Spotify India reported a $16.6 million (₹143 crore) net loss for 2023-24, marking a 58% decline from the previous year despite significant revenue growth. The company's operating revenue increased by 93% to $37.3 million (₹321 crore), driven by substantial gains in both subscription (90% growth) and advertising revenue (114% growth).

The Mumbai-based subsidiary has achieved remarkable user engagement metrics:

• 70 million monthly active users
• 1.44 hours average daily music streaming time
• 53 minutes average daily podcast listening time
• User demographics: 63% male, 37% female
• Age distribution: 63% aged 25-44+, 37% aged 16-24

Geographic distribution shows 59% of users come from the top eight metro cities, while 41% are spread across 7,000 towns. The company's total assets increased by 76%, with partner contributions rising by 29%.

This local struggle contrasts sharply with Spotify's global success, where the company recently reported record operating profits. The parent company's stock reached an all-time high exceeding $500 per share on December 4, with CEO Daniel Ek selling nearly $100 million in shares in December alone, totaling over $500 million since July 2023.

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