When it comes to local content and news, Dailyhunt ranks at the top! Reason? It not only provides local language content in 14 different Indian languages but also aspires to offer content in the international languages too!
Now, the question comes- Is Dailyhunt profitable? I mean it’s not that easy and affordable for a company to provide content in both local and international languages… So, without any delay let’s jump into the company’s financial results.
Note: Here, we would like to mention that the financial data for Daily Hunt isn’t available. But the fiscal results of VerSe Innovation i.e. the parent company of Dailyhunt are publicly disclosed. So, based on that we can determine whether Dailyhunt is profitable or not!
YOY Business Results of DailyHunt
As mentioned above, Dailyhunt’s parent company, VerSe Innovation, has reported its financial results for FY23, reflecting a significant improvement compared to FY22. The following table compares its key financial metrics for FY23 and FY22-
| Financial Metrics | FY23 | FY22 | % Change |
| Total Revenue | Rs.1,809 crore | Rs.1,151 crore | +57% |
| Operating Revenue | Rs.1,457 crore | Rs.965 crore | +51% |
| Non-Operating Revenue | Rs.352 crore | Rs.186 crore | +89% |
| Total Expenses | Rs.3,716 crore | Rs.3,714 crore | +0.054% |
| Cost of Services | Rs.1,672.20 crore | Rs.1,411.32 crore | +18.48% |
| Business Promotional Expenses | Rs.1003.32 crore | Rs.1,262.76 crore | +20.5% |
| Employee Benefit Expenses | Rs.817.52 crore | Rs.742.8 crore | +10.05% |
| Net Loss | Rs.1,909.7 crore | Rs.2,563.3 crore | -25.4% |
Let’s look at what VerSe Innovation, the company behind popular platforms like Dailyhunt and Josh, achieved financially over the past year.
Guess what?
Their total revenue skyrocketed by 57%, going from Rs.1,151 crore in FY22 to Rs.1,809 crore in FY23.
That’s a massive leap!
This revenue comes from two main sources. The operating revenue, which is what they earn from their core activities like advertising and content, grew by 51%. The non-operating revenue, which includes earnings from investments and other non-core activities, almost doubled, shooting up by 89%.
Now, even though they made a lot more money, their total expenses stayed pretty much the same, increasing by just 0.054%. They did spend more on certain areas like services and employee benefits, but they were smart about cutting down business promotional expenses by 20.5%.
Here’s the interesting part- even with all these costs, their net loss reduced significantly by 25.4%. While they still lost Rs.1,909.7 crore, it’s a big improvement from the Rs.2,563.3 crore loss in the previous year. So, VerSe Innovation is clearly growing fast, managing expenses wisely, and slowly moving closer to breaking even.
Revenue Sources of VerSe Innovation
- Operating Revenue (Rs.1,457 crore): Dailyhunt, Josh and PublicVibe
- Non-Operating Revenue (Rs.352 crore): Investment, Partnerships, and other financial activities not directly tied to the core business operations of Dailyhunt and Josh.
- Subscription-based Services: Subscription for premium services on its platform. The acquisition of Magzter, a digital newsstand signifies a shift towards offering subscription-based access to high-quality foreign publications.
- Advertising: VerSe Innovation plans to offer web 3.0 experiences across languages on its platform, besides exploring social commerce, live commerce, and influencer-led commerce. It aims to partner with leading e-commerce companies and focus on the creator community to expand its monetization opportunities.
Contribution of Dailyhunt to the revenue of VerSe Innovation
Dailyhunt is the major contributor to VerSe Innovation’s Revenue. In the FY22, DailyHunt contributed $127 million ( Rs.1,054 crore) in revenue. It serves over 350 million users each month.
Also, Josh isn’t far behind either. It also serves 150 million monthly users. Do you know, out of them 49% are daily active users? But that’s not a cakewalk. It has to compete with popular short video apps like Moj, MX TakaTak, Instagram Reels, and YouTube shorts.
Is DailyHunt Profitable?
Unfortunately, Dailyhunt, a part of VerSe Innovation, is not yet profitable! Despite a 57% increase in total revenue, VerSe Innovation reported a net loss of Rs.1,909.7 crore in FY23. This loss is an improvement from the previous year, but it still means the company is spending more than it earns.
So, while Dailyhunt and other platforms are growing and generating more income, the overall business is still not making a profit. They’re reducing their losses, which is a positive sign, but profitability hasn’t been reached yet.
Thanks for reading 🙂
