Telegram, the popular messaging app, reportedly held $400 million in digital assets by the end of 2023, according to the company’s financial statement for that year. This comes despite its CEO, Pavel Durov, being arrested on August 24.
By the end of 2023, Telegram had around four million premium users. This number has since grown to over five million, showing a significant increase in user engagement.
Telegram’s Financial Performance in 2023
Despite generating $342.5 million in revenue, Telegram posted an operating loss of $108 million in 2023. A report by the Financial Times revealed that approximately 40% of Telegram’s revenue came from activities related to digital assets. These activities are categorized under “integrated wallet” and “sale of collectibles.”
The “integrated wallet” feature, as described in Telegram’s financial statements, is a software program that allows users to store, send, receive, and trade cryptocurrencies. Additionally, the “sale of collectibles” refers to various digital items like usernames and virtual phone numbers, which Telegram users can buy, sell, and trade. The company earns a fee for facilitating these transactions.
Early 2024 Performance and Global Reach
In the first two months of 2024, Telegram recorded $11.66 million in in-app revenue, according to Statista. Since its launch, the app has raised over $4 billion in funding. Statista also highlighted that India led the world in Telegram downloads in 2023, with 83.85 million users, while the United States ranked third with 29.92 million downloads.
