Why Pocket FM has laid off 10% of its employees
What's the story
Pocket FM, the popular audio storytelling app, has laid off around 100-130 employees or nearly 10% of its total workforce, as per Entrackr. The decision is part of a strategy to improve efficiency and boost revenue per employee. Most of those affected are either on severance due to inactive roles or have been asked to enhance their performance to retain their jobs.
Upcoming changes
More layoffs expected, contract workers being transferred
Rumors suggest that more layoffs, possibly affecting up to 15% of the workforce, could take place by June 2026. Some employees may lose access to internal systems by July 2026. Meanwhile, over 2,000 contract workers such as designers and content writers are being transferred onto Quess Corp's payroll as part of a partnership for smoother operations.
Financial growth
Impressive financial growth
Despite the recent layoffs, Pocket FM has shown impressive financial growth. The company recently reported an annual recurring revenue (ARR) of $450 million and is looking for new funding at a valuation of $1.5 billion to $2 billion. This growth has been driven by its AI-led content creation and global expansion efforts.