Way2News’ losses widen 3x in FY24

Way2News has posted Rs 40 crore as revenue from operations, 38.4 per cent higher from last FY’s Rs 28.9 crore, as per its annual report of 2023-24. 

The total income for the period stood at Rs 45.7 crore, a 32 per cent increase from Rs 34.6 crore in 2022-23. 

Out of this Rs 40 crore, Rs 21.26 crore came from domestic sale of advertisement space and remaining Rs 18.76 crore has been attributed to export sale of ad space. The figures were Rs 13.37 crore and Rs 15.62 crore, respectively, in the previous fiscal.  

However, the total expense for the news platform has soared 96 per cent from Rs 50 crore in FY23 to Rs 98 crore in FY24. The company’s online advertising expense stood at Rs 51.64 crore for the year, rising by 182 per cent from Rs 18.25 crore in FY23. 

The company has recorded a loss of Rs 56.95 crore and this loss amount has widened by 269% from Rs 15.4 crore in FY23. 

Way2News is a hyperlocal short news app and a source for daily local news in various vernacular languages presented in a short-summarised format. 

According to Google Transparency Center, Way2News, which falls under the ‘political advertising’ segment, has spent Rs 1.15 crore on digital ads in the last one month. 100 per cent of their spends is directed towards video ads.  

The news app has spent the maximum amount on ads in Tamil Nadu, which is approximately Rs 90 lakh, followed by Telangana (Rs 15.6 lakh), Andhra Pradesh (7 lakh) and further on. 

As per the company’s annual report, “The Company's Mobile application way2news is now the largest engaged and highest rated news daily on the play and app store, with innovative blend of technology and human expertise, way2news dedicated to delivering reliable and hyperlocal news to millions of users. Way2News is building a formidable hyperlocal language news business using a lucidly laid out editorial philosophy, best in class content management system and a deep and wide reporter's network. Way2News stands as a beacon of innovation in the digital news landscape.” 

During the year, Way2News also received the Media and Entertainment ‘Startup of the Year-2024’ award. 

Rajuu Vanapala, Founder and CEO, Way2News said, “FY23 has been focused on building and scaling our business in Tamil Nadu. We've dedicated the majority of our efforts to this market, and as a result, we've achieved significant growth in the TN market.” 

“In the ongoing FY, our growth rate has doubled compared to the previous year, showcasing the success of our focused strategy,” he added.