Spotify India narrows net loss in FY23
SUBSCRIBE
JOBS
Custom Image
Go Back
4 months ago 12:54:45pm Television

Spotify India narrows net loss in FY23

New Delhi, 08-July-2024, By IBW Team

Spotify

Spotify India has reported a significant reduction in its net loss for the financial year ending March 2023. According to financial data from business intelligence platform Tofler, the audio streaming giant’s India unit narrowed its net loss by 26 percent to INR 344 crore.

Spotify India LLP, a wholly owned subsidiary of Sweden’s Spotify AB, achieved an 86 percent increase in revenue, reaching INR 167 crore. The company’s expenditure decreased by 9 percent, totaling INR 504 crore. Notably, subscription revenue rose by 66 percent to INR 88 crore, while ad revenue saw an impressive surge of 91 percent to INR 63 crore.

Since its entry into the Indian market in 2019, Spotify has rapidly expanded its presence. As of March 2024, Spotify reported 615 million active users globally, with 239 million premium users and 388 million ad-supported users, making India one of its fastest-growing markets.

In the highly competitive Indian audio streaming sector, Spotify faces competition from JioSaavn, Amazon Prime Music, Google Music, Apple Music, Gaana, and Airtel’s Wynk. To cater to the diverse Indian market, Spotify follows a hybrid ad and subscription-based model, recognizing that much of the music content is commoditized.

While Spotify India’s financial results for FY24 are yet to be filed, the company’s performance in FY23 indicates strong growth and improved financial health, positioning it well for future expansion and competition in the Indian market.


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Our Events

  • img
    SatCab Symposium

    SatCab symposium organized by Aavishkar Media Group is an annual event. It's a well-informed event where we have a panel discussion on the current affairs and future forecasting on our industry.

  • img
    BCS
    Ratna Awards

    BCS Ratna Award organized by Aavishkar Media Group is an annual event. In this award function, a community of our industry is honored by receiving the award for the contribution of their work.

  • img
    Chetna Yatra

    Chetna Yatra organized by Aavishkar Media Group is an annual event. Held by Dr. AK Rastogi, Chairman of Aavishkar Media Group. Pilgrimage India in his car for connecting the people of our industry.

  • img
    Imaan India Sammaan

    Imaan India Samman is an event mobilized by Aavishkar Media Group, which was launched in 2012. Giving the award to the NGOs for giving their contribution to society.

Youtube Videos