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.”
What you should know
Telegram’s success in 2024 comes amid weighty accusations of poor content moderation on Telegram, which allegedly made the platform a haven for terrorists and drug traffickers.
These allegations led to the arrest of Durov in France on August 24, 2024, upon touching down at the airport to honour French President Emmanuel Macron’s invitation to dinner.
- He was charged on several counts of failing to curb extremist and illegal content on the popular messaging app which now has over 900 million followers but has become increasingly controversial.
- He was later granted conditional release on a bail of five million euros and on the condition he must report to a police station twice a week as well as remaining in France.
- In response to some of the allegations, Telegram last week announced that it has blocked 15.4 million groups and channels this year as part of an intensified crackdown on harmful content, including fraud, terrorism, and child sexual abuse material (CSAM).
- According to its latest moderation report, Telegram now blocks tens of thousands of groups and channels daily, removing millions of pieces of content that violate its Terms of Service.
- These include materials that incite violence, promote terrorism, or facilitate illegal trade.
