Spotify India Reports $16.6M Loss Despite 90% Revenue Growth in Latest Financials
Spotify India reported a net loss of $16.6 million (₹143 crore) for 2023-24, despite significant revenue growth and increased user engagement. This represents a 58% decline compared to the previous fiscal year.
Spotify office building in Indian city
Key Performance Indicators:
- 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 Demographics and Engagement:
- 70 million monthly active users
- Average daily music streaming: 1.44 hours
- Average daily podcast listening: 53 minutes
- Gender split: 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
This local market struggle contrasts sharply with Spotify's global performance, which has seen record operating profits and strong stock performance, reaching over $500 per share in December. CEO Daniel Ek has capitalized on this success, selling nearly $100 million in shares in December alone, with total sales exceeding $500 million since July 2023.
Person streaming music while walking
Billie Eilish singing at Fire Aid
Related Articles
Justin Bieber Teases New Music During NYC Pizza Date with Hailey
