Pocket FM made 11 pivots before settling on the format that got them to $500M. I think the interesting part is how few of those 11 came from the standard consumer playbook. Serialized fiction in 10-minute audio episodes is what finally worked, and Pocket FM says daily listening went from about 25 minutes to more than two hours per user once it did. Two hours a day is a habit, and habits pay for everything else. Production is the part I'd study. Pocket FM says moving from human-led to AI-led…