FT: Telegram's Revenues Soar
Telegram experienced notable financial growth in the first half of 2024, providing support for the company despite CEO Pavel Durov's legal challenges, as reported by the FT. Read Full Article at RT.com.
TroibNews 
Telegram has experienced notable financial growth in the first half of the year, primarily fueled by its cryptocurrency holdings, according to a report by the Financial Times referencing the platform’s disclosures. This financial success has provided the messaging app with a cushion amidst the ongoing legal struggles of CEO Pavel Durov.
During the first six months of the year, Telegram's digital assets surged to $1.3 billion from nearly $400 million at the end of the previous year, as highlighted in the FT's report based on unaudited financial statements. The value of Toncoin, the platform's proprietary digital token, saw a tripling in value during this period, as per trading data.
These cryptocurrency gains have offered the Dubai-based company a financial safety net just prior to the upheaval brought on by Durov’s arrest in France in August, as noted by the FT.
Telegram's revenues for this period reached $525 million, reflecting a 190% increase compared to the same period last year. Nearly half of this revenue stemmed from a unique agreement with an undisclosed party, allowing Toncoin to serve as the sole method for small businesses purchasing advertising on the app. This exclusivity agreement ended on October 1.
In addition, revenue from premium subscriptions nearly quadrupled, and advertising income roughly doubled in the first half of 2024, according to the company's financial disclosures.
Durov, a Russian tech entrepreneur who also holds citizenship in France, UAE, and Saint Kitts and Nevis, was arrested upon arriving in Paris in late August, facing multiple charges including complicity in distributing child pornography, drug dealing, and money laundering. These charges arise from allegations that Telegram's lenient moderation practices facilitate widespread misuse of the service.
He was released on €5 million bail in early September but remains in France as his case progresses. Some of the charges could potentially result in sentences of up to ten years.
The businessman has strongly denied the allegations, recently stating that the messaging service has adhered to privacy regulations in various countries and has cooperated with law enforcement by sharing information about criminal activities for the past six years.
Frederick R Cook for TROIB News
During the first six months of the year, Telegram's digital assets surged to $1.3 billion from nearly $400 million at the end of the previous year, as highlighted in the FT's report based on unaudited financial statements. The value of Toncoin, the platform's proprietary digital token, saw a tripling in value during this period, as per trading data.
These cryptocurrency gains have offered the Dubai-based company a financial safety net just prior to the upheaval brought on by Durov’s arrest in France in August, as noted by the FT.
Telegram's revenues for this period reached $525 million, reflecting a 190% increase compared to the same period last year. Nearly half of this revenue stemmed from a unique agreement with an undisclosed party, allowing Toncoin to serve as the sole method for small businesses purchasing advertising on the app. This exclusivity agreement ended on October 1.
In addition, revenue from premium subscriptions nearly quadrupled, and advertising income roughly doubled in the first half of 2024, according to the company's financial disclosures.
Durov, a Russian tech entrepreneur who also holds citizenship in France, UAE, and Saint Kitts and Nevis, was arrested upon arriving in Paris in late August, facing multiple charges including complicity in distributing child pornography, drug dealing, and money laundering. These charges arise from allegations that Telegram's lenient moderation practices facilitate widespread misuse of the service.
He was released on €5 million bail in early September but remains in France as his case progresses. Some of the charges could potentially result in sentences of up to ten years.
The businessman has strongly denied the allegations, recently stating that the messaging service has adhered to privacy regulations in various countries and has cooperated with law enforcement by sharing information about criminal activities for the past six years.
Frederick R Cook for TROIB News
