Spotify India's Revenue Hits a High Note, Narrowing Losses

Spotify India LLP, the local division of the audio streaming company, reported a net loss of ₹143 crore for 2023–24, a 58% decrease from the ₹343 crore loss in the prior fiscal year.

Both advertising and subscription revenue grew strongly, causing the company's operational revenue to jump 93% from ₹166 crore to ₹321 crore.

From ₹504 crore to ₹492 crore, expenses dropped 2.4%. Notably, staff costs rose 35% to ₹85 crore, while marketing and advertising costs rose 4% to ₹386 crore.

Subscription revenue increased 90% to ₹167 crore in 2023–2024, while advertising income increased 114% to ₹135 crore.

With its ultimate parent business being Spotify Technology S.A., headquartered in Luxembourg, Spotify India LLP is a limited liability partnership between Spotify AB (99.99%) and Spotify Ltd (0.01%).

Giving local consumers in India access to the Spotify platform and services is the entity's main line of business. Additionally, it sells advertising space and carries out marketing campaigns throughout the neighborhood.

Spotify India's 2024 ad deck claims that the service has 70 million monthly active users who consume music for an average of 1.44 hours every day.

Additionally, 53 minutes a day are spent listening to podcasts by Spotify users.

The top eight metro areas account for 59% of Spotify's overall reach, with the remaining 41% spread among 7,000 localities. 37% of users are female, and 63% of users are male. Age-wise, 37% of Spotify India's audience is between the ages of 16 and 24, while 63% of its users are between the ages of 25 and 44.

Cash and cash equivalents rose 132% to ₹599 crore, while the company's total assets rose 76% to ₹850 crore. Contributions from partners increased by 29% to ₹1,818 crore.