Telegram representatives reassured investors that the recent detention of CEO Pavel Durov by French authorities has had no “significant impact” on the messenger’s operations. Despite the incident, the company reported significant growth in its digital assets, which provided additional financial stability. The Financial Times cited sources indicating these developments.
Digital Assets Surge in Value
Telegram’s unaudited financial statements reveal a significant increase in the value of its digital assets. These assets more than tripled within six months, climbing from $400 million at the end of 2023 to $1.3 billion by mid-2024. This growth was driven partly by the rising value and sales of the Toncoin cryptocurrency.
According to the company’s financial documents, the decision to sell Toncoin capitalized on favorable market conditions, reflecting a tactical approach rather than a long-term strategy. We’ll keep you updated on how this decision impacts the company’s future direction.
Revenue Growth and Key Contributors
Telegram’s revenue for the first half of 2024 reached $525 million, marking a 190% increase compared to the same period in 2023. Notably, $225 million came from a deal with an unnamed party, where Telegram received a fee in exchange for making Toncoin the exclusive currency for businesses to purchase ads. However, this agreement was terminated on October 1.
The company also generated $353 million from digital asset sales, with $348 million coming from Toncoin. Advertising revenue set a record at $120 million, doubling compared to the first half of 2023. Premium subscriptions also saw substantial growth, bringing in $119 million—nearly four times the $32 million earned in the same period last year, adds NIXSolutions.
Telegram’s ability to leverage market conditions effectively, particularly through its digital asset strategy, underscores its agility. While the company’s primary focus appears to remain on advertising and premium subscriptions, we’ll keep you updated as more information about its evolving monetization strategies becomes available.