2024 has been a landmark year for Telegram, the messaging app that has steadily risen in prominence as a hub for privacy-conscious users, crypto enthusiasts, and communities worldwide. After more than a decade in operation, Telegram has reached a milestone that few could have predicted at its inception: profitability.
In a post shared on his personal Telegram channel on December 25, 2024, founder and CEO Pavel Durov announced that the company’s revenue had surpassed $1 billion, a significant achievement that marks the platform’s first-ever profitable year. Durov’s optimism for 2024 was well-founded, as the company experienced a surge in its premium subscriber base, with the number of paying users tripling to 12 million. These premium accounts have played a key role in boosting Telegram’s revenue, cementing its place as one of the most influential players in the global digital communication landscape.
But the good news doesn’t stop there. Telegram has also ended the year with $500 million in cash reserves, a remarkable feat for a company that has faced considerable challenges, from regulatory scrutiny to fierce competition. This cash cushion excludes the value of the company’s crypto assets, which have been a key driver in its financial turnaround. Telegram has been at the forefront of integrating blockchain technology into its operations, with its native cryptocurrency, Toncoin, playing a significant role in its bottom line.
The Crypto Connection: Telegram’s Strategic Play
While Telegram’s profit growth has been impressive, it’s the company’s increasing involvement in cryptocurrency that has truly set it apart from its competitors. As one of the few major tech companies with direct exposure to digital assets, Telegram’s approach to crypto has been both bold and profitable. According to sources close to the company, Telegram has sold hundreds of millions of dollars in cryptocurrency, including its own Toncoin, which is closely tied to the app’s ecosystem. This has allowed Telegram not only to diversify its revenue streams but also to benefit from the growing acceptance of digital currencies around the world.
In fact, Telegram’s involvement with crypto has been so lucrative that, in 2023, the company held nearly $400 million in digital assets. By mid-2024, the value of these assets had skyrocketed to an astonishing $1.3 billion, as reported by the Financial Times. This surge in crypto value has significantly bolstered Telegram’s financial standing, providing a solid foundation for its continued growth.
Toncoin, the cryptocurrency developed by Telegram and designed to facilitate decentralized applications on its network, has been particularly successful. Since September, Toncoin has seen a 22% increase in value, according to data from Coinmarket Cap. This rebound highlights the growing confidence in Telegram’s cryptocurrency and its long-term potential, especially as the app continues to integrate blockchain technology into its core features.
Incredible Milestone for Telegram: Over $1 Billion in Revenue for 2024! This aligns perfectly with our predictions for Telegram.
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— Animoca Brands Research (@animocaresearch) December 23, 2024
Telegram’s Efforts to Improve Moderation
In response to mounting criticism and legal scrutiny, Telegram has taken significant steps to improve its content moderation efforts. The company has updated its terms of service and ramped up its moderation team to over 750 contractors, according to reports from The New York Times. These efforts are part of a broader strategy to balance its commitment to user privacy with the need to comply with international laws and protect its platform from abuse.
While Telegram has long been praised for its commitment to user privacy and security, it has also faced criticism for being a haven for illicit activities. To address these concerns, the company has made an effort to better regulate content and ensure that its platform is used responsibly. The increase in moderators and the refinement of its terms of service are steps in the right direction, though they highlight the delicate balance Telegram must maintain as it navigates both legal and user expectations.
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