August 8, 2024, Release 3:00 a.m. ET
From silent films to 3D movies to short videos and film reels, the world of entertainment has seen many innovations over the past few decades. But until recently, most of these have focused on video.
In the entertainment industry, “audio” meant “music.” Although there were attempts to renew audio entertainment with podcasts and audiobooks, success was limited.
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The need for renovation became even more acute after the COVID-19 pandemic hit the world. People were forced to stay in their homes as governments around the world announced lockdowns to fight the deadly coronavirus. Over time, people developed screen fatigue due to spending too much time in front of screens for work and entertainment – be it laptops, computer screens, smartphones or televisions.
Naturally, the need for an alternative vehicle for entertainment (or “infotainment”) became apparent, and audio became the preferred choice due to its advantages. One can listen to audio-only entertainment content while multitasking, whether cooking, walking, running, exercising, driving, or other daily life activities. And unlike videos, audio-only content can be consumed effortlessly as it does not strain the eyes and ears at the same time.
Audio Series: The “New Kid on the Block”
Pocket FM, an Indian startup founded in 2018, has introduced a new form of audio content that aims to redefine non-musical audio entertainment with episodic content in the form of ‘audio series.’ Essentially, an audio series is a dramatic adaptation of a long story – whether fictional or not – presented in episodic form that can only be listened to.
Typically, a script is written based on a novel, novella or literary drama and then read by voice actors to tell the story. Background sounds are added before the script reaches the audience.
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Fascinating story, exciting ending
An audio series is similar to a television or web series, but presented in an audio format. In other words, an audio series is a revival of the ancient radio drama that many of our parents or grandparents heard on the radio, but in its modern form – a dramatic audio adaptation of stories presented in episodic form.
Like successful web series, Pocket FM’s audio series are characterized by gripping storytelling, intriguing plots, well-developed characters, engaging content, and a well-thought-out strategy of ending each episode at a point where the listener asks, “What happens next?” This cliffhanger ending to the episodes brings listeners back to the platform, increases their engagement, and sometimes entices them to listen to the show in one go.
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Better than audiobooks and podcasts
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Audiobooks, another popular format for non-musical audio entertainment, are simply real books read aloud. There is no dramatization – just the printed text of a popular book being read aloud – although sometimes it is an abridged (i.e. shorter) version of the original text. A podcast, on the other hand, is usually an audio program provided in digital format for download over the Internet.
In both cases, the key elements of dramatization and a larger, overarching narrative are missing. Audiobooks are typically narrated by a speaker, and podcasts are often serious conversations between two or more people. Both audiobooks and podcasts lack the sense of curiosity and tension-building that is essential for long-term engagement.
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Audio series conquers the hearts of Americans
Since their release in the US, Pocket FM’s audio series have achieved blockbuster status.
Pocket FM recently conducted an internal study titled “Digital Entertainment Insights: Audio Takes Centerstage.” The study was conducted among 4,394 internet users across the United States to better understand evolving preferences, behaviors and attitudes toward digital audio entertainment.
According to the study’s findings, a whopping 90% of American internet users listen to audio content to get their daily dose of entertainment. Listener data collected by Pocket FM shows that US users are among the most active users of the platform in the world. In addition, the 10 million registered US users spend an average of 135 minutes per day listening to content on the platform – an increase from the global average of 115 minutes – and therefore more time on the platform than any other entertainment platform.
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Audio series have emerged as the most popular and preferred entertainment format compared to other formats like music and videos, with 67% of listeners giving 5 stars to Pocket FM’s engaging audio content. Moreover, about 36% of users said that they have already switched from music to audio series for their daily dose of entertainment.
Interestingly, audio content is not just for entertainment. For many, it also serves a therapeutic function. About 65% of respondents said they use audio content to reduce stress, 17% to avoid distractions, and another 17% to improve concentration.
Others follow this example
“The popularity of audio series and their long-term potential have led established players such as Spotify and Audible to experiment with releasing audio series on their own platforms, while vertical pure-play platforms such as Pocket FM continue to dominate the segment,” noted consulting firm Redseer in a report published in February 2024.
According to Redseer, the global audio series market is estimated to be worth $21-25 billion in 2023. The February 2024 report states: “The value is expected to double in the next five years.”
Pocket FM is poised to capitalise on this forecasted growth by expanding its popular audio series to new markets later this year, including Europe and Latin America.