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Spotify India LLP, the Indian subsidiary of the global audio streaming giant Spotify, has reported a significant reduction in its net losses for the fiscal year 2023-24. The company’s net loss narrowed by 58 percent to Rs.143 crore, compared to Rs.343 crore in the previous fiscal year, as per The Economic Times.
Spotify India’s operating revenue nearly doubled, surging by an impressive 93 percent to Rs.321 crore from Rs.166 crore in FY 2022-23. The robust growth was attributed to a sharp rise in both subscription and advertising revenues.
• Subscription Revenue: Jumped 90 percent to Rs.167 crore.
• Advertising Revenue: Soared 114 percent to Rs.135 crore.
These figures highlight the platform’s growing popularity among Indian listeners and advertisers alike.
