Spotify India Reports $16.6M Loss Despite 90% Revenue Growth in 2023-24
Spotify India has reported a net loss of $16.6 million (₹143 crore) for 2023-24, marking a 58% decline from the previous year, despite significant revenue growth. This financial performance contrasts sharply with Spotify's global success.
Spotify office building in Indian city
Key Financial Highlights:
- Operating revenue increased 93% to $37.3 million (₹321 crore)
- Subscription revenue grew by over 90%
- Advertising revenue rose by 114%
- Total assets increased 76%
- Partner contributions up by 29%
User Statistics:
- 70 million monthly active users
- Average daily music streaming: 1.44 hours
- Average daily podcast listening: 53 minutes
- Demographics: 63% male, 37% female
- Age distribution: 63% aged 25-44+, 37% aged 16-24
- Geographic reach: 59% from top eight metro cities, 41% across 7,000 towns
Meanwhile, Spotify's global performance remains strong, with the company's stock reaching an all-time high of over $500 per share on December 4. CEO Daniel Ek has capitalized on this success, selling nearly $100 million in shares during December alone, with total sales exceeding $500 million since July 2023.
The Mumbai-based subsidiary continues to focus on platform access, advertising space sales, and local marketing activities, despite ongoing profitability challenges in the Indian market.
Person streaming music while walking
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