New Delhi, Jan 4 (IANS): Homegrown audio streaming platform Pocket FM on Thursday disclosed the financial performance of its India subsidiary for FY2023, reporting a 647 per cent surge in revenue, reaching Rs 131 crore and a 56 per cent decrease in loss (before tax), amounting to Rs 75.7 crore.
Pocket FM's overall expenses increased by 9.32 per cent to Rs 206.78 crore in FY23.
The advertising and marketing expenses were reduced by 45 per cent to Rs 70.57 crore. In FY23, the company's content expenses more than doubled to Rs 21.29 crore.
Employee spending has witnessed an increase from Rs 30.7 crore in 2022 to Rs 73.3 crore in 2023 to align with the company's growth strategy.
The company’s expense-to-revenue ratio has got better to 1.58 in FY23 from 10.78 in FY22, Pocket FM said.