bhaktir jñanam viraktis ca
yatharthyam casya vai hareh
kalena vyatyayo mahan
Translation by His Divine Grace A. C. Bhaktivedanta Swami Srila Prabhupada:
This narration describes the characteristics of the great and exalted devotee Prahlada Maharaja, his staunch devotional service, his perfect knowledge, and his perfect detachment from material contamination. It also describes the Supreme Personality of Godhead as the cause of creation, maintenance and annihilation. Prahlada Maharaja, in his prayers, has described the transcendental qualities of the Lord and has also described how the various abodes of the demigods and demons, regardless of how materially opulent, are destroyed by the mere direction of the Lord.
Purport by His Divine Grace A. C. Bhaktivedanta Swami Srila Prabhupada:
Srimad-Bhagavatam is filled with descriptions of the characteristics of various devotees, with reference to the service of the Lord. This Vedic literature is called Bhagavatam because it deals with the Supreme Personality of Godhead and His devotee. By studying Srimad-Bhagavatam under the direction of the bona fide spiritual master, one can perfectly understand the science of Krsna, the nature of the material and spiritual worlds, and the aim of life. Srimad-Bhagavatam amalam puranam. Srimad-Bhagavatam is the spotless Vedic literature, as we have discussed in the beginning of Srimad-Bhagavatam. Therefore, simply by understanding Srimad-Bhagavatam, one can understand the science of the activities of the devotees, the activities of the demons, the permanent abode and the temporary abode. Through Srimad-Bhagavatam, everything is perfectly known.