Telegram Expected To Post $1 billion in revenue
Telegram will make profits this year for the first time according to a New York Times report. The report disclosed that the social media firm is expected to have $1 billion in revenue, up from almost $350 million the previous year.
Telegram also has roughly $500 million in cash reserves excluding cryptocurrency assets. 12 million users are subscribers who pay $5 per month for extra features.
Telegram ads accounted for more than half of its revenue this year. Additionally, it intends to increase the number of advertisements on public channels that receive over one trillion views monthly. Earlier this year, Telegram was worth over $30 billion. Specifically, cryptocurrencies have benefited Telegram, according to two individuals.
Toncoin, a virtual currency partially developed within Telegram and managed by outside developers, was among the hundreds of millions of dollars worth of digital assets the company sold this year. It has proposed new cryptocurrency-related concepts, enabling users to mine and trade cryptocurrencies on Telegram using third-party apps.
Telegram raised roughly $2.4 billion from investors, including sovereign wealth funds in the United Arab Emirates, through multiple rounds of bond offerings from 2021 to this year. According to Bloomberg data, some Telegram debts are also owned by BlackRock, the biggest asset management company in the world.
Telegram’s future is clouded by Mr. Durov’s legal battle in France. The 40-year-old, who has denied the accusations, was ordered to remain in France while the case is being investigated.
If found guilty, he could be sentenced to prison. He is the only owner and founder of Telegram. The business has not made its succession plan public and lacks an independent board. Mr. Dot Durov may be forced to take on additional debt or sell a portion of the company for the first time if it is cash-strapped or unable to create a viable business plan.
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