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 company's operating revenue increased by 93% to $37.3 million (₹321 crore), driven by subscription revenue growth of 90% and advertising revenue growth of 114%.

The platform 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

This regional struggle contrasts sharply with Spotify's global performance, where the company has achieved record operating profits. The company's stock reached an all-time high exceeding $500 per share on December 4, with CEO Daniel Ek selling nearly $100 million in shares in December alone, totaling over $500 million since July 2023.

Key financial indicators:

• Total assets: 76% increase year-over-year
• Partner contributions: 29% increase
• Mumbai-headquartered subsidiary status maintained

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