As audio streaming comes of age, companies turn to AI for a growth slingshot

Priyanshu, an engineering student from Delhi, recently switched from watching YouTube videos to listening to Kuku FM. Normally an avid consumer of fiction, he has recently started exploring non-fiction content on the platform. “I am addicted to the app as the audio quality and the vast variety of content is great…But I wish they could reduce the pricing of the subscription plans," he said.

Like Ankur and Priyanshu, hundreds of millions of users log on to audio OTT platforms periodically to entertain themselves. Indeed, audio content, which includes audiobooks, audio series and podcasts, is experiencing a global renaissance, with India emerging as a key market.

According to a 2024 Redseer report, even though it’s still a nascent industry, the audio series segment has already captured an audience base at par with video streaming and OTT platforms, with 10-11% of that base comprising paid users.

“When we look at the big picture, we’re talking about a whopping 1.3 billion potential users worldwide who are tuning into audio series," the report stated, adding that almost 27% came from India alone in 2023.

Pocket FM and Kuku FM, founded in 2018, publishing platform Pratilipi, which launched Pratilipi FM around 2020, and Hubhopper, a podcast platform started in 2015, came up to create the category.

Read more: As audio streaming comes of age, companies turn to AI for a growth slingshot | Mint