficiency: Report

SUMMARY

Pocket FM, however, did not reveal the exact number of writers impacted during the layoff exercise, but Inc42 has learnt that it was less than 200

The company had to part ways with some of its writers for US-based audio series in order to align resources with its current show pipeline

Founded in 2018 by Rohan Nayak, Nishanth KS and Dixit, Pocket FM is an audio streaming platform that offers diverse content across multiple languages and genres such as romance, self-help, and motivation

A month after Pocket FM partnered with the US-based GenAI platform ElevenLabs to enable writers to convert their text stories into audio series, the audio streaming platform has laid off close to 200 writers based in the US.

Morning Context was the first to report on the development.

While Pocket FM did not reveal the exact number of writers impacted by the layoff exercise, Inc42 has learnt that it was less than 200.

A source told Inc42 that this is not a layoff as the writers work on short-term contracts and are not full-time employees.

Meanwhile, a spokesperson of Pocket FM said, “We had to part ways with some of our writers for US-based audio series to align our resources with our current show pipeline.These changes are typical in the content creation industry and do not reflect on the company’s overall health.” .

Earlier this year, the startup bagged $103 Mn in funding as a part of its Series D round led by Lightspeed to bolster its presence in the US and expand presence to Europe and LATAM markets.

Meanwhile, Pocket FM’s India division saw a 663% year-on-year (YoY) surge in operating revenue, reaching INR 129.7 Cr in the financial year 2022-23 (FY23). During the same period, the company also managed to reduce its loss by 56% YoY to INR 75.7 Cr.