By Victor Akan
The founder of the instant messaging platform, Pavel Durov, on Monday declared that the company is now profitable with revenue crossing $1 billion in 2024.
The company, which launched its premium subscription service in 2022, now has 12 million paid users.
Durov also said that the app is finishing the year with more than $500 million in cash reserves, without counting its crypto assets.
What Durov is saying
The Telegram founder to his X handle to announce this feat, which also attracted the commendation of X owner, Elon Musk. Sharing the news, he said:
“This year, the number of Telegram Premium subscribers tripled, exceeding 12 million. Our ad revenue also increased a few times. Telegram’s total revenue in 2024 surpassed $1 billion, and we are closing the year with more than $500 million in cash reserves, not including crypto assets.
“Over the past four years, Telegram has issued about $2 billion in debt. We repaid a meaningful share of it this Fall, taking advantage of favorable prices for the Telegram bonds. But there’s a lot of work ahead.
“Our innovations in monetization this year (Stars, Gifts, Giveaways, Mini Apps, the Affiliate Platform, Telegram Business, and Telegram Gateway) demonstrate that social media platforms can achieve financial sustainability while staying independent and respecting users’ rights.”
Elon Musk was one of the first persons to respond to Durov’s post, saying “Well done.”
Credit: Nairametrics
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