(FILES) Pavel Durov, CEO and co-founder of Telegram speaks onstage during day one of TechCrunch Disrupt SF 2015 at Pier 70 on September 21, 2015 in San Francisco, California. – French judicial authorities on August 25 extended the detention of the Russian-born founder and chief of Telegram Pavel Durov after his arrest at a Paris airport over alleged offences related to the popular but controversial messaging app. (Photo by Steve JENNINGS / GETTY IMAGES NORTH AMERICA / AFP)
Dubai, United Arab Emirates — The founder and chief executive of the Telegram encrypted messaging app Pavel Durov said on Monday that the platform had recorded a net profit for the first time in 2024, with annual revenue exceeding $1 billion.
“As I predicted, 2024 turned out to be a very good year for Telegram. For the first time in its 3-year history of monetization, Telegram became profitable,” Durov announced on his Telegram channel.
Article continues after this advertisementThe messaging app, which says it has over 950 million users worldwide, had previously operated without fees but began offering paid subscriptions and showing adverts in 2021.
FEATURED STORIES BUSINESS Peso may further depreciate to 60 vs $1 territory in 2025 BUSINESS BIZ BUZZ: Almendras hangs up Ayala hat BUSINESS Business as usual: Top 10 most read business stories in 2024Durov said the move had helped reach revenues exceeding $1 billion, with subscribers to the app’s premium service tripling to 12 million.
READ: What is Telegram and why its CEO arrested in Paris?
Article continues after this advertisementDubai-headquartered Telegram had more than $500 million in cash reserves, excluding cryptocurrency assets, Durov said.
Article continues after this advertisementThe company did not appear to have published any annual accounts to accompany Durov’s statement.
Article continues after this advertisementIn August, the Russian-born Durov was arrested in France and charged with failing to curb extremist and illegal content on Telegram.
Durov, who has French citizenship, was released under strict bail conditions, including reporting to a police station twice a week and not leaving French territory.
In its latest report on fiscal policy, the IMF said it expects global public debt to hit 93 percent of global gross domestic product (GDP) this year, and to approach 100 percent of GDP by 2030 – 10 percentage points higher than in 2019, before the COVID-19 pandemic hit.
Article continues after this advertisementIn September, the 40-year-old billionaire criticized the French authorities and called their approach misguided.
He nevertheless admitted that the platform’s rapid growth had allowed criminals to “misuse” the app more easily.
g2g slotDurov also said the company’s staff had begun using artificial intelligence to ensure “problematic content” in the app’s search feature “is no longer accessible”.
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Howeverdream club, he insisted that “99.999 percent” of users were not involved in criminal activity.
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