WhatsApp-rival Telegram is now profitable, says founder Pavel Durov
What's the story
Pavel Durov, the founder of popular messaging app Telegram, has announced that the company has turned profitable.
In a recent statement, Durov revealed that Telegram's total revenue for 2024 surpassed the $1 billion mark.
The financial milestone comes two years after the launch of its premium subscription service in 2022. The service now has over 12 million paid users contributing to its revenue stream.
Debt management
Financial standing and debt repayment
Durov also revealed that Telegram is closing the year with over $500 million in cash reserves. This amount doesn't even account for the company's cryptocurrency assets.
Over the last four years, Telegram has issued some $2 billion in debt bonds.
"We repaid a meaningful share of it this fall, taking advantage of favorable prices for the Telegram bonds," Durov said, highlighting a major debt load reduction.
Growth prospects
User base and future plans
Telegram has witnessed a massive growth in its user base, surpassing 950 million monthly active users.
The company has also expanded its offerings by adding business features, starting ad revenue sharing, allowing creators to monetize content on channels, and launching a mini app store.
In a previous interview with the Financial Times, Durov had hinted at the company's plans to go public in the future.
Platform security
Telegram's response to content moderation concerns
However, the year hasn't been smooth sailing for Durov and Telegram.
The founder was arrested in France amid concerns over the platform's content moderation practices and non-cooperation with authorities on money laundering, drug trafficking, and child sexual abuse material (CSAM).
Addressing these concerns, Telegram ramped up its efforts to remove illegal content from its platform.
The company said it removed 15.4 million groups and channels spreading harmful content in 2024 using artificial intelligence (AI) technology.