Spotify India reported a net loss of $16.6 million (₹143 crore) in 2023-24, marking a 58% decline from the previous year, despite significant revenue growth. The streaming platform's operating revenue increased by 93% to $37.3 million (₹321 crore), driven by substantial gains in both subscription (90%) and advertising revenue (114%).

The Mumbai-based subsidiary maintains a strong user base of 70 million monthly active users, who spend an average of 1.44 hours daily streaming music and 53 minutes on podcasts. User demographics show:

• Gender split: 63% male, 37% female
• Age distribution: 63% aged 25-44+, 37% aged 16-24
• Geographic reach: 59% from top eight metro cities, 41% across 7,000 towns

The company's total assets grew by 76%, with partner contributions increasing by 29%. This local struggle contrasts sharply with Spotify's global performance, where the company has achieved record operating profits and its stock reached an all-time high of over $500 per share in December 2023.

CEO Daniel Ek has capitalized on this global success, selling nearly $100 million in shares during December alone, with total sales exceeding $500 million since July 2023.

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