2026-01-06 08:26:25

One billion users, a team of hundreds—Telegram's operational model may seem extreme, but it supports a crucial node in the crypto ecosystem.

Latest data shows that in the first half of 2025, Telegram's revenue reached $870 million, a year-over-year increase of over 65%. The structure behind this growth is quite interesting: nearly one-third of the revenue (about $300 million) comes from exclusive agreements related to Toncoin, advertising revenue is $125 million, and paid subscriptions contributed $223 million. The fastest-growing segment is paid subscriptions, with an 88% increase year-over-year.

But there's a painful point here. Although operating profit is close to $400 million, the company recorded a net loss of $222 million. Why? Toncoin has depreciated. This means that the huge income from the agreement has been discounted due to asset devaluation.

Telegram's ambitions remain strong—its revenue target for 2025 is set at $2 billion. However, the IPO pace has been slowed down by lawsuits in France. On one side, they are accelerating commercialization; on the other, legal risks are accumulating. How this game will unfold is what the market is watching.

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Frontrunner

· 01-09 00:57

TON's recent move is really outrageous. We earned 400 million but painfully lost over 200 million. The coin's price drops just as it says it will.

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LayerZeroHero

· 01-06 16:42

Toncoin's recent devaluation is truly incredible. The money earned hasn't even had time to be spent before it shrinks in value. This is the daily life of the crypto world. The IPO was delayed by France, which is quite interesting. Let's wait and see how Telegram handles this situation. A hundred-person team supporting an ecosystem of a billion users—this efficiency is mind-blowing, but the profit figures are a bit hard to decipher. Paid subscription growth is at 88%, which might actually be the most solid source of income—more reliable than coin prices. The $300 million related to Toncoin has been directly evaporated. That's the price of being too tightly bound to the ecosystem. A $2 billion target is a bit ambitious, but the premise is that legal issues shouldn't cause more trouble. Honestly, I just want to ask—where did all the money flowing into these profits go? Development costs or something else?

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ShitcoinArbitrageur

· 01-06 08:55

Ton coin halved really is a disaster, earning a lot but losing even more IPO is still far away, what is Durov thinking? A hundred-person team supporting a billion users, this efficiency is outrageous Paid subscriptions with 88% growth, this is the real business When will the trouble in France finally end? When Toncoin drops, the whole market suffers; the risk is too concentrated The 2 billion target feels easy to say

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GasGasGasBro

· 01-06 08:50

The revenue supported by the TON ecosystem makes up the majority, Du Rufu is really ruthless, managing a team of a hundred people for a billion users—this number is outrageous. TON coin has fallen so much that it’s still recording losses; it seems they have to rely on advertising and subscriptions to turn things around. France is stirring up trouble, IPO is still far off; how can they reach 2 billion if this continues? The 88% growth in paid subscriptions is really impressive; at least users are still quite receptive. If TON coin drops further, the $3 billion in protocol revenue will become a joke.

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AltcoinTherapist

· 01-06 08:48

A hundred-person team supporting a billion users—that's the pathological genius of Telegram. When TON coins drop, the paper profits instantly turn into huge losses. This move is truly exceptional. Paid subscriptions are growing at 88%, finally providing a reliable revenue source. IPO was disrupted by the French; Durov's days are becoming increasingly tough. The $2 billion target sounds great, but how TON remains stable is the real key. The fate of Toncoin is tied to Telegram's fate; this binding is a bit too tight. A hundred-person team can support so many users—are there other companies like this on the internet? Operational profit is 400 million, but they lost 200 million—that's what you call a "profit and loss all-in-one." Legal disputes unresolved, no matter how much they commercialize, it's just floating clouds. An important node in the crypto ecosystem? Honestly, it's still a gamble on TON's trend.

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WinterWarmthCat

· 01-06 08:42

A hundred-person team supporting one billion users? I have to say, Durov is indeed impressive, but the TON devaluation directly swallowed over $200 million in net profit, which is a bit hard to handle. If Toncoin drops another wave, the $2 billion target might be out of reach. The 88% growth in paid subscriptions is quite impressive; it seems users are indeed willing to pay for privacy. The IPO being stalled by a lawsuit in France makes this game a bit brain-burning... Can Mr. Durov withstand several rounds of scrutiny? One-third of the $870 million depends on TON for revenue, which is too diversified. If the coin drops again, who will cover the losses?

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