Ear-It-All:

The Booming World

of Audio Series
Report on a New Entertainment
Category in the Making

February 2024
Dubai. Bangalore. Delhi. Mumbai. Singapore. New York © 2024 Redseer Strategy Consultants Confidential and Proprietary Information
Table of Content

1.0 Story of the Digital Consumer and Media & Entertainment

1.1 The global economy is set to grow sustainably on the back of increasing economic activity
1.2 Rising urban populations fuel tech adoption and digital literacy
1.3 Developing nations are expected to witness a skyrocketing increase in the internet user base
1.4 Evolution of the digital user’s internet journey

2.0 Rise of Audio Streaming and Disruptive Trends

2.1 Digital Media & Entertainment is a sizable and constantly expanding market
2.2 The evolving Audio Streaming market is witnessing non-music formats making waves
2.3 New trends in non-music audio formats present a significant headroom for user growth
2.4 Audio Series is gaining accelerated popularity, with leading players clocking more than 40X growth
over the last 2 years
2.5 Global streaming giants are experimenting with Audio Series on their platforms

3.0 Audio Series: A New Model Taking Over Entertainment by Storm

3.1 Users primarily listen to Audio Series to cater to their unlimited 24x7 entertainment needs
3.2 Three user archetypes stream Audio Series, and most are online transactors
3.3 Engagement in Audio Series is one of the highest in Media & Entertainment and at par with Video Streaming
3.4 Audio Series engagement increases as users mature on the platform
3.5 Users are satisfied across experience parameters in the Audio Series
3.5.1 The overall consumer sentiment is positive for Audio Streaming apps
3.5.2 Users across developing and developed markets rate high on recommendations for Audio Series
3.6 Ads on digital platforms are discovery routes for Audio Series followed by word of mouth
3.7 Though nascent, paid user penetration of Audio Series is at par with other entertainment formats
3.8 Existing user base indicates high monetization potential post-product market fit
3.9 Globally Audio Series is expected to have a TAM of US$ 45-50 Bn by 2027

4.0 Ecosystem in Audio Series and Supply-Side Perspective

4.1 Audio Streaming ecosystem encompasses several stakeholders on the supply and distribution side
4.2 With increasing demand and engagement, supply is quickly catching up
4.3 The economy of scale will further improve unit economics

5.0 Market Outlook and Way Forward

© Redseer 02
Executive Summary

Media & Entertainment (M&E) is the mainstay of online content consumption for billions of internet users worldwide.
Most begin their journey into the internet and the digital economy with M&E as an entry point. As Social Media and
Video Streaming have matured over the decade, a new frontier in reinventing entertainment has opened in Audio
Streaming, specifically Audio Series.

Audio Series shares commonalities with Video Series in terms of entertainment value and has the potential to evolve
as a mainstream entertainment format. This can be attributed to various reasons, such as,

Users expressing satisfaction across varied experience parameters such as content

quality, content variety, and personalized recommendations, and more.

Since serialized audio fiction focuses on immersive storytelling, it drives high engagement
globally, and is comparable to top entertainment formats such as Video Streaming.

Audio Series also has a higher net promoter score, with more than 50% in early adopting
markets such as the USA and India.

Audio Series brings a unique value proposition with flexible, ‘Anytime-Anywhere-Immersive' content to meet
unlimited 24x7 entertainment needs of internet content consumers.

With ~1.3 Bn addressable users for Audio Series globally, 2023 accounted for a US$ 21-25 Bn global opportunity, and
the value is projected to grow 2X by 2027. Vertical players in the entertainment format lead the way and are leveraging
creator communities for content, while horizontal incumbents in the market are experimenting with Audio Series
offerings on their platforms.

© Redseer 03
Story of the
Digital Consumer
and Media &
Entertainment

© Redseer 04
Digital M&E has progressed significantly since the Internet became mainstream in the early 2000s. In an evolving global economy, the
purchasing power of the population across the globe has expanded, leading to an increase in tech adoption and digital literacy.

1.1 The global economy is set to grow sustainably Moreover, with Gen-Z, comprising 28% of the global population
on the back of increasing economic activity and millennials constituting 22%, they play a significant role in
driving exploration and experimentation trends. Their sizeable
The GDP of countries globally has shown consistent growth over presence in the population (~50% of the global population)
the last few years, indicating a rise in income levels. The steadily contributes to a large demographic that embraces new
growing GNI per capita indicates the growing buying power of the technologies and trends, supported by their propensity to
population, the opportunity for businesses to expand, and experiment and their financial capacity. In contrast, Gen-Alpha
disruptive trends to emerge. may lack the financial means, while Gen-X may exhibit lesser
inclination towards experimenting.

1.2 Rising urban populations fuel tech adoption Finally, the growing availability of affordable smartphones,
and digital literacy² inexpensive high-speed data, and favourable government
policies towards digital infrastructure, has boosted the number
Looking closely at the averages, about 57% of the global of internet users globally. With increasing digital literacy,
population lives in urban centres as of 2022. Urban dwellers are internet-first businesses have emerged and flourished across
more in tune with digital technologies and display a higher level sectors.
of digital literacy. With growing urbanization, more people are
exposed to newer technologies and trends originating from
urban centres. Eventually, it leads to knowledge dissemination
from the urban pockets to the rest of the country.

1.3 Developing nations are expected to witness a skyrocketing increase in the internet user base

Developed nations such as the United States have almost struck the internet ceiling, with more than 90-95% of the population using internet.
A similar trend is expected to skyrocket the internet user base in developing countries like India and the rest of the world by 2027.

Internet Funnel Inside ( ): % of

2023 2027
In Mn, (% of population), CY2023, CY2027 country population

United States India Rest of the World

Internet 310-325 Mn +5-10 780-800 Mn +200-245 4100-4150 Mn + ~900

Users1 (>90-95%) Mn (55-60%) Mn (60-65%) Mn

Smartphone 270-300 Mn +10-40 630-650 Mn +230-300 3700-3800 Mn + ~ 1000

Users (80-90%) Mn (45-47%) Mn (58-60%) Mn

Online 330-380
250-270 Mn +30-60 +170-240 1950-2050Mn + ~ 1350
Transactors Mn
(75-80%) Mn Mn (21-33%) Mn
(24-27%)

Note(s): 1.This includes only wireless internet connections.

Source(s): Redseer Research, Redseer Analysis

Reflecting on global numbers, there are currently 5 Bn estimated In developing countries such as India, increasing comfort with
internet users. M&E is the entry point for most internet users into digital payments, and a sizable population of younger generation
the digital space - a journey which subsequently leads to the attaining financial independence are also set to boost the
adoption of more mature services and online transactions. number of transacting users.

Note(s):

1. Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios
from the United Nations World Urbanization Prospects.

2. Digital literacy refers to the ability to navigate the digital world at least at the entry-level or first touchpoint of internet usage (e.g., online messaging, Social Media, etc.)

© Redseer 05
1.4 Evolution of the digital user’s internet journey

Time Spent on the internet – by activity Time Spent on the internet – by activity Time Spent on the internet – by activity
(Global) (United States) (India)
In Minutes, CY19-23 In Minutes, CY19-23 In Minutes, CY19-23

Audio & Video Streaming Others Social Media

415 417 431 425 439

398 397 396 406 415 423
395 405
390 382
22% 21% 14% 22% 26% 5%
19% 33% 28% 4%
25% 26% 20%
33% 22%
15%
15% 15% 36%
18% 12% 9% 12% 12% 34%
10% 27% 26%
14% 29%

63% 64% 71% 65%

62% 63% 62% 62% 59%
54% 57% 48%
53% 62%
49%

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Largest amount of time spent online is on entertainment activities such as Audio and Video streaming or Social
Media.Time spent on these segments has been growing as well.

Large increases in time spent online were witnessed during COVID-19 due to lockdowns. We see correction in
the same post-covid

Note(s): 1. Others includes activities such as e-commerce, news etc.

Source(s): Redseer Research, Redseer Analysis

Internet users spend almost 40-50% of their waking hours on the Eventually, they become mature¹ users who frequently use
Internet, majorly on online entertainment such as Audio and advanced mature online services such as FoodTech and spend
Video Streaming, or Social Media. From 2019 to 2023, people more than 50% of their wallet online.
spent more time on entertainment, gradually shifting their focus
from other online activities, even though total time spent on Digital entertainment has been an ever-evolving journey for
those activities also increased. COVID-19 pandemic saw an consumers driven by the emergence of new entertainment
incremental time spent online during lockdowns. While we see formats and changing consumer behavior. Over the last few
some corrections post-covid, time spent on entertainment years, digital M&E has branched out with newer formats
continues to increase. emerging to occupy consumer-preferred niches. For instance,
Short-Form Video now has an increasing demand on Video
Media & Entertainment plays a crucial role as a gateway for most Streaming, while casual entertainment content such as Audio
internet users in their journey to digital maturity. Starting out as Series has an increasing demand on Audio Streaming platforms.
explorers, the users who mostly adhere to Social Media and
content, develop into transactors (10-50% of wallet spent
online) as they become comfortable with digital payments¹.

Note(s):

1. Digital Payments include UPI, Online Debit/Credit card payments, net banking etc.

© Redseer 06
Rise of
Audio Streaming
and Disruptive Trends

© Redseer 07
Social Media and Video Streaming experienced their phases of Audio, on the other hand, is witnessing the emergence of
accelerated growth and tipping points over the last decade. non-music formats such as Audio Series, that are expected to
While Video Streaming is popular, the existing formats have been lead to high growth in the future.
considerably penetrated by large players, with limited upcoming
innovations in formats.

2.1 Digital Media & Entertainment is a sizable and constantly expanding market

Digital Media & Entertainment – Market Size1

In USD Bn, CY19-23

Social Media Video Streaming2 Audio Streaming 3

Social Media Movies TV Series Live Music Podcasts Audiobook Audio Series
Connect Sharing Broadcasts Non-music segment is growing at the fastest
rate in digital M&E sector
+12% +15% CAGR
190-195 Music focus Non-music focus (19-23)
+20% 165-170
160-165 170-175 +33% 145-150 +8%
110-115 +18%
120-125 35-40 40-45
30-35
60-65 65-70 25-30 4% 5%
95-100 20-25 4% 33%
4%
3% 95%
96% 96% 96%
97% 16%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Emerging Trends Emerging Trends Emerging Trends

The largest and fastest growing segment No new emerging formats in video The slower segment growth is primarily due to
due to its advertisement monetization streaming Music dominance (~95% of audio streaming)
However, it is more focused on social connect Current formats are already heavily New emerging non-music formats expected to
and media sharing than entertainment penetrated by global giants lead to high growth in future

Note(s): 1.. Digital Media and Entertainment Market Size excludes Gaming segment. Market Sizing has been done basis revenue of top global players in each segment.
2. Video Streaming includes Shortform video. Video Streaming excludes Amazon Prime Video and includes YouTube. 3. Audio Streaming excludes Amazon Prime Music

Source(s): Redseer Analysis

Digital M&E primarily takes the form of Social Media, Video

Streaming, and Audio Streaming.

Social Media, which is focused on social connect and media

sharing, is the largest and fastest-growing segment due to high
advertisement monetization.
Video Streaming, which has been around for a while, mostly
consists of movies, TV series, and live broadcasts. There are
almost no new emerging formats, and the existing ones have
been penetrated considerably by global incumbents.

Audio Streaming, primarily dominated by music (~95% of Audio

Streaming), is witnessing the emergence of non-music formats,
which is expected to generate high growth in the future. While
podcasts and audiobooks have been around for a while, we see
newer formats such as Audio Series which has recently been
launched.

© Redseer 08
2.2 The evolving Audio Streaming market is witnessing non-music formats making waves

Evolution of Audio Streaming

A B Major Milestones

Apple launched Amazon purchased Apple Music A Launch of Music Streaming

iTunes Audible, an audiobook launched
company
B Audiobooks Make their Mark
With Amazon’s acquisition of
2001 2008 2008 2012 2015 2015 Audible, it started becoming
mainstream

C Dawn of Podcasting format

Spotify launched Apple Podcasts YouTube Music Apple launching standalone
Launched separately launched Podcasts platform
Launched as a subscription
service, it popularized the C D Serialized audio fiction format
subscription model introduced
Pocket FM entered market with
new and disruptive long-form
2021 2018 2018 2016 audio format

E Large Giants experiment

Google launched with Audio Series
Spotify & Audible began own podcast Storytel, an
Pocket FM Large giants such as Spotify and
experimenting with platform audiobook service
launched, with a Audible begin experimenting with
newer audio formats like Audible
new format– audio the segment
series, with a D launched globally
E
vertical focus apart from Europe

Source(s): Redseer Analysis

Audio Streaming took off with Apple launching iTunes in 2001, In 2018, vertical players like Pocket FM introduced Audio Series, a
and with the launch of Spotify in 2008, paid music streaming serialized audio fiction. Subsequently, the popularity of the
became a new norm. It wasn’t long before audiobooks became format prompted giants such as Spotify to begin experimenting
mainstream, being popularized by Amazon’s Audible and starting with the segment.
the non-Audio Streaming era. Over the next decade, podcasts
became mainstream, allowing people to share their thoughts
and experts to share their knowledge.

2.3 New trends in non-music audio formats present a significant headroom for user growth

Audio series demonstrates strong

Audio Streaming – Sub-segments potential across all metrics
Descriptive Low Moderate High

Music Podcasts Audiobooks Audio Series

Songs or instrumentals Audio shows usually in the format Audio recording of published Serialized audio fiction in
Definition longform format
of a conversation between host books in a monologue
Record labels typically own the and a speaker
rights to music Mostly for audiences who enjoy Focus on immersive3 storytelling
Mostly informational content books

Entertainment

Engagement

Headroom Very low; Global giants Low, as segment is crowded with Medium; few large firms have High; Only handful of audio
for penetration² dominate this segment horizontal & vertical players captured select audiences listeners¹ have listened to series

Low focus Can be listened to as white Requires some focus as the High focus is required as the Some focus is required, but the
requirement noise in the background content is informational content is basically a book content is casual & light

To relate with current mood To get updates about: To increase per day To keep oneself entertained
To serve as white noise while Topics of interest (non-fiction) consumption of books while doing other tasks
Key Use-cases doing day to day activities Personal development To start habit of book Fulfil entertainment needs at
consumption times other formats cannot

Category
Leaders

Note(s): 1. Listeners refers to monthly active listeners globally 2. Penetration is a percentage of internet users 3. Immersive experience entails voice artists, background music etc.

Source(s): Redseer Analysis

© Redseer 09
Music as a sub-segment of Audio Streaming now has limited Audio Series is serialized audio fiction which focuses on
headroom for accelerated growth. On the other hand, non-music immersive storytelling. It fulfils 24x7 entertainment needs with
Audio Streaming formats are fast evolving and have witnessed its ‘Anytime and Anywhere’ flexible consumption characteristic.
several milestones in the last 4-5 years. With mostly casual and light content, it doesn’t require active
attention and can be played by users to keep themselves
The non-music audio formats consist of podcasts, audiobooks, entertained while performing other tasks.
and the most recent addition – Audio Series. While podcasts
often take on a conversational format between a speaker and
host to offer informational content, audiobooks are mostly for
audiences who enjoy novels and books.

Digital Media & Entertainment formats Audio Series landscape

Content type vs. typical content duration Descriptive

Audio Series addresses limitations of

Audio series is the newest addition to longform entertainment, longform video streaming
growing at the fastest rate among Movies, Video Series and Audio Series
Current Entertainment ...but users need
Platforms have...
Entertainment

Shortform Longform Video content which cannot Content that offers

Entertainment Entertainment be viewed everywhere flexible consumption:
(e.g., work) anytime, anywhere
Video Series
Short Videos²
Audio content generally Audio content which is
Movies used as white noise or used to satisfy
non-entertainment entertainment needs
use-cases
Audio Series Does not need active
Content that requires participation, yet is
Type of content

continued attention, immersive

leading to listener’s
fatigue

Podcasts are generally

Music Podcasts informational and
does not deliver
Music is usually used entertainment as such
more to connect with Need Gap arises for Audio Series
Audiobooks
Non- Entertainment

current mood, rather

than entertainment ”Audio Series is just TV Series that you
Audiobooks arise listen instead of viewing”
same neurological
reactions in the brain
as reading a book
Shortform Longform
Non-Entertainment Non-Entertainment

Shortform¹ Longform
Content duration

Note(s): 1. Shortform Content refers to content with duration limit of maximum 2-3 minutes per content 2. Short videos are videos on shortform video platforms such as TikTok

Source(s): Redseer Analysis

Popular video entertainment formats such as Short-Form Video, What users need is content that satisfies high entertainment
movies and Video Series cannot be consumed while performing needs and is flexible for consumption anytime and anywhere,
tasks such as exercise, household chores, commute, etc. While while still not requiring active participation. Audio Series
audio formats such as podcasts, audiobooks, or music can be effectively addresses this underserved entertainment need gap.
played when executing these tasks, they either require active
attention (podcasts and audiobooks) or do not match the level
of entertainment provided by their video counterparts
(podcasts, audiobooks, and music).

© Redseer 10
2.4 Audio Series is gaining accelerated popularity, with leading players clocking more than
40X growth over the last 2 years

Audio Streaming Growth– Player wise1

In USD Mn, CY 21-23

Music Audiobooks Audio Series

+17% +20% +640%

2021 2022 2023P2 2021 2022 2023P2 2021 2022 2023P2

The music streaming landscape has been The appeal of audiobooks is primarily to Audio series can be used as 24x7
shaped by industry leaders like Apple book enthusiasts and avid readers entertainment and it is more
Music, Spotify, and TME, who have entertaining than other audio
established their dominance over This limits the potential user base and streaming services
the past decade. may contribute to lower growth in
future compared to broader The market is expected to continue
entertainment platforms. expanding, attracting new creators,
The initial phase of rapid growth has
investors, and audiences
naturally transitioned into a more
mature market.

Note(s): 1.. Representative players have been taken in each segment i.e., Spotify for Music, Storytel for Audio Books and Pocket FM for Audio Series
2. 2023 figures have been derived by annualising the Quarterly results of respective players 3. All numbers of 2021 have been indexed to 100 and growth is calculated
accordingly (audio series is growing on a small base and hence showing exceptional growth)

Source(s): Redseer Analysis

As mentioned earlier, the music streaming landscape has vastly This can contribute to lesser growth in the future in contrast to
been penetrated and shaped by industry leaders such as Spotify, other entertainment formats. Over the last 2 years, audiobooks
Apple Music, JioSaavn, and Tencent Music Entertainment, who are expected to have grown at a CAGR of ~20%.
have established dominance over the last decade. The initial
phase of rapid growth has naturally transitioned into a more Audio Series, with its 24x7 entertainment has a greater
mature market. Over the last 2 years, music streaming is engagement potential compared to other Audio Streaming
expected to have grown at a CAGR of ~17%. services. With its ability to address untapped use-cases, the
market is expected to continue expanding. Over the last 2 years,
On the other hand, as audiobooks primarily appeal to younger, Audio Series is expected to have grown at a CAGR of ~640%
more educated, employed audiences, who enjoy books, their translating to over 40X growth from 2021 to 2023.
potential user base is limited.

2.5 Global incumbent audio players are experimenting with Audio Series on their platforms

The popularity of Audio Series and their long-term potential has prompted incumbents such as Spotify and Audible¹ to
experiment with launching Audio Series on their own platforms, while vertical pure-play platforms such as Pocket FM continue
to dominate the segment.

Note(s):
1. Spotify and Audible categorize Audio Series as podcast or podcast series. 2. Picture 1 – Pocket FM. Picture 2 – Spotify. Picture 3 – Audible.

© Redseer 11
Audio Series:
A New Model Taking
Over Entertainment
by Storm

© Redseer 12
Current Audio Series consumers are listening to Audio Series Innovative content monetization models such as Micropayments
across multiple occasions to cater to their 24x7 entertainment have helped in paid user penetration and an ARPPU at par with
needs. Audio Series is on its way to take over the entertainment other entertainment formats. Globally, Audio Series
industry by storm with multiple positive tailwinds. demonstrates substantial opportunity with ~1.3 Bn addressable
users translating to an opportunity of USD $21-25 Bn. Overall,
Current users showcase a high level of engagement on Audio while the sector faces several positive tailwinds, there is a
Series platforms, and project satisfaction across key experience demand for better pricing and flexible payment options.
parameters, rate high on recommendation for Audio Series, and
demonstrate an overall positive consumer sentiment for Audio
Series.

3.1 Users primarily listen to Audio Series to cater to their unlimited 24x7 entertainment needs

Occasions for streaming audio series

Q: When do you mostly listen to the Audio Series?
N= 903 (India), 1121 (US)

Consumption of Audio series can be done throughout the day along with other activities
unlike video content, thus catering to 24x7 entertainment needs of people

India US

44% 50% Before Sleeping

44% 49% While working1

48% 44% During normal breaks

throughout the day2

16% 33% During commute

27% 13% During other

household chores

15% 16% During exercise

Note(s): 1. Includes office breaks 2. Includes any time of break(s) throughout the day except for office breaks

Source(s): Primary Research, Redseer Analysis

In early adopting markets such as India and the US, Audio Series
users have been streaming the format across multiple occasions “I prefer listening to audio series whenever I have any
to cater to their round-the-clock entertainment needs. Users breaks or when I’m driving to office. It keeps me
play it before sleep, while working, during normal breaks entertained.”
throughout the day, during a commute, while working out, and -US, 36, Female,Working Professional
while performing other chores.

© Redseer 13
 “Audio series are a crucial part of my routine now.
Unveiling the Driving Factors of Audio I listen to episodes at the end of the day because
Series Popularity – A case study on India it helps me relax and fall asleep.”
India, 22, Male, Student
Audio series platforms are predominantly driven by key factors
such as content quality, content variety, and the convenience of
listening to audio series at any time. This flexibility allows users to
engage during various time intervals, such as during work,
“The abundant content on audio series platforms
commute, or before bedtime. Notably, users in early adopting
keeps me entertained especially during dull
markets like India have also been prioritizing content variety and
working hours.”
the convenience of flexible listening.
-India, 42, Male,Working Professional

3.2 Three user archetypes stream Audio Series, and most are online transactors

Key profile across

age groups
Downtime Entertainment Lean
Descriptive
Maximizers Explorers Listeners

Working professionals, with less Younger cohorts using Audio Middle aged audience using
time for entertainment , using as an additional source of Audio series during lean work hours
Description entertainment, or after
Audio Series during downtime¹ or as white noise during work that
throughout the day productive hours for relaxing requires less attention
Binge-watchers who enjoy
Need entertainment during Utilize content to complement
switching between various forms
downtime between daily activities with their standard, less engaging
Key use-cases of entertainment
like commuting working hours or during office
May listen to audio series during
breaks and downtimes
leisure time e.g. before bedtime
Age 20-35 years 16-24 years 40-50 years

Demo Across Urban, Across Urban,

City of Residence Urban, Semi-Urban
graphics² Semi-Urban & Rural Semi-Urban & Rural

Occupation Entry Level, Desk Jobs,

Students Service, Self-employed
Professionals, Self employed
E-commerce

Social Media
Internet
usage Messaging
behaviour:
Type of OTT Video
services
used
OTT Audio3

Digital payment

60-70% (Mature users)Deep 40-50% (Transactors) ~10% (Explorers)

Internet Usage behaviour:
understanding of technology Digital-natives are comfortable Inexperienced with digital
Digital Maturity
due to digitalization in their city with digital tools space

Note(s): 1. Downtime is free time throughout the day and gaps between activities 2. Age, and other demographics are for typical ranges and there may be exceptions.
3. This depicts Top OTT Audio platforms used by both current users of audio series and non-users who may use audio series in the future.

Source(s): Primary Research, In-depth-interviews (N=35+). Redseer Analysis

© Redseer 14
According to our research, Audio Series streamers can be grouped into 3 archetypes: Downtime Maximizers, Entertainment Explorers, and
Lean Listeners. The streamers are characterized by the following attributes.

1 Most of them are online Most of them use mature

2 digital services such Netflix, 3 They span across all age
transactors comfortable cohorts and are spread across
with digital tools and Prime Video(OTT Video), or urban and rural regions alike.
digital payments. Spotify and Audible (OTT Audio).

Key profile across

age groups Downtime Entertainment Lean
Descriptive Maximizers Explorers Listeners

Genre of choice Action, Comedy, Romance Fantasy, Comedy Thriller, Crime

Usage Less than a year 1-2 years 6-12 months

commencement

2-3 hours (per session) 2-3 hours (per day)

Audio 1-2 hours (per day)
Series Avg.
usage Time Spent ~30% of time spent online Irregular sessions across week, 50% of time spent online
behavior² ~30-50% of time spent online
when used

India 21 USD 24 USD

Avg. monthly US 18 USD
spend of paid
user
1 USD 2 USD 3 USD

Note(s): 1. Audio Series usage behaviour depicts the usage of current user of audio series
Source(s): Redseer Research, Redseer Analysis

“Lean listeners” spend ~50% of their time spent online streaming On the other hand, Downtime Maximisers are more digitally
audio series, while “Entertainment explorers” spend the most on matured, with a more expendable wallet share.
audio series.

3.3 Engagement in Audio Series is one of the highest in Media & Entertainment
and at par with Video Streaming

Engagement with various Digital M&E formats¹ The highest level of engagement is driven by Video
Values Indexed, Avg. time spent per day per user on Video streaming=100 Streaming which has been around for a long time. Although
the Audio Series was launched 2-3 years ago, its
Avg. Time spent per day per user engagement levels nearly match that of Video Streaming
Video Streaming Audiobook Music Audio Series and are ~2X that of Music. The high engagement levels can
100 be attributed to the untapped use cases and the need gaps
95-100 filled by Audio Series as opposed to all other entertainment
formats.

As users mature on the platform, the engagement levels are

45-50 expected to go higher.

25-30

“I am visually impaired, but I love entertainment.

Audio series is a great addition to my limited
sources”
Note(s):1. Indicative players have been taken as industry representative across India and US:
-US, 36, Male,Career Explorer
Video Streaming Netflix, Audiobook – Audible, Music – Spotify and Audio Series – Pocket FM
Source(s): Redseer Research, Redseer Analysis

© Redseer 15
 Rising Audio Series Engagement:
Trends in India’s Early Adopting Landscape
While observing the engagement of users on Audio Series
“I love the idea of Audio Series, since I can listen to
platforms, we see that engagement of a user increases as the
them and get other things done at the same time. It's
user matures on the platform. For example, in early adopting
a great source of distraction and entertainment from
markets like India, users who have spent less than 6 months on
the monotony of work.”
the platform were seen to spend about 1.3 hours per day. This
went up to 1.5 hours in case of users who had spent more than 1
-India, 30, Female,Working Professional
year on the platform. The growing level of engagement serves as
an indication of users’ positive experience on Audio Series
platforms.

3.5 Users are satisfied across experience parameters in the Audio Series

Audio Series Satisfaction – Average Ratings

Q. On a scale of 1 -5 (5 being excellent), how would you rate your audio series experience?
N= 903 (India), 1121 (US)
While Content Quality measures how immersive
and relatable the user found the content,
India US content variety refers to type of genres and
different storylines they came across

3.8 3.9 4.1 4.0 3.9 4.0 3.8 3.8 3.8 4.0
3.5 3.6

Overall Content Content UI/UX Personalised Pricing

Quality Variety Recommendations

Note(s): The survey respondents are users from various audio-series platforms who rated their personal experience on those apps across parameters.

Source(s): Redseer Research, Redseer Analysis

Audio Series has a high potential for growth as users from all Users in developed markets also expressed notable satisfaction
consumer personas exhibit satisfaction across parameters. with personalized recommendations, which have enhanced their
Listeners from both developed and developing markets are overall experience. Overall, although users are satisfied across
satisfied. parameters and highly engaged, there is demand for better
pricing and flexible payment options.
We observed highest level of satisfaction in the content quality
and variety parameters.

“The episodes have started costing more now. I want

“The app page is convenient and dedicated to audio to be able to access unlimited content at affordable
stories. It displays top rated content in the front, prices.”
-India, 22, Male,Student
which is helpful, saves time.”
-US, 35, Male,Teacher

© Redseer 16
3.5.1 The overall consumer sentiment is positive for Audio Streaming apps

Consumer Sentiment of Audio Series Apps Range of Values

Low High
Sentiment Score
<50% 50-70% <70%

Google Podcasts , Spotify and Pocket FM report the highest Sentiment Score conveying superior customer satisfaction

Platform Overall Sentiment Score

“The app doesn’t allow me to replay
already listened episodes.” - Apple Podcast User
Apple Podcast 75%

Audible 75% “Has all the podcasts you need. Download-

ing files is easy & reliable” - Google Podcast User
Google Podcast 89%

Pocket FM 80%
“I really enjoy this app. They have stories
for all moods, from all genres.” - Pocket FM User
Spotify 81%
“Been using Spotify for years and I love it
Storytel 66%
as my go to music player” - Spotify User

Note(s): 1. Sentiment scores are based on user reviews from Google Play Store except for Apple Podcast taken from The App Store. 2. Scores are analysed using an AI software that refers to the
text-content in customer reviews to determine the overall sentiment of the user towards the app. 3. The overall sentiment score is not a weighted-average of the above listed parameters and involves
other satisfaction criteria like trends in review volume and star rating et al.

Source(s): Redseer Research, Redseer Analysis

The high consumer sentiment of major Audio Streaming players Overall, positive consumer sentiment in top Audio Series
paints a positive picture for the entire sector. Among top Audio platforms indicates that users would not only stick to the format
Streaming apps, Google Podcasts, Spotify, and Pocket FM report and/or platforms but would also have an increased propensity to
the highest sentiment score¹ conveying superior customer recommend them to friends and family, consequently helping to
satisfaction and a positive experience with newer formats such drive increased user acquisition.
as Audio Series.

Users indicate that better pricing options and more seamless

user interface could further improve their consumer sentiment
for Audio Series.

3.5.2 Users across developing and developed markets rate high on recommendations for Audio Series
Audio Series willingness to recommend - India
Q: On a scale of 0-10, how likely are you to recommend audio Promoters (9-10) Neutral (7-8) Detractors (1-6)
series/ stories platform to a friend/family? N=903

NPS 55%
56% 57% 45% 46%

Promoter 63%
60% 52%
49%
67%

48% 42%
Neutral 30% 24% 36%

8% 10% 4% 3% 6%
Detractor
Overall Downtime Entertainment Lean Others³
Maximizers Explorers Listeners
N = 501 N = 177 N = 148 N = 57

“Keeps me entertained while “Great way to escape boredom “Listening to stories while
I take care of my day-to-day and relax my mind during travelling is my new
tasks” work hours” favorite activity”
- India,34,Female,Homemaker - India,42,Male,Working Professional - India,20,Male,Student

Note(s): 1. Net Promoter Score (NPS) breakdown : Ratings 0-6 = Detractors. 7-8 = Passives, 9-10 = Promoters; Net Promoter Score formula : % total Promoters — % total Detractors
2. NPS for a sector is calculated by taking weighted avg of NPS of top platforms within each sector
3. Others includes Home makers who are using Audio Series as new version of Daily Soap while indulged in routine hours of domestic chores

Source(s): Redseer Research, Redseer Analysis

© Redseer 17
With positive experience across parameters, increasing engagement, and overall positive consumer sentiment, users have shown high
willingness to recommend Audio Series to friends and family.

Audio Series willingness to recommend - US

Q: On a scale of 0-10, how likely are you to recommend audio series Promoters (9-10) Neutral (7-8) Detractors (1-6)
stories platform to a friend/family? N=1211

NPS 51%

NPS 51% NPS 56% NPS 50%

Promoter 67%

68% 70% 65%

Neutral 17% 16% 16% 20%

16% 17% 14% 15%
Detractor
Overall Downtime Entertainment Lean
Maximizers Explorers Listeners
N = 274 N = 115 N = 526

Customer experience "I prefer listening to audio “I have a low attention span “”I run the local general store,
improves overtime, and series during my daily public so short content like this is It is not always busy with
they show more willingness transport commute, as it's perfect for me.” customers, I often listen to
to recommend Audio series difficult to watch videos in the audio series as watching
crowded environment.“ videos requires lot of focus”
- US, 26, Male, Working Professional - US, 20, Male, Student, US - US, 33, Male, Business owner

Note(s): 1. Net Promoter Score (NPS) breakdown : Ratings 0-6 = Detractors. 7-8 = Passives, 9-10 = Promoters
2. Net Promoter Score formula : % total Promoters — % total Detractors.

Source(s): Redseer Research, Redseer Analysis

The willingness to recommend Audio Series is similar in 3.6 Ads on digital platforms are discovery routes
developing as well as developed markets. For early adopters like for Audio Series followed by word of mouth
India and the US, the net promoter score is ~55% and ~51%
respectively.
Audio Series benefit from capturing users right at the entry point
Among key Audio Series user archetypes, Downtime Maximisers of internet usage, with 38% learning about them through
and Entertainment Explorers have shown the highest willingness YouTube ads and 37% through Social Media ads. Word of mouth
to recommend, indicating satisfaction with Audio Series with and referral constitutes about 17% of user awareness, keeping
other cohorts not much behind. customer acquisition costs high for platforms. However, with
positive trends in NPS, word of mouth is expected to increase.
With further improvements across experience parameters and
growing level of engagement, Audio Series is expected to create
a distinct presence in the users’ entertainment palates. This is
expected to further increase their willingness to recommend
Audio Series to others.

© Redseer 18
3.7 Though nascent, paid user penetration of Audio Series is at par with other entertainment formats

Monthly active users in Top M&E Formats – India, USA Audio Series Users – Type of Subscription - India, USA
FY23, in Mn Q:What type of payment do you usually make on audio series
stories platforms? N= 903 (India), 1121 (US)

Micropayment model helps increase frequency of payment

Audio series has around 10-11% of users as paid
by providing affordable options. With maturity of usage,
users, similar to OTT Video in India
users demand payment options for longer durations

India US
India US
85%
Video ~300 ~155 83%
Streaming
11%
Audio series is a nascent 8%
Audio ~160 ~135 entertainment category, 7%
Streaming3 6%
launched only about 1-2
years ago which accounts
Audio for its limited userbase as
~14 ~6 compared to more
Series
established industries like Annual Quaterly Monthly and
video streaming. Micropayments

Note(s):1. Micropayments are smaller subscriptions taken for lesser amount of period typically less than a month. This also includes pay-per-content..
2. Other subscriptions include pay per content subscriptions 3. Includes music, podcasts, podcast series and audiobooks

Source(s): Redseer Research, Redseer Analysis

Paid user penetration of Audio Series has reached similar levels Innovative pricing models and high engagement have also led to
as other entertainment formats in developing regions such as an ARPPU for Audio Series, that is at par or outperforms other
India, although the user base is limited on account of its recent entertainment formats. For example, in the US, Audio Series
launch. Micropayments are one of the key innovations that ARPPU is at par or more than Video Streaming ARPPU, while in
helped drive paid user penetration in Audio Series. More than India, Audio Series ARPPU is approximately at par with Audio
80% of paid users subscribed to ‘micropayment packs’, allowing Streaming ARPPU. This is supported by the observation that the
them to pay for content they want to consume Average Revenue Per Paying User (ARPPU) of a pay-per-content
(pay-per-content), instead of subscribing to the entire library. subscription is 25% higher than an annual subscription, as users
The micropayment model also helps increase the frequency of continue to spend on pay-per-content because of the sticky
payment by providing an affordable option. nature of the Audio Series reflecting its high engagement.

With the maturity of usage, however, users demand payment

options for longer durations, and the same is reflected in annual
Average revenue per paying users (ARPPU)
US$ per year, CY23 subscriptions that rise from 5% of all subscriptions in the
beginning of platform usage to more than 13% by the end of the
second year of platform usage.
High retention of micropayments / pay-per-content and
monthly subscriptions leading to higher monthly
subscription revenue as compared to audio streaming Moreover, apart from subscriptions and micropayments, Audio
Series also has substantial potential for advertisement
monetization. This is because subscription/content
India
160 monetization models contribute to over 90% of the revenue
US generated by Audio Series, despite paid users comprising only
~10% of the user base, indicating substantial contribution of
revenue from a small percentage of users. The high engagement
150
in Audio Series content further enhances ad monetization
130 potential, as the user engagement levels are similar to Video
16 Streaming.
11 10

"I like paying small amounts instead of yearly

subscriptions; it's cheaper and more flexible for me"
Video Streaming Audio Streaming1 Audio Series
-US, 26, Male,Driver
Note(s):1. Includes music, podcasts, podcast series and audiobooks

Source(s): Redseer Research, Redseer Analysis

© Redseer 19
3.8 Existing user base indicates high The US, India, and the rest of the world, collectively with ~1.3 Bn
monetization potential post-product market fit addressable Audio Series users, present a substantial market
opportunity of US$ 21-25 Bn for Audio Series players. This
opportunity is further expected to expand to US$ 45-50 Bn by
More than 80% of Audio Series users are online transactors or 2027, with a larger addressable userbase of 2.5-3 Bn, higher
mature internet users indicating monetizable opportunities engagement, and more innovative monetization models.
through direct payment or advertisements.
India, as a market individually exhibits a robust growth trajectory
Examining Audio Series users pattern w.r.t internet usage and in the Audio Series market with a TAM projected to grow from 350
spend behaviour, few crucial highlights stand out to Mn users in 2023 to 540 Mn users by 2027.
demonstrate high monetization potential of Audio Series users.
Total addressable market for Audio Series
In US$ Bn, 2023

1 ~60% of mature users of Audio Series are paid

US$ 3-5 Bn US$ 21-25 Bn
users of mature services such as Netflix.
15-20%
Audio Series accounts for a notable ~50% of US$18-20 Bn
2
total M&E spends for users who pay for Audio
Series.
100%

Audio Series’ wallet share of M&E spends is 80-85%

3 lower for mature users as compared to
transactors. Survey results indicate that mature
users spend significantly more on Video
Streaming.

Direct payments¹ Advertisements Total²

3.9 Globally Audio Series is expected to have a Note(s): 1. Direct Payments refers to direct content monetization from end consumers in the
form of subscriptions, micro-payments et al. 2. Content IP Licensing is not included in TAM
TAM of US$ 45-50 Bn by 2027 for audio series as it was not a monetization model for audio series at that time period

Source(s): Redseer Research, Redseer Analysis

Audio Series - Total Audio Series - Total

Addressable Users Addressable Market³ Currently, the Audio Series players are monetizing their users
In Bn, 2023, 2027P In USD Bn , 2023, 2027P
with following primary monetization models:
India US2 Rest of the world1,2
Direct Payments: This refers to direct content
1
monetization from users, through:

15 – 20% 15 – 20% Subscriptions: Platform users pay a recurring fee on

regular basis in exchange for full ad-free content library
2.5-3 Bn
access
19%
Micropayments: This model allows for bite-sized/small
8% payments for individual content pieces, giving the user
1.2-1.4 Bn
flexibility to access premium content while paying only for
27% US$21-25 Bn what they stream.

11%
73% With the prevalent Audio Series platform monetization models, it
is estimated that the biggest chunk of the TAM (80-85% of US$
62%
21-25 Bn) as of 2023, will come from micro-payments and
subscriptions.
2023 2027P 2023 2027P
Advertisements: This model provides free content access
2
to users, while platforms monetize free-to-use users
Note(s): 1. Rest of the world includes China, Japan, Russia, SEA, MEA, Africa, Europe, and
Central & South America. 2. For US and the rest of the world, Music streaming users are used through advertisements. Ads constitute the remaining
as a proxy for addressable users for audio series 3. Market size includes revenue from horizontals 15-20% of the global opportunity. With the massive pool
as well, which provides audio series as included in their overall platform offerings including
other verticals such as music, podcast etc. of digitally mature and monetizable user base, Audio
Source(s): Redseer Research, Redseer Analysis Series platforms are expected to become an emerging
alternative for digital advertisers.

© Redseer 20
Ecosystem in
Audio Series and
Supply-Side Perspective

© Redseer 21
The supply side of Audio Series is catching up to the growing Audio Series is becoming a more lucrative vertical for budding
demand for content across different genres. The biggest creators with higher chances of content being published and
contributors of content currently are the creator community lucrative payment options.
(with freelancers constituting a large share), publishing houses,
and production houses.

4.1 Audio Streaming ecosystem encompasses several stakeholders on the supply and distribution side

Ecosystem of Audio Streaming (and Series)

Most Prevalent model
Descriptive

Content
Procurement 1. 2. 3. 4.
Media houses Literary Publishing Creator community
1. Agencies house
Supply

Production 1. 2. 3.
Media houses Production houses Creator Community
(Managed studios)

2.
Platform Distribution 1. 2.
Horizontal Platforms Vertical Platforms

3.
Customer Consumption
Downtime Entertainment Lean Listeners
Maximizers Explorers

Note(s): 1. Vertical platforms refer to companies that offer their services for specific customer needs ; Horizontal platforms offer services to fulfil wide range of customer needs

Source(s): Primary Research, Redseer Analysis

The most prevalent model for Audio Series on the supply On the distribution end, there are mainly two types of platforms:
(content procurement) side are publishing houses and creator
communities (with freelancers constituting a large share) . The Horizontal platforms: Horizontal platforms such as Spotify
1
publishing houses work on advance (lump sum amount) plus and Tencent Music Entertainment offer all audio formats.
royalties with the share and mix of the two depending on the These platforms usually work on a freemium basis.
popularity of the title. The creator community(with freelancers
constituting a large share), only gets a lump sum payment¹ which
Vertical platforms: Vertical platforms choose one or two
may be before, during, and/or after work. 2
formats and build their catalogue in it. Examples include
platforms such as Pocket FM, Audible², and Storytel².
On the supply (production) side of the Audio Series, the
These platforms usually work on
production houses and creator community (with freelancers
subscription/micropayment models.
constituting a large share) are the most prevalent models.
Production houses feature studios that handle the process on
pay-per-finished hour price, and the audio platform’s
involvement is limited to finalizing and approval. When working
with freelance creators, the audio platform manages the process
completely by itself and only rents the studio.

Note(s):
1. Some players, such as Pocket FM, also provide revenue sharing model to freelancers.
2. Audible and Storytel mainly serve audiobooks and currently experimenting with a s mall library of Audio Series, hence classified as vertical platforms.

© Redseer 22
4.2 With increasing demand and engagement, supply is quickly catching up

Audio Series is fast becoming a lucrative vertical for budding It is also much easier and faster for content creators to launch an
creators. Since creator visibility and selection process are more Audio Series because of the nature of content as opposed to
democratic compared to other formats, the supply is other entertainment formats such as Video. Creators can reach a
predominantly driven by the creator community. large market easily with zero or minimal costs, unlike
entertainment formats such as OTT Video, where high reach
Moreover, since the category is recently launched and comes with escalated costs.
predominantly driven by creator community, platforms do not
currently impose strict guidelines or limitations, enabling Finally, monetization is a key differentiator for creators as they
creators the freedom to experiment with genres and content. can get lump sum payment, and in some cases, even a revenue
sharing model. This business model is unique to Audio Series and
not found elsewhere.

4.3 The economy of scale will further improve unit economics

Audio Series – Unit Economics

US $ (‘000s) Per finished hour of content produced

Revenue Key Takeaways

CAGR
1 Economies of scale would prevail in the
audio series ecosystem:
+4,969% +7,505%
Contribution margins and revenues
would have a significant amplification...
1200-1250 Revenue
..but direct costs would increase only
800-850 = incrementally
Contribution Margin (1)
This is because of the high and
75% increasing dependence on the creator
ecosystem/freelancers and publishers
for content procurement and production
75% +
This retains low costs as there is no
limitation to supply in freelance
ecosystem, hence nothing driving
Procurement the costs up..
15-20
+ ..while revenue continues to
70% 25% 25% increase with increasing time
29% Production spent per user, and price of
1% 0% 1%
content
2023 2027, Base 2027, Aggressive

Note(s):1. Contribution Margin is defined as revenue subtracted by direct supply costs (procurement and production expenses). The margin does not exclude play store/app store commissions
2. Revenue has been calculated by multiplying ARPU per finished hour with number of users. ARPU per finished hour is calculated by multiplying ARPU per episode with number of episodes
watched on average per user per hour. ARPU per episode is calculated by dividing ARPU per month by average number of episodes watched per person per month.

Source(s): Redseer Research, Redseer Analysis

Having no limitation on supply in the freelance ecosystem,

there’s nothing to drive costs up, leading the economies of scale
to prevail. Leveraging the power of the creator community in the
content creation process, Audio Series platforms are able to rake
in contribution margin up to 70% of the revenue on every finished
hour of content, and with wider adoption and increasing
monetization per finished hour of Audio Series content,
contribution margins are projected to go as high as 75% by 2027.

© Redseer 23
Market Outlook
and Way Forward

© Redseer 24
Market Outlook

While Audio Series as a category is experiencing several 2. Advertisements

positive tailwinds, it would need to continue
improvements in current monetization levers, as well as Audio Series platforms have attractive audiences that are
bring about innovative and newer monetization levers to digitally mature with high purchasing power. Making attractive
grow to its potential. impressions for advertisers, they have a high potential for
advertisement. Ximalaya FM, for instance, earns ~25% of their
1. Content Monetization revenue via selling impressions.

Content Monetization refers to charging consumers directly for Going forward, platforms are expected to work on non-disruptive
platform’s content. Since pricing and flexible payment option is a advertisements to meet the increasing consumer demand for
key improvement area for the sector, positive refinements in better user experience.
content monetization becomes valuable. Possible trends that
may become mainstream are:
3. Content Licensing
Dynamic pricing: Targeting, personalization, and
differential pricing across user personas can help Audio Series platforms are currently licensing content for their
increase the quantum of paid users for platforms. own platforms to attract revenue-generating users. However,
there is a growing focus on building a creator community that
Proliferation of innovative subscription models: This can help generate in-house audio originals. In the long run, the
includes sachet payments such as Spotify’s weekend popularity of these audio originals would help Audio Series
pass. Another model which may gain ground includes platforms license their content for Video Streaming or other
virtual gifting or pay-what-you-want model. It is already audio platforms which would help them earn about 10-15%
contributing to 70% of Tencent Music Entertainment’s revenue from licensing.
revenue. More such innovations and increase in their
adoption by players is expected to lead to a boost in
ARPPU.

Way forward

Parameter Challenges Solutions

Awareness Low word of mouth which keeps the Leveraging Social Media influencers, specifically nano and
customer acquisition costs (CAC) micro-influencers can increase word of mouth. It also has the
high. benefit of lowering CAC and building brand image as the
recommendation comes from an associable and relatable
influencer.

Adoption Some users just don’t find Audio While piquing the interest of some would take adaptations of
Series immersive enough. blockbusters¹, others might be persuaded by celebrity
advertising that showcases key use cases for Audio Series (filling
Some do not have the time for
down time, lean work hours, etc.). Both solutions attract a new
another format of entertainment.
user base and increase engagement and ARPU².
Some do not find the content
relatable as it is heavily focused Expanding the supply ecosystem to include more agencies,
on fewer genres publishing houses, and mass freelancers to create more genres
can entice a differentiated audience.

Stickiness Repeated storylines and varying Improving quality by incentivizing better-performing

quality across stories freelancers and focusing on differentiated storylines can
reduce churn rates or increase time spent on the platform.
Non-optimal pricing also puts off
the general audience as they find
Differentiated pricing for different demographics and
it expensive.
innovative pricing models can increase ARPPU³ and the
number of paid users.

Note(s):
1. Includes Video shows, books, comics, etc.
2. ARPU refers to Average Revenue per user, both free and paid (inclusive of Advertisement revenues).
3. ARPPU refers to Average revenue per paid user.

© Redseer 25
Glossary

S. no. Term Definition

1. Streaming A method of transmitting data (video/audio etc.)

over the internet in real-time, allowing users to
access and enjoy the content without the need for
downloading it to their device.

2. Explorers Internet users who don’t transact online, simply

explore the internet, typically usage is confined to
digital media and entertainment.

3. Transactors Opportunistic transactors who make offline UPI

payment also. Usually spend 10-50% of wallet on
online services.

4. Mature Users Frequent online services used 50%+ of wallet

spent online also use mature online services such
as Foodtech etc.

5. Longform Entertainment content that is typically longer in

Entertainment duration and is designed to engage and entertain
audiences for an extended period of time such as
TV Series, Podcasts, etc.

6. Shortform Shortform Content refers to content with duration

Entertainment limit of about 2-3 minutes per content.

7. ARPPU The average revenue obtained from per paying user.

8. CAC Customer Acquisition Cost – the cost incurred to

acquire a new customer to try the platform.

© Redseer 26
Authors

Anil Kumar Founding Partner

Anil Kumar is the Founder of Redseer Consulting. He has been part of engagements in
Internet, Private Equity, Retail CPG and Healthcare among others. He specializes in
growth and investment strategies. Anil is a believer of the data-driven approach in
solving business problems. His consulting approach leverages Data IP, sector
expertise and the client’s core hypothesis. He holds a B-tech from IIT Delhi. He can be
reached at [email protected]

Mukesh Kumar Associate Partner

Mukesh Kumar is the Associate Partner at Redseer Consulting and has 9+ years of
experience in growth strategy engagement across internet, education, healthcare,
and consumer products clients across India, MENA, and North America. He holds a
B.Tech from IIT Delhi.He can be reached at [email protected]

Shashank Mohan Byrisetty Senior Consultant

Shashank Mohan has worked in Media & Entertainment, SaaS, & e-grocery space. He
brings project experience in index creation, DRHP assistance, long term strategy &
benchmarking. His most recent experience in M&E space includes expansion strategy
piece for a leading audio streaming platform. He holds an MBA from IIM Ahmedabad
and B.tech from IIT Kanpur. Contact: [email protected]

Khushi Poddar Associate Consultant

Khushi has worked on engagements in the advertising, digital media and

entertainment, Edtech, and Insurtech spaces. She brings project experience in market
research, due diligence and benchmarking. She holds an MBA degree from IIM
Kozhikode & a B.A in Economics from Hansraj College, Delhi University. She can be
reached at [email protected]

Varsha Santhanam Associate Consultant

Varsha has worked on engagements in Media & Entertainment, AgriTech, FoodTech
and D2C spaces. Her most recent experience in D2C space included a
comprehensive understanding of consumer behavior, market trends, & digital
marketing techniques, and leveraging data analytics in the Media & Entertainment
sector. She has graduated from SRCC and holds B.COM (H). She can be reached at
[email protected]

© Redseer 27
Disclaimer

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© Redseer 28
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