Spotify India’s ad revenue soars with a 114% surge

Spotify India has reduced its net loss by 58% to ₹143 crore in the 2023-24 fiscal year, compared to ₹343 crore in the previous year. While operating expenses saw a slight dip of 2.4% to ₹492 crore, the company notably increased its advertising and marketing spends by 4% to ₹386 crore, signalling its focus on expanding user engagement and brand visibility.

The company achieved revenue growth, with operating income jumping 93% to ₹321 crore, up from ₹166 crore in the previous fiscal. This growth was fueled by a 114% rise in advertising revenue, which reached ₹135 crore, and a 90% surge in subscription revenue to ₹167 crore.

Personnel expenses also rose 35% to ₹85 crore, reflecting investments in talent to support the company's growth initiatives.